Southwest Bancorp rejected takeover bids from Wells...

Southwest Bancorp rejected takeover bids from Wells Fargo and Security Pacific. Frank Mercardante, president of the Vista-based parent of Southwest Bank, said both of the big banking companies viewed an acquisition of Southwest, with $375 million in assets and 14 branch offices, as an attractive way to expand their presence in fast-growing San Diego County. However, he added, Southwest’s board turned the bids down “after an in-depth analysis of this company’s present-day market value showed that neither offer was adequate.” Officials at the three banks declined to disclose details of the two bids. Southwest stock, which is traded on the American Stock Exchange, closed up 12.5 cents Thursday at a new yearly high of $3.875 a share. Spokeswomen for both Wells Fargo and Security Pacific would not say whether new bids would be submitted to Southwest’s board.