8-K

                              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): March 23, 2005
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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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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
    230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))






Item 8.01 Other Events.

         Southwest Bancorp, Inc. will distribute the letter to shareholders
included in Exhibit 99.1 hereto together with its Annual Report on Form 10-K for
the year ended December 31, 2004 and its proxy statement for the 2005 annual
meeting of shareholders.





                                   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 Green
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                                          Rick Green
                                          President and Chief Executive Officer
Dated: March 23, 2005

EX-99.1

                                                                    Exhibit 99.1

FORWARD-LOOKING STATEMENTS
The following letter to shareholders includes forward-looking statements such
as: statements of Southwest's goals, intentions, and expectations; estimates of
risks and of future costs and benefits; expectations regarding future financial
performance of Southwest and its operating segments; assessments of loan
quality, probable loan losses, and the amount and timing of loan payoffs;
liquidity, contractual obligations, off-balance sheet risk, and market or
interest rate risk; and statements of Southwest's 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; and a variety of other
matters. 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 its future results.

Letter to Shareholders from the C.E.O.

February 28, 2005

Dear Shareholders,

In 2004, we continued to implement our growth and market expansion strategies
successfully.

At Southwest Bancorp, we focus on converting our strategic vision into long-term
shareholder value. This vision includes increasing our earnings and banking
asset growth from carefully selected, higher growth markets in Texas and Kansas
to capitalize on our strengths in serving medical, professional, and business
customers. We believe that the effectiveness of these offices demonstrates our
ability to compete in new markets using our standard business model. At year
end, total Texas and Kansas loans were 31% of our total portfolio loans, which
exclude loans held for sale. Our Oklahoma Banking and Secondary Market segments
continued to contribute the majority of our assets and income. Overall, our
diluted net income per share grew by 21% to $1.48, and our consolidated assets
grew by 21% to $1.9 billion.

We achieved record earnings in 2004.

Southwest's record earnings growth for 2004 was primarily the result of
significant loan growth and an increase in net interest income due to improved
interest spread and margin. We continued to focus on increasing net interest
income by prudent loan growth in our Oklahoma, Texas, and Kansas markets and in
guaranteed student lending coupled with careful management of interest margins
and funding. Other initiatives also contributed, including continued emphasis on
appropriately pricing loan renewals, commercial loan participation sales, and
service charge increases.

2004 Key Shareholder Value Measures

Net Income:                         $18.6 million, up 25%
Diluted Earnings per Share:         $1.48, up 21%
Book Value per Share:               $10.41, up 13%
Dividends per Share:                $0.28, up 12%
Return on Average Equity of 15.80%, up 121 basis points from 2003
Efficiency Ratio of 51.31%, an improvement of 364 basis points from 2003
Loans held for Sale of $354.6 million, up $136.1 million or 62%
Total Portfolio Loans of $1.3 billion, up $178.9 million or 16%
Allowance for Loan Losses of 1.23% of Total Portfolio Loans, up from 1.21% at
year-end 2003

Our long-term growth continued in 2004.

Southwest became a public company in late 1993. Since year-end 1993, we have
increased our net income at a compound rate of 14.51% per year; book value per
share at 11.74% per year; diluted earnings per share at 10.78% per year; assets
at 14.45% per year, and loans at 15.94% per year. Over the last five years, we
have increased our net income at a compound rate of 16.01% per year; book value
per share at 13.53% per year; diluted earnings per share at 15.18% per year;
assets at 11.31% per year, and loans at 13.75% per year.

Our Banking Segments achieved substantial portfolio loan growth and net income.




Other States Banking: We have established a business base and management teams
designed to produce future growth in our Other States Banking segment. We expect
this segment to provide an increasing share of overall banking segment assets.
Our markets now include Dallas, Texas with two branches in Frisco and Preston
Center; Austin with two branches at 3600 Bee Cave Road and Westlake Medical
Center; the recently announced branch in San Antonio; the main office of our
subsidiary, SNB Bank of Wichita, and a loan production office in Kansas City.
For the year, Other States Banking provided $2.6 million to consolidated net
income, up 44% from 2003, and had $386 million in banking assets, up $155.1
million or 67%.

Oklahoma Banking: Oklahoma City, Stillwater, and Tulsa are our core Oklahoma
Banking markets. Segment assets were up slightly from 2003, while its income
contribution decreased to $8.1 million, mainly as a result of increased
provisions for loan losses and other expenses.

Our Secondary Market segment significantly increased its volume of student loans
and its net income contribution for the year.

We achieved significant growth in our Secondary Market segment, which includes
consumer mortgages and student lending. Southwest has been an active student
lender for over 20 years. Most of the loans held for sale are generated by this
segment. Although the mortgage market was up slightly at year-end, student
lending contributed most of the segment growth, fueled mainly by growth in
profitable private student loans insured by a subsidiary of SLM Corporation
("Sallie Mae"). The profitability of these private student loans will decrease
significantly beginning in 2005, due to increases in servicing costs. But in
2004, they were the primary reason for a $4.9 million, or 87% increase in this
segment's net income contribution of $10.4 million.

We are strongly committed to delivery of services that "make our customers
money."

Our services include Business Mail Processing, Document Imaging, and Cash
Management/Treasury Services. All these services are designed for the healthcare
industry and other document-intensive businesses for use in providing measurable
office management and cash management benefits, while allowing our customers to
improve the quality of service to their patients, clients, and customers. They
contribute to Southwest's ability to gain new noninterest-bearing deposits and
to differentiate Southwest from its competitors.

We believe in our communities.

We also remain committed to the communities we serve. Southwest supports local,
state and national service organizations and the arts financially, by donating
many hours of voluntary assistance, and by providing leadership in each of our
geographic markets.

The Board of Directors joins me in thanking you for your investment and support.
We look forward to the future with high energy, a vision for success and
dedication to increasing the value of your investment in Southwest.

Sincerely,

/s/ Rick Green