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Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 14, 1997
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Southwest Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Oklahoma 0-23064 73-1136584
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(State or other jurisdiction (Commission file (IRS Employer
of incorporation) number) Identification Number)
608 South Main Street, Stillwater, Oklahoma 74074
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (405) 372-2300
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Item 5. Other Events.
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For information regarding this item, see the Press Release filed as Exhibit 99.1
hereto.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(a) Financial Statements. Not applicable.
(b) Pro Forma Financial Information. Not applicable.
(c) Exhibit 99.1- Press Release dated March 14, 1997.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Southwest Bancorp, Inc.
By: /s/ Robert L. McCormick, Jr.
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Robert L. McCormick, Jr. President
Dated : March 14, 1997
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EXHIBIT 99.1
CONFIDENTIAL DRAFT
FOR DISCUSSION PURPOSES ONLY
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CONTACT: ROBERT L. MCCORMICK, JR. PRESIDENT & CEO
TELEPHONE: (405) 372-2230
RELEASE DATE: March 14, 1997
SOUTHWEST BANCORP, INC.
REPORTS EXPECTED DECLINE IN FIRST QUARTER EARNINGS
Southwest Bancorp, Inc. (NASDAQ:OKSB, OKSBP), the Oklahoma-based parent company
of the Stillwater National Bank and Trust Company, today reported that earnings
for the first quarter of 1997 are expected to be significantly less than
earnings of recent quarters. The expected decline in earnings is attributable to
an anticipated increase in the Company's provision for loan losses that may be
required in connection with a commercial loan with a balance of approximately
$1.9 million. In the first quarter of 1997, the Company received information
regarding recent events that may affect the borrower's ability to fully repay
this loan. The adverse effect of this event on net income of the Company has not
yet been determined. The net income effect of the anticipated provision will be
reduced by applicable tax benefits.
The Company previously reported net income for the fourth quarter of 1996
of $2.0 million, and earnings per common share of $.44. Net income for the year
ended December 31, 1996 was $7.6 million, or $1.59 per common share. At December
31, 1996, the Company had total assets of $829 million and total shareholder's
equity of $65 million, and exceeded all regulatory capital requirements.
Southwest Bancorp, Inc. is a publicly-owned company headquartered in
Oklahoma. Its subsidiary, the Stillwater National Bank and Trust Company,
operates seven offices located in Stillwater, Tulsa, Oklahoma City and
Chickasha, Oklahoma.
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