Southwest Bancorp names Mark W. Funke as CEO
BY LAURIE WINSLOW World Staff Writer
Thursday, September 06, 2012
9/06/12 at 2:58 AM
STILLWATER - Southwest Bancorp Inc., recently freed from federal supervison after paying back money obtained under the Troubled Assets Relief Program, announced that Mark W. Funke has been named president and CEO.
He will go to work Oct. 1 at the Stillwater-based organization whose subsidiaries include Stillwater National Bank and Trust Co. and Bank of Kansas.
Funke replaces Rick Green, who earlier this year announced he would retire in January 2013.
Funke is market president for Bank of Oklahoma-Oklahoma City. He joined BOk in 1984 and has been in his current position since 1997.
Green announced in April that he and the board of directors had begun a search for his successor. The search firm, Fraser Keating Associates LLC, was hired to help identify Green's successor.
"Mark understands the customer-first approach and shares an understanding of making banking accessible to clients by providing the products and services they want with the modern conveniences customers expect," Green said in a written statement.
In May, Stillwater National was notified that it was no longer subject to a regulatory agreement it entered into with the Office of the Comptroller of the Currency in January 2010.
The agreement primarily related to levels of commercial real estate lending and problem assets, and it included a requirement for Stillwater National to submit written plans to the OCC and to improve credit risk management. It also required the bank to submit a three-year capital plan and obtain OCC approval before increasing its use of brokered deposits or declaring dividends.
In July, Southwest was able to terminate supervisory resolutions that it had adopted at the request of the Federal Reserve Bank of Kansas City in July 2009.
By August, the company announced that it had repaid the government for capital obtained under the Troubled Assets Relief Program, which bailed out banks burdened by that year's financial crisis. Southwest completed the repurchase of all $70 million of its preferred securities that it sold to the Treasury Department in December 2008.
Southwest reported second-quarter net income of $3 million compared with a net loss of $4 million in the year-earlier period.
For the first half of the year, Southwest's stock price rose 57.9 percent, making it the second-highest performer out of 68 stocks in the Tulsa Index, which consists of companies with headquarters or other significant operations in the Tulsa area.
Funke is a graduate of Kansas State University, the American Bankers Association Stonier Graduate School of Banking, Leadership Oklahoma City Class VII and Leadership Oklahoma Class VIII.
He was awarded the Paragon award in 2002 by Leadership Oklahoma City, the Urban Pioneer award in 2008 from Oklahoma City's Plaza District Association and the John Kirkpatrick Award from Lyric Theatre in 2009.
Green will remain with Southwest in his new role of president emeritus starting Oct. 1 and will serve as a transition consultant until Jan. 31.
Original Print Headline: Southwest Bancorp names new president
Laurie Winslow 918-581-8466