Southwest Bancorp Inc. Completes Repurchase of Capital Purchase Program Securities
August 08 2012 - 5:15PM
Southwest Bancorp, Inc. (Nasdaq:OKSB) (Nasdaq:OKSBP),
("Southwest"), announced the completion of the repurchase of all
$70.0 million of its preferred securities (the "Series B
Preferred") sold to the Department of the Treasury in December
2008. The Series B Preferred was issued under the Treasury's
Capital Purchase Program ("CPP").
Rick Green, President and CEO, stated, "Completing this
repurchase has been a top priority for us. It follows several other
achievements, including significant improvements in profitability
and credit quality, the termination of formal and informal
agreements with federal regulators, and the resumption of regular
distributions on Southwest's trust preferred securities."
All funds for the repurchase were internally generated.
Southwest and each of its banking subsidiaries remain well
capitalized after the repurchase. Southwest will take a one-time,
non-cash equity charge of approximately $1.2 million in the third
quarter of 2012 to reflect accelerated accretion of the remaining
discount on the Series B Preferred. Prior to the repurchase,
dividends on the repurchased Series B Preferred, which reduced net
income available to common shareholders, were approximately $1.1
million per quarter.
Southwest Bancorp and
Subsidiaries
Southwest is the bank holding company for Stillwater National
Bank and Trust Company ("Stillwater National") and Bank of Kansas.
Through its subsidiaries, Southwest offers commercial and consumer
lending, deposit and investment services, specialized cash
management, and other financial services from offices in Oklahoma,
Texas, and Kansas, and on the Internet, through SNB DirectBanker®.
Southwest was organized in 1981 as the holding company for
Stillwater National, which was chartered in 1894. At June 30, 2012
Southwest had total assets of $2.3 billion, deposits of $1.8
billion, and shareholders' equity of $314.6 million.
The Southwest Bancorp, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8074
Caution About Forward-Looking
Statements
Southwest makes forward-looking statements in this news release
that are subject to risks and uncertainties. Southwest intends
these statements to be covered by the safe harbor provision for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.
These forward-looking statements include:
- Statements of Southwest's goals, intentions, and
expectations;
- Estimates of risks and of future costs and benefits;
- Expectations regarding Southwest's future financial performance
and the financial performance of our operating segments;
- Expectations regarding regulatory actions;
- Expectations regarding Southwest's ability to utilize tax loss
benefits;
- Assessments of loan quality, probable loan losses, and the
amount and timing of loan payoffs;
- Estimates of the value of assets held for sale or available for
sale; and
- Statements of Southwest's ability to achieve financial and
other goals.
These forward-looking statements are subject to significant
uncertainties because they are based upon: the amount and timing of
future changes in interest rates, market behavior, and other
economic conditions; future laws, regulations, and accounting
principles; changes in regulatory standards and examination
policies, and a variety of other matters. These other matters
include, among other things, the direct and indirect effects of
economic conditions on interest rates, credit quality, loan demand,
liquidity, and monetary and supervisory policies of banking
regulators. Because of these uncertainties, the actual future
results may be materially different from the results indicated by
these forward-looking statements. In addition, Southwest's past
growth and performance do not necessarily indicate Southwest's
future results. For other factors, risks, and uncertainties that
could cause actual results to differ materially from estimates and
projections contained in forward-looking statements, please read
the "Risk Factors" contained in Southwest's reports to the
Securities and Exchange Commission.
The cautionary statements in this release also identify
important factors and possible events that involve risk and
uncertainties that could cause our actual results to differ
materially from those contained in the forward-looking statements.
These forward-looking statements speak only as of the date on which
the statements were made. Southwest does not intend, and undertakes
no obligation, to update or revise any forward-looking statements
contained in this release, whether as a result of differences in
actual results, changes in assumptions, or changes in other factors
affecting such statements, except as required by law.
CONTACT: For additional information:
Rick Green
President & CEO
Priscilla J. Barnes
Senior EVP & COO
(405) 372-2230
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