STILLWATER, Okla., July 11 /PRNewswire-FirstCall/ -- Southwest Bancorp,
Inc. (Nasdaq: OKSB), ('Southwest'), announced that Southwest Capital Trust II
(the 'Trust'), a statutory trust formed by Southwest under the laws of the
State of Delaware, closed today on the issuance and sale of $4,500,000
aggregate liquidation amount of the Trust's 10.50% preferred securities
($25.00 liquidation amount per security) pursuant to the exercise, in full, of
an over-allotment option granted to the underwriters of its recent offering.
This firm commitment underwriting was made through Stifel, Nicolaus & Company
Incorporated, Howe Barnes Hoefer & Arnett, Inc., Sterne, Agee & Leach, Inc.,
and Morgan Keegan and Company, Inc.
(Logo: http://www.newscom.com/cgi-bin/prnh/20011127/SOUTHWESTLOGO)
The proceeds from the sale of the Trust Preferred Securities, together
with the proceeds from the sale by the Trust of its common securities to
Southwest, were used by the Trust to purchase an aggregate of $4,640,000 of
Southwest's 10.50% junior subordinated debentures due 2038. The Trust
previously issued and sold $30,000,000 of its 10.50% trust preferred
securities on July 2, 2008 in the initial closing of the offering.
Each Trust Preferred Security pays cash distributions at the annual rate
of 10.50% of the stated liquidation amount of $25.00 per security, payable
quarterly in arrears beginning September 15, 2008. The stated liquidation
amount will be distributed to the holders on September 15, 2038, unless
earlier redeemed.
The Trust Preferred Securities have been registered under the Securities
Act of 1933, as amended, pursuant to an effective registration statement on
Form S-3 (File Nos. 333-151384 and 333-151384-03). The Trust Preferred
Securities are listed on the Nasdaq Global Select Market under the symbol
'OKSBP'.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such jurisdiction. The Trust Preferred Securities are offered only by
the prospectus and related prospectus supplements. Copies of the prospectus
supplement and the prospectus relating to the offering of the Trust Preferred
Securities may be obtained from Stifel, Nicolaus & Company, Incorporated, One
Financial Plaza, 501 North Broadway, St. Louis, Missouri, 63102 or toll-free
at 1-800-729-6888.
Southwest Bancorp, Inc. and Subsidiaries
Southwest Bancorp is the financial holding company for Stillwater National
Bank and Trust Company, Bank of Kansas, SNB Bank of Wichita, Healthcare
Strategic Support, Inc., and Business Consulting Group, Inc. Through its
subsidiaries, Southwest offers commercial and consumer lending, deposit, and
investment services, and specialized cash management, consulting, and other
financial services from offices in Oklahoma City, Stillwater, Tulsa, and
Chickasha, Oklahoma; Austin, Dallas, Houston, San Antonio, and Tilden, Texas;
and Hutchinson, South Hutchinson, Kansas City, and Wichita, Kansas, and on the
Internet, through SNB DirectBanker(R).
SOURCE Southwest Bancorp, Inc.
