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Southwest Capital Trust II, 10.50% Trust Preferred Securities
Ticker Symbol: OKSBP* CUSIP: 84480C205 Exchange: NGS
* NOTE: This security is no longer trading as of 9/15/2013
Security has been Called for: Sunday, September 15, 2013
8/18/2013 - Fidelity has informed a QOL user that OKSBP has been called for 9/15/2013. ____________ May 29, 2012 -- Southwest Bancorp, Inc., (Nasdaq:OKSB) (Nasdaq:OKSBP), announced today the declaration of a distribution of $2.73 per security on the preferred and common securities, liquidation amount $25.00 per security, issued by Southwest Capital Trust (the "Trust"). The distributions are payable on June 15, 2012 to holders of record as of June 1, 2012, pursuant to the terms of the Trust's Amended and Restated Declaration of Trust dated July 2, 2008. Information regarding the payment and record dates and distribution amounts for distributions after June 15, 2012 will be posted on Southwest's website, www.OKSB.com, at the "Dividends" tab. ____________ 7/25/2011 -- In July 2011, Southwest Bancorp, Inc. determined to suspend payments of interest on its three issues of outstanding debentures effective August 1, 2011, and dividends on the related trust preferred securities. The terms of the debentures allow Southwest to defer payments of interest for up to 20 consecutive quarterly periods without default or penalty. These terms also allow Southwest to resume payments at the end of any deferral period, or to extend the deferral up to the maximum 20 quarters in total. No deferral can extend past the maturity date of the debenture. We plan to resume payments of dividends and debenture interest as soon as we achieve sufficient improvement in earnings and asset quality levels. ____________ This security is possibly subject to an early call as a result of the occurrence of a capital treatment event (see prospectus for further information) stemming from the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Southwest Capital Trust II, 10.50% Trust Preferred Securities, liquidation amount $25 per share, guaranteed by Southwest Bancorp Inc. (Nasdaq: OKSB) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 9/15/2013 at $25 per share plus accrued and unpaid dividends, and maturing 9/15/2038. Distributions of 10.50% ($2.625) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date which is the 15th day prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by trust preferred securities are derived from interest paid to the underlying debt securities and therefore are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 10.50% Junior Subordinated Deferrable Interest Debentures due 9/15/2038 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (OKSB)
IPO - 6/27/2008 - 1.20 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $30.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 608 South Main Street, Stillwater, OK 74074 |
Main Phone Number |
405-742-1800 |
Fax Number |
405-742-1805 |
Investor Contact (CFO)
Joe Shockley
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405-372-2230
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Toll Free Phone Number |
Unknown |
CEO - Mark W. Funke |
CFO - Joe T. Shockley, Jr. |
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