Longtime Bank of Oklahoma executive Mark Funke next month will become president and CEO of Southwest Bancorp Inc., parent of Stillwater National Bank, the company said Wednesday.
Funke, 56, has served as president of the Oklahoma City market for Bank of Oklahoma since 1997, and has worked for the Tulsa-based company for 28 years.
“I'm just really excited about this,” Funke said. “This is a great opportunity for me and I am excited to work with that team and I am excited about the bank's prospects in the future.”
Funke on Oct. 1 will succeed Rick Green, who announced earlier this year that would step down at year's end. Green will take the title of president emeritus at that time and will serve as a transition consultant until Jan. 31, 2013, the company said in a statement.
Southwest Bancorp has steadied its financial situation over the past year, selling off part of its troubled loan portfolio while writing down problem assets. The company's stock rebounded after federal regulators released the bank from a formal operating agreement, and the business last month repaid $70 million it owed the U.S. Treasury from the Capital Purchase Program established after the 2008 financial crisis.
“They've been through difficult times after the recession, but they righted the ship and got things going in the right direction,” Funke said. “They certainly demonstrated an ability to capitalize the bank properly. I think they have put the bank on a very solid footing that will allow it to grow in the future.”
Southwest Bancorp Chairman Bob Rodgers said the board was pleased that Funke agreed to take the job.
“Mark brings a deeply rooted knowledge of the industry and a pioneering vision for the company that uniquely fits our heritage and core beliefs,” Rodgers said in a statement.
Stillwater National Bank, based in Stillwater, has assets of $2.3 billion with offices in Oklahoma and Texas. Its sister company, Bank of Kansas, is based in South Hutchinson, Kan.
Stillwater National Bank is the seventh-largest bank in Oklahoma, based on deposits. Bank of Oklahoma is the largest deposit-holder in the state, according to the most recent FDIC figures.
Funke said the bank he's joining, while much smaller than Bank of Oklahoma, is larger than Bank of Oklahoma was when George Kaiser bought the company in 1991.
“I've been able to watch and participate in BOK's growth over the years and I can use some of those skills here and help that organization also grow and prosper,” he said.
Funke said it was hard to leave Bank of Oklahoma after so many years.
“The relationships I have with the people here and the quality of the bank, those kinds of things make it very difficult after this long a period of time,” Funke said.
Funke said he will remain in Oklahoma City and occupy an office in Stillwater National Bank's administrative building in the Waterford Office Complex.