Southwest Tells Cash Dividend

Southwest Bancorp on Thursday declared a cash dividend of $11.25 per share on its 24,114 remaining shares of preferred stock. The cash dividend “will bring current all dividend arrearages on the company’s preferred stock,” according to Southwest Bancorp President and Chief Executive Sidney Fox.

Last week, holders of 84,596 shares of Southwest Bancorp’s 108,710 outstanding preferred shares accepted the Vista-based bank holding company’s offer to trade 11 shares of common for each share of preferred. That exchange “has further strengthened (Southwest’s) position,” Fox said.

With the cash dividend, preferred shareholders will no longer enjoy special representation on Southwest Bancorp’s board of directors. The terms of two board members who were appointed to represent preferred shareholders are scheduled to expire at next month’s annual meeting.

The parent company of Southwest Bank also voted a 5% stock dividend to its common shareholders.