Bank SNB Completes Acquisition of First Commercial Bank
October 12 2015 - 9:00AM
Bank SNB, an Oklahoma state banking corporation and wholly-owned
subsidiary of Southwest Bancorp, Inc. (Nasdaq:OKSB) (“Southwest”),
announced today that it has completed its previously announced
acquisition by merger of the third-largest Edmond, Oklahoma-based
bank, First Commercial Bank. As result of the merger, Bank
SNB now has five additional Oklahoma City metro banking centers as
part of its network and four banking centers in the Colorado market
– three in Denver and one in Colorado Springs. All of the
banking centers will operate immediately under the name Bank
SNB. After announcing the agreement in May 2015, the merger
was consummated after obtaining regulatory and shareholder
approvals within Bank SNB’s expected timeframe.
A photo accompanying this release is available
at http://www.globenewswire.com/NewsRoom/AttachmentNg/628a093c-e97a-4922-94b9-f012dd27d7fa
The acquisition of First Commercial Bank
increases Bank SNB’s total assets by $300 million to $2.3
billion. The acquisition enhances Bank SNB’s presence in the
Oklahoma City and Edmond markets, resulting in a top-10 deposit
market share ranking for Bank SNB in the Oklahoma City MSA.
Bank SNB now has nine banking centers throughout the Oklahoma City
MSA and a total of 33 throughout the bank’s four-state
footprint. Furthermore, the addition of four Colorado banking
centers provides a strategic entry point into Colorado with the
opportunity to grow and expand the market.
James (“Jim”) Canton, previously the President
and CEO of First Commercial, was named Edmond Market President for
Bank SNB. “We are very pleased to have joined our
organization with Bank SNB,” Canton said. “We are excited about the
expanded products and services that this partnership brings to our
customers and the communities we serve.”
“Much thought and effort has gone into forming
this partnership, and we believe it is an excellent opportunity for
our bank and all of our combined customers,” said Mark W. Funke,
President and CEO of Bank SNB and Southwest. “We welcome Jim Canton
and the rest of his team as we now collectively look forward to
providing enhanced services in our markets including advanced
treasury management services and products and services tailored to
the healthcare industry. Together we welcome First
Commercial’s customers, and we look forward to providing the expert
service that our customers deserve and the resources they
need. This expansion enables us to give more customers the
resources to help them be successful and offers more convenience to
our customers in Oklahoma and Colorado.”
With respect to Bank SNB’s expansion into
Colorado, Funke added, “Bank SNB has been serving a number of
Colorado customers from its Oklahoma base. We are
particularly excited about the enhanced services that Bank SNB can
provide to Colorado-based customers now that Bank SNB has
established this physical presence in the Colorado market.”
Immediately following the completion of the
merger, Bank SNB and Southwest also welcomed to its Board of
Directors Steve Davis, an Oklahoma City attorney and businessman
who previously served as Chairman of the Board of First Commercial.
“First Commercial’s Board of Directors unanimously supported
this business combination with Bank SNB. We believe it brings
substantial benefits to our shareholders and to our customers”,
Davis said. “Bank SNB understands our markets well and has a
track record of giving back to the communities it serves.
We’re looking forward to the benefits our customers will realize
from the combination of two banks’ cultures that have always
emphasized quality service and personal
attention.”
About Southwest Bancorp, Inc. and Bank SNB
Southwest Bancorp, Inc. is the holding company
for Bank SNB, an Oklahoma state banking corporation. Through Bank
SNB, Southwest offers commercial and consumer lending, deposit and
investment services, specialized cash management, and other
financial services from offices in Oklahoma, Texas, Kansas and now
Colorado, and on the Internet, through Bank SNB DirectBanker®.
Southwest was organized in 1981 as the holding company for Bank
SNB, which was chartered in 1894. For more information, visit
www.oksb.com or www.banksnb.com.
Forward-Looking
Statements
This press release, and future oral and written
statements of Southwest and its management, may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 about Southwest’s results
of operations, financial condition, objectives, plans, business,
future performance, industry conditions and future economic
performance. All forward-looking statements are subject to risks,
assumptions, and uncertainties. Our actual results may differ
materially from those set forth in any forward-looking statement.
Some of the risks or factors that may cause our actual results or
other future events, circumstances, or goals to differ from those
in forward-looking statements are described in our Annual Report on
Form 10-K for the year ended December 31st, 2014, Current Reports
on Form 8-K, our Quarterly Reports on Form 10-Q, or other
applicable documents that are filed with the Securities and
Exchange Commission. All statements in this release, including
forward-looking statements, speak only as of the date they are
made, and Southwest undertakes no obligation to update any
forward-looking statement to reflect the impact of new information
or future events.
The Bank SNB logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=23106
The Southwest Bancorp, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8074
For a high resolution copy of the photo included with this press
release, contact: Rusty LaForge, Southwest Bancorp, Inc.,
Investor Relations, 405-824-1097.
The photo is also available at Newscom, www.newscom.com,
and via AP PhotoExpress.
CONTACT: Mark W. Funke
President & CEO
Joe T. Shockley, Jr.
EVP & CFO
(405) 372-2230
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