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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): December 16, 1999
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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) 372-2230
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Item 5. Other Events.
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Share Repurchase Plan
On April 22, 1999, the Board of Directors of Southwest Bancorp, Inc.
("Southwest") authorized a program for the repurchase of up to 5% of Southwest's
outstanding common stock, par value $1.00 per share. The April 1999 program has
been substantially completed. On December 16, 1999, the Board of Directors of
Southwest authorized the repurchase of up to an additional 5% of its outstanding
common stock in connection with shares expected to be issued under Southwest's
dividend reinvestment, stock option, and employee benefit plans and for other
corporate purposes. The share repurchases are expected to be made primarily on
the open market from time to time until April 30, 2001, or earlier termination
of the repurchase program by the Board. Repurchases under the program will be
made at the discretion of management based upon market, business, legal,
accounting and other factors.
Retirement of Chairman of the Board
Mr. Robert L. McCormick, Chairman of the Boards of Southwest and its
principal subsidiary, Stillwater National Bank and Trust Company, informed the
Boards that he would retire at the end of 1999, as he had earlier indicated. The
Boards expressed their deep appreciation for Mr. McCormick's service to
Southwest and Stillwater National.
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) Exhibits 99--Press Release date December 22, 1999
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/ Rick J. Green
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Rick J. Green, Chief Executive Officer
Dated: December 22, 1999
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Exhibit 99
[Southwest Letterhead]
CONTACT: RICK J. GREEN, PRESIDENT & C.E.O.
KERBY E. CROWELL, EXECUTIVE VICE PRESIDENT & C.F.O.
TELEPHONE: (405) 372-2230
RELEASE DATE: December 22, 1999
SOUTHWEST BANCORP, INC. ANNOUNCES NEW SHARE REPURCHASE PROGRAM
December 22, 1999, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc.
(NASDAQ National Market--OKSB, OKSBO) today announced that it had substantially
completed the repurchase of 5% of its outstanding shares of common stock, par
value $1.00 per share, authorized in April of this year, and that its board of
directors has authorized the repurchase of up to an additional 5%, or
approximately 195,000 shares. The additional repurchases would be made in
connection with shares expected to be issued under Bancorp's dividend
reinvestment, stock option, and employee benefit plans and for other corporate
purposes. The share repurchases are expected to be made primarily on the open
market from time to time until April 30, 2001, or earlier termination of the
repurchase program by the Board. Repurchases under the program will be made at
the discretion of management based upon market, business, legal, accounting and
other factors.
Rick J. Green, President and Chief Executive Officer of Southwest Bancorp,
stated that the company believes the share repurchase program is in the best
interests of Southwest and its shareholders. Southwest's outstanding shares of
common stock trade on the Nasdaq National Market under the symbol OKSB, and
closed at a price of $20 per share on December 21, 1999.
Oklahoma's Own Southwest Bancorp, Inc.
Southwest Bancorp, Inc. and the Stillwater National Bank and Trust Company
are independent, Oklahoma institutions, and are not controlled by out of state
organizations or individuals. Southwest has established and pursued a strategy
of independent operation for the benefit of all of its shareholders, and has
capitalized on its position as an Oklahoma owned and operated banking
organization to increase its banking business.
Southwest offers a broad range of commercial and consumer lending and
deposit services. Southwest devotes substantial efforts to marketing and
providing services to local businesses, their primary employees, and to other
managers and professionals living and working in its Oklahoma market areas.
Southwest has developed a marketing and delivery system that does not rely on an
extensive branch network. Stillwater National operates six offices located in
Stillwater, Tulsa, Oklahoma City and Chickasha, Oklahoma and a loan production
office in Oklahoma City. Stillwater National offers Internet banking services to
commercial and individual customers through SNB DirectBanker(R). As of September
30, 1999, Southwest had consolidated assets of approximately $1.1 billion.
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