The Office of the Comptroller of the Currency has lifted an agreement against Stillwater National Bank and Trust in Payne, Okla.
A January 2010 written agreement largely addressed the levels of commercial real estate lending and problem assets at Stillwater National, a banking units of Southwest Bancorp (OKSB) in Stillwater, Okla. The agreement required the bank to improve its credit risk management and submit a three-year capital plan, the $2.3 billion-asset Southwest said Thursday.
Stillwater National is also no longer subject to an informal agreement regarding capital requirements. That agreement required the bank to maintain a total risk-based capital ratio of at least 12.5% and a Tier 1 leverage ratio of at least 8.5%. At March 31, it had a total risk-based capital ratio of 20.16% and a leverage ratio of 14.32%.
The OCC terminated the agreements on May 17.
Southwest said in December that it had sold about $300 million in troubled loans after determining that workouts would take too long and cost too much. This included $170 million in nonperforming loans while the rest were considered problem loans.
Southwest also said Thursday that its Laura Robertson would step down as its chief financial officer on June 29. Randy R. Waldrup, who has 32 years of banking experience at three financial institutions, would join the company on June 4 as interim CFO.