STILLWATER — Southwest Bancorp Inc., parent of Stillwater National Bank, has launched a national search for the successor to President and CEO Rick Green, who plans to step down at year's end, the company said Thursday.
“I would like for two of my last accomplishments at Southwest to be leaving a strong management team in place as well as finding a successor CEO who is ready to lead Southwest into the future,” Green said in a statement issued by the company. “My goal has always been to retire at age 65, and I believe this is an opportune time to start that process.”
Green, 64, intends to “fully retire” in January, provided a successor is in place at that time, the company said. Green has served as CEO since Jan. 1, 1999. Last year, Green was paid $521,838, according to regulatory filings.
Green and the firm's directors have hired Fraser Keating Associates LLC to help in the search.
Late last year, Southwest sold a portfolio of troubled real estate and other nonperforming loans with a book value of $301.6 million at a net pretax loss of $101.2 million. The company's stock has gained 87 percent since the sale was announced in December.
Green said the company now “is well-positioned to capitalize on the opportunities ahead with improved credit quality and capital that substantially exceeds regulatory standards.”