Southwest Bancorp (OKSB) in Stillwater, Okla., has repurchased all of the $70 million in preferred securities it sold to the Treasury Department under the Troubled Asset Relief Program.
The $2.3 billion-asset company used funds that were "internally generated" to complete the repayment, Southwest said Wednesday. Southwest will take a one-time, non-cash equity charge of roughly $1.2 million in the third quarter to reflect accelerated accretion of the remaining discount on the securities.
Southwest received the funds in December 2008. The repayment comes after several other achievements for the company, including the termination of formal and informal agreements with federal regulators, Rick Green, Southwest's president and chief executive, said in a press release.