STILLWATER, Okla., May 24, 2012 (GLOBE NEWSWIRE) --
Dividends
Southwest Bancorp, Inc., (Nasdaq:OKSB) (Nasdaq:OKSBP),
("Southwest"), parent bank holding company of Stillwater National
Bank and Trust Company ("Stillwater National") and Bank of Kansas,
is pleased to announce that it plans to resume payment of dividends
on its Series B Preferred Securities ("Series B Securities") and
its three issues of trust preferred securities. Southwest also
intends to pay all dividends on these securities that have been
deferred.
Rick Green, President, Chief Executive Officer, and Vice
Chairman stated, "Southwest is pleased to have the ability to pay
preferred dividends again and to bring current all dividend
payments on our preferred securities. This news follows a
profitable first quarter 2012 and demonstrates the progress
Southwest has made since preferred dividend deferrals began in
August 2011."
Payments of dividends will be made according to the payment
schedules of the securities, and are expected to be completed in
July. Deferred preferred dividends on the Debentures and the Series
B Preferred totaled $7.4 million at March 31, 2012. Southwest has
accrued the deferred dividends, so that payments of them will have
a minimal effect on earnings and capital. The Series B Securities
were issued by Southwest to the U.S. Treasury under the Troubled
Asset Relief Program, or "TARP". See additional information
regarding regulation of dividends in the Termination of Regulatory
Agreements section, below. Holders of Southwest's trust preferred
securities issues should receive notice of the time and amounts of
their dividend payments from the trusts' dividend payment agents or
their brokers.
Termination of Regulatory Agreements
The Office of the Comptroller of the Currency ("OCC") has
notified Stillwater National that, effective May 17, 2012, it is no
longer subject to the written formal agreement (the "Agreement")
entered into on January 27, 2010. The Agreement primarily
related to levels of commercial real estate lending and problem
assets, and included a requirement for Stillwater National to
submit written plans to the OCC and to take required actions
related to improving credit risk management. In addition, the
Agreement required submission of a three-year capital plan and
required Stillwater National to obtain OCC approval before
increasing its use of brokered deposits or declaring dividends.
Further, the OCC has notified Stillwater National that,
effective May 17, 2012, it is no longer subject to the informal
Individual Minimum Capital Agreement entered into on January 27,
2010, which required Stillwater National to maintain a ratio of
total capital to risk weighted assets of at least 12.5% and a Tier
1 leverage ratio of at least 8.5%. At March 31, 2012,
Stillwater National had a total risk based capital ratio of 20.16%
and a leverage ratio of 14.32%, both in excess of the minimum
levels, and remained well capitalized for regulatory
purposes. The general regulatory minimums to be
well-capitalized are a total risk based capital ratio of 10.00%, a
Tier 1 risk based capital ratio of 6.00%, and a leverage ratio of
5.00%.
Mr. Green stated, "We are pleased to have earned the termination
of both the formal and informal OCC agreements. This action
reflects the commitment of our officers and employees and the
improvements in risk management that have been implemented."
Like all national banks, Stillwater National remains subject to
legal and regulatory limitations on the amount of dividends that it
may pay without prior approval of the OCC. Under these regulations,
the total amount of dividends that may be paid in any calendar year
by Stillwater National to Southwest without OCC approval is limited
to the current year's net profits, combined with the retained net
profits of the preceding two years. Losses experienced in
2011, primarily attributable to the fourth quarter sale of
approximately $300 million in loans and other real estate, will
impact Stillwater National's ability to pay dividends without prior
approval. Southwest's informal commitments to the Federal Reserve
Bank of Kansas City (the "Federal Reserve") made in 2009, continue
in effect. These include providing prior notice to the Federal
Reserve of planned dividends to securities holders and planned
receipt of dividends from its banking subsidiaries.
Personnel Matters
Laura Robertson, Executive Vice President and Chief Financial
Officer, has submitted her resignation effective June 29,
2012. Ms. Robertson stated, "I value the career opportunities
I have had with Southwest. I know that the experiences I had here
have enabled me to become a better professional and I will always
have a deep appreciation for Southwest and its people."
Mr. Green stated, "We greatly appreciate Ms. Robertson's
leadership over the past 18 months. She assumed the position
of Chief Financial Officer at a very difficult time for Southwest,
and her dedication and guidance have been invaluable. We wish
her well in her future endeavors."
Southwest is pleased to announce the appointment of Randy R.
Waldrup as Interim Chief Financial Officer. Mr. Waldrup, age
56, is joining Southwest on June 4, 2012 as Executive Vice
President and Interim CFO. He has 32 years of banking
experience at three financial institutions, and served as CFO in
his prior two positions. Mr. Waldrup, a certified public
accountant, earned his bachelor's degree in Business Administration
from Oklahoma Christian College and his MBA from Central State
University.
Priscilla Barnes, Senior Executive Vice President and Chief
Operating Officer, stated, "We are very pleased that Mr. Waldrup
has agreed to join our Company and accept this challenge. We
believe the experience and stability he brings will serve Southwest
well and we look forward to his tenure. We are also
appreciative that Ms. Robertson has graciously agreed to assist
during the transition period."
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®.
We were organized in 1981 as the holding company for Stillwater
National, which was chartered in 1894. At March 31, 2012 we had
total assets of $2.3 billion, deposits of $1.8 billion, and
shareholders' equity of $311.6 million.
Southwest's common stock is traded on the NASDAQ Global Select
Market under the symbol OKSB. Southwest's public trust preferred
securities are traded on the NASDAQ Global Select Market under the
symbol OKSBP.
The Southwest Bancorp, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8074
Caution About Forward-Looking
Statements
We make forward-looking statements in this news release that are
subject to risks and uncertainties. We intend 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, among others:
- Statements of Southwest's goals, intentions, and
expectations;
- Expectations regarding our future financial performance and the
financial performance of our operating segments;
- Expectations regarding regulatory actions; and
- Statements of our 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 our 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. We do not intend to, and undertake 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: Rick Green
President & CEO
Priscilla J. Barnes
Senior EVP & COO
(405) 372-2230
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