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Southwest Bancorp and Heritage Trust Company Form Strategic Alliance

Strategic Insights

— 1 min read

Stillwater National Bank, a subsidiary of Southwest Bancorp, has announced a strategic alliance with Heritage Trust Company to expand its trust services and customer base. The partnership is expected to augment Heritage Trust's managed assets by $30 to $60 million and increase Stillwater National's ability to serve its current trust customers. This alliance is a result of Stillwater National's vision to create and deliver trust services that enhance customers' quality of life.

Key Takeaways:

  • The strategic alliance between Southwest Bancorp and Heritage Trust Company is expected to bolster the abilities of both companies to provide outstanding customer service.
  • The partnership will increase Stillwater National's ability to serve its current trust customers and expand its customer base.
  • Heritage Trust Company currently manages approximately $250 million in trust assets.
  • Stillwater National's vision of customer service created the basis for this new association with Heritage, a company focused on customer service and client relationships.
  • Stillwater National has agreed to invest in the stock of Heritage and to enter into a multi-year agreement for Heritage to provide trust services.
  • The alliance is expected to create new opportunities to serve customers and increase the number of managed assets.
  • Southwest Bancorp and Stillwater National Bank and Trust Company are both independent Oklahoma institutions.
  • Heritage Trust Company is Central Oklahoma's only customer-owned, independent trust company, with over 175 years of experience in trust management.

Statistics:

  • Heritage Trust Company currently manages $250 million in trust assets.
  • Stillwater National Bank has six offices located in Stillwater, Tulsa, Oklahoma City, and Chickasha, Oklahoma, and a loan production office in Oklahoma City.
  • Heritage plans to establish a Stillwater office to meet client needs.
  • Southwest Bancorp reported consolidated assets of $1.2 billion as of June 30, 2000.
  • The alliance is expected to augment Heritage Trust's managed assets by $30 to $60 million.

Sources:

  • Southwest Bancorp, Inc. (Nasdaq: OKSB) press release, dated August 4 (PRNewswire)
  • Heritage Trust Company
  • Stillwater National Bank

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