Southwest Bancorp, Inc. (Nasdaq:OKSB) (Nasdaq:OKSBP) ("Southwest"
or the "Company"), parent bank holding company of Stillwater
National Bank and Trust Company ("Stillwater National") and Bank of
Kansas, is pleased to announce the promotion and appointment of
three executive managers identified below.
Rick Green, President, Chief Executive Officer, and Vice
Chairman stated, "We are very fortunate to be able to strengthen
our management team through the organizational changes announced
today. The officers whose appointments are announced today are
highly effective managers identified from both inside and outside
Southwest. Each of them is a seasoned banker or banking lawyer.
Each also played a critical role in our $300 million in asset sales
in the fourth quarter of 2011, which positions Southwest for the
future."
In the fourth quarter of 2011, Southwest closed on the sale of
approximately $300 million in loans and other real estate. At
year-end 2011, primarily as a result of these asset sales,
Southwest had substantially improved its credit quality while
maintaining a level of capital well above regulatory requirements.
Priscilla Barnes, age 55, has been promoted to
Senior Executive Vice President and Chief Operating Officer,
reporting to the President and Chief Executive Officer Rick Green.
She has a proven, consistent track record of management
achievements over her seven years at Southwest, and played a
crucial role in improving our credit quality, including providing
executive management of the fourth quarter 2011 asset sales. Ms.
Barnes previously served as Executive Vice President and Chief
Credit Officer of Southwest, Stillwater National, and Bank of
Kansas. She has thirty-two years of bank experience including
service as a banker, bank director, and federal banking regulator,
among others.
Brent Bates, age 37, has been promoted to
Executive Vice President and Chief Credit Officer. He previously
served as Senior Vice President and Senior Credit Officer of
Stillwater National. From 2003 until joining us in September 2011,
Mr. Bates held various credit-related positions at Arvest Bank,
Oklahoma City, OK, including Vice President and Manager of
Commercial Credit Analysis, Commercial Loan and Bond Workout
Officer, and Senior Loan Review Officer. He also served nearly five
years as a safety and soundness bank examiner for the Federal
Reserve Bank of Kansas City as well as the Texas Department of
Banking. He was the principal manager for the Company's fourth
quarter asset sales.
Rusty LaForge, age 37, joined us on April 2,
2012, as Executive Vice President and General Counsel. He most
recently was an attorney with McAfee & Taft, serving as the
practice group leader for the firm's Banking and Financial
Institutions practice group, where he concentrated on regulatory
and transactional matters affecting banks, bank holding companies,
and other financial firms. He served as principal legal counsel for
the Company's fourth quarter asset sales.
Each of these appointments is subject to the customary after the
fact regulatory review, which we are confident will be successfully
completed in the near future.
Chief Executive Officer
Mr. Green further announced that he and the board of directors
have begun a search for his successor CEO. "The appointments
announced today position the Company well going forward. I would
like for two of my last accomplishments at Southwest to be leaving
a strong management team in place as well as finding a successor
CEO who is ready to lead Southwest into the future. My goal has
always been to retire at age 65, and I believe this is an opportune
time to start that process. Southwest is well-positioned to
capitalize on the opportunities ahead with improved credit quality
and capital that substantially exceeds regulatory standards."
Mr. Green and Southwest's board of directors will conduct a
national search and have engaged a search firm, Fraser Keating
Associates, LLC, to assist in identifying a successor President and
CEO for Southwest. Mr. Green will continue to serve as CEO, will
work with Southwest's board of directors to ensure the successful
identification of a successor CEO and, once a successor CEO is
named, will facilitate in the transition of executive
responsibilities. Mr. Green intends to fully retire in January
2013, provided a successor is in place at that time. Robert
Rodgers, Chairman of the Board, said, "On behalf of the Board, I
would like to express our appreciation for the many years of
dedicated service Rick has provided to the Company. We believe that
the recent decisions and restructurings within Southwest under
Rick's leadership have positioned the Company to attract an
experienced, well-qualified individual to replace our long-time,
respected CEO."
Rick Green was appointed the Chief Executive Officer of
Southwest effective January 1, 1999. Mr. Green previously served as
Chief Operating Officer, President of the Central Oklahoma
division, and Executive Vice President of Stillwater National.
Among his many achievements are the development of the Company's
healthcare specialty, which accounted for over $600 million of our
loans at year-end 2011; growing the Company to over $2 billion in
total assets; establishment and development of Stillwater
National's Oklahoma City operations; and expansion into Texas and
Kansas.
Ms. Barnes, the Company's new Chief Operating Officer, stated,
"Rick has positioned the Company well to capitalize on the
opportunities ahead. On behalf of all Southwest employees, we thank
Rick for his many years of service as we prepare for the future of
the Company under new leadership."
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 December 31, 2011 we had
total assets of $2.4 billion, deposits of $1.9 billion, and
shareholders' equity of $307.2 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;
- Estimates of risks and of future costs and benefits;
- Expectations regarding our future financial performance and the
financial performance of our operating segments;
- Expectations regarding regulatory actions;
- Expectations regarding our 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 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
Laura Robertson
EVP & CFO
(405) 372-2230
Contact for Search Inquiries Only:
Fraser Keating Associates, LLC
Anne F. Keating, Principal
AKeating@FraserKeating.com
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