Southwest Bancorp (OKSB) in Stillwater, Okla., has redeemed a series of trust-preferred securities.
The $2 billion-asset company disclosed in a regulatory filing Monday that it redeemed a series of 10.5% trust-preferred securities with a principal balance of $34.5 million. The maturity date was Sept. 15, 2038. Southwest used cash on hand, paying $25 for each trust-preferred security, plus accrued and unpaid distributions.
The company also redeemed about $1.1 million in common securities related to the trust-preferred securities.
"Following the redemption, the company's capital levels are expected to remain well in excess of the regulatory minimum for well capitalized status," the filing said.