This excerpt taken from the OKSB 10-Q filed Aug 8, 2006.
On July 28, 2006, Southwest closed on the acquisition of McMullen Bank. This resulted in two additional Texas branches and additional assets of approximately $35 million.
This excerpt taken from the OKSB 10-Q filed May 9, 2006.
On April 26, 2006, Southwest entered into an agreement to acquire McMullen Bank, which has offices in San Antonio and Tilden, Texas. This all-cash acquisition is part of Southwests Texas branching strategy, and will provide an additional branch in the San Antonio Marketone that has high concentrations of healthcare, business professional, and commercial real estate enterprises. McMullen Bank has assets of approximately $35 million. Because of its size, the acquisition is not expected to have a material effect on Southwests 2006 or 2007 earnings, but is expected to provide a base for continued loan and deposit growth in the greater San Antonio Market. In the acquisition, which is subject to the approval of McMullen Banks shareholders and regulatory authorities, McMullen Bank would be merged into Stillwater National, which plans to continue operating its current San Antonio office and both of McMullen Banks offices after the merger. Closing is expected in the third quarter.
In February 2006, the FASB issued Financial Accounting Statement No. 155, Accounting for Certain Hybrid Financial Instruments, Southwest does not have any financial instruments that would be subject to this statement and does not anticipate that the related adoption of the statement effective January 1, 2007, will have any material effects.