Southwest Bancorp (OKSB) in Stillwater, Okla., and Bank of Kentucky (BKYF) in Crestview Hills have completed exits from the Troubled Asset Relief Program.

Southwest, the $2 billion-asset parent of Stillwater National Bank and Bank of Kansas, said Wednesday it paid $2.3 million to redeem a warrant it issued to the Treasury Department in December 2008, along with preferred stock, for $70 million in Tarp funds.

The warrant gave the Treasury the right to buy roughly 704,000 shares of Southwest's common stock at $14.92 a share. In August, Southwest redeemed the preferred stock the company issued to Treasury under the Tarp.

Bank of Kentucky said in regulatory filing Wednesday that it purchased the warrant tied to its participation in Tarp for about $2.2 million. The warrant had permitted the Treasury Department to buy roughly 276,000 shares of the company's stock at an exercise price of $18.47 a share. Bank of Kentucky received its Tarp funds in February 2009.

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