8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 5, 2009

Southwest Bancorp, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

Oklahoma	0-23064	73-1136584
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
608 South Main Street, Stillwater, Oklahoma		74074
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 405-372-2230

Not Applicable
______________________________________________
Former name or former address, if changed since last report

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 7.01 Regulation FD Disclosure.

At its meeting of March 5, 2009, the Board of Directors of Southwest Bancorp, Inc. declared a cash dividend for the first quarter of 2009. The press release announcing this dividend is attached as Exhibit 99 and is incorporated herein by reference.

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.
March 6, 2009	By:	Rick Green
		Name: Rick Green
		Title: President and CEO

Exhibit Index

Exhibit No.	Description
99	Press release dated March 6, 2009

EX-99

SOUTHWEST BANCORP, INC.
DECLARES LOWER DIVIDEND IN RESPONSE TO FDIC INDUSTRY-WIDE PLANS

CONTACT:
TELEPHONE:
RELEASE DATE: RICK J. GREEN, PRESIDENT & C.E.O.
KERBY E. CROWELL, EXECUTIVE VICE PRESIDENT & C.F.O.
(405) 372-2230 (800) 727-2230
FRIDAY, MARCH 6, 2009

STILLWATER, OK—Southwest Bancorp, Inc. (NASDAQ:OKSB), parent company of Stillwater National Bank and Trust Company and Bank of Kansas, announces that the board of directors declared a $0.0238 per share cash dividend on common stock for the first quarter of 2009, payable April 1, 2009 to shareholders of record as of March 17, 2009. This represents a decrease from the $0.095 dividend paid for each quarter of 2008.

On February 27, the FDIC issued an interim rule that will impose a 20 basis point emergency special assessment on all insured depository institutions. The assessment is intended to replenish the Deposit Insurance Fund, which has been reduced by the cost of resolving failed banks. The rule also provides for a possible additional emergency assessment on all banks and thrifts of up to 10 basis points in June.

Rick Green, President and Chief Executive Officer, said, “This FDIC special assessment will have a significant effect on the entire banking industry. We estimate that it will cost Southwest $5 million before taxes, and will reduce our after tax bottom line by approximately $3 million.”

“The decision to reduce our first quarter dividend was very difficult, but we determined that it was the most prudent thing to do for Southwest and our shareholders in the face of the FDIC’s industry-wide assessment plans.”

The assessment will not have a significant effect on our capital. Southwest and all of its bank subsidiaries are “well capitalized” for regulatory purposes.

Mr. Green said, “We will monitor the FDIC’s plans carefully, and will set the appropriate dividends for the rest of the year on a quarter by quarter basis.”

Southwest Bancorp, Inc. has paid a dividend every year since it was organized in 1981 and every quarter since it became a public company in 1993. Dividends on common stock are declared at the discretion of the board of directors.

Southwest Bancorp, Inc. is a publicly owned financial holding company with banking subsidiary offices in Oklahoma City, Stillwater, Tulsa, Edmond, and Chickasha, Oklahoma; Dallas, San Antonio, Austin, and Houston, Texas; and Wichita, Kansas City, and Hutchinson, Kansas.

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