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<P align=center><FONT face=serif size=2><B><FONT face=serif size=5>UNITED
STATES<BR>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR><B>WASHINGTON, D.C.
20549</B></FONT></P>
<P align=center><B><FONT face=serif size=5>FORM 8-K</FONT></B></P>
<P align=center><FONT face=serif size=2>CURRENT REPORT </FONT></P>
<P align=center><FONT face=serif size=2>PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934</FONT></P>
<P align=center><FONT face=serif size=2>DATE OF REPORT (DATE OF EARLIEST EVENT
REPORTED):&nbsp;<B> December 28, 2006</B></FONT></P>
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    <TD align=left width="10%"><FONT face=serif size=2>&nbsp;</FONT></TD>
    <TD align=middle><FONT face=serif size=2><B><FONT face=serif
      size=5>Southwest Bancorp, Inc.</FONT></B></FONT></TD>
    <TD align=left width="10%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
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    <TD align=left width="10%"><FONT face=serif size=2>&nbsp;</FONT></TD>
    <TD align=middle><FONT face=serif size=2>(Exact name of registrant as
      specified in its charter) </FONT></TD>

    <TD align=left width="10%"><FONT face=serif
  size=2>&nbsp;</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>COMMISSION FILE
NUMBER<B>:&nbsp;&nbsp;</B><B><U></U></B></FONT></P>
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    size=2><B>OK</B></FONT></TD>
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      size=2><B></B></FONT></TD>
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    <TD align=left width="10%">&nbsp;</TD>
    <TD align=middle width="35%"><FONT face=serif size=2>(State or other
      jurisdiction of incorporation or organization)</FONT></TD>
    <TD align=left width="10%">&nbsp;</TD>

    <TD align=middle width="35%"><FONT face=serif size=2>(I.R.S. Employer
      Identification No.)</FONT></TD>
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    <TD align=middle><FONT face=serif size=1>&nbsp;</FONT><FONT face=serif
      size=2><B>608 South Main Street<BR><BR>Stillwater, OK 74074</B></FONT></TD>
    <TD align=left width="10%">&nbsp;</TD></TR>

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    <TD align=left width="10%">&nbsp;</TD>
    <TD align=middle><FONT face=serif size=2>(Address and zip code of
      principal executive offices)</FONT></TD>

    <TD align=left width="10%">&nbsp;</TD></TR>
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    <TD align=left width="10%">&nbsp;</TD>
    <TD align=middle><FONT face=serif size=2>&nbsp;</FONT></TD>
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    <TD align=middle><FONT face=serif size=2><B>405-372-2230</B></FONT></TD>

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    <TD align=left>&nbsp;</TD>
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    </TD>
    <TD align=left>&nbsp;</TD></TR>
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    <TD align=left width="10%">&nbsp;</TD>

    <TD align=middle><FONT face=serif size=2>(Registrant's telephone number,
      including area code)</FONT></TD>
    <TD align=left width="10%">&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<P align=left><FONT face=serif size=2>CHECK THE APPROPRIATE BOX BELOW IF THE
FORM 8-K FILING IS INTENDED TO SIMULTANEOUSLY SATISFY THE FILING OBLIGATION OF
THE REGISTRANT UNDER ANY OF THE FOLLOWING PROVISIONS:</FONT></P>
<DIV style="TEXT-INDENT: 3%">
<P align=left><FONT face=serif size=2><img src="emptybox.gif" border="0" width="12" height="12"> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</FONT></P>
<P align=left><FONT face=serif size=2><img src="emptybox.gif" border="0" width="12" height="12"> Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</FONT></P>
<P align=left><FONT face=serif size=2><img src="emptybox.gif" border="0" width="12" height="12">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))</FONT></P>
<P align=left><FONT face=serif size=2><img src="emptybox.gif" border="0" width="12" height="12">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))</FONT></P></DIV>
<P align=center><FONT face=serif size=2>1 of 2 </FONT></P>
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<TD align=left width="11%"><FONT face=serif size=2><B>Item
1.01</B></FONT></TD>
<TD align=left><FONT face=serif size=2><B>ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</B></FONT></TD></TR>
<TR vAlign=top>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR></table>

<br>
<p align="left">
<font size="2" face="Times New Roman">On December 28, 2006, Stillwater National Bank and Trust Company (&ldquo;Stillwater National&rdquo;), wholly owned subsidiary of Southwest Bancorp, Inc. (&ldquo;Southwest&rdquo;), entered a Director&rsquo;s Deferred Compensation Plan (2007 Plan Agreement) (the &ldquo;Agreement&rdquo;) with James M. Johnson, a director of Stillwater National and Southwest. Other directors elected not to participate, although all directors of Stillwater National were eligible to enter such an agreement. </font>
</p>
<p align="left">
<font size="2" face="Times New Roman">Under the Agreement, Mr. Johnson will defer 50% of his 2007 retainer and other board fees until the later of January 15th of the year immediately following the year in which he no longer serves as a director of Southwest or any of its affiliates, and, except in the case of his earlier death or disability, a date that is at least six months after the time he no longer serves as a director. The During the time of deferral the amounts deferred will earn interest each calendar quarter at an annualized rate equal to one percent less than the annualized rate earned by Stillwater National on its total earning assets for the previous quarter. The deferrals are not funded, and Mr. Johnson will remain a general creditor of Stillwater National for the amounts due under the Agreement. The amounts are intended to be deferred for federal income tax purposes until they are paid out. The Agreement further provides that it will be amended as may be necessary to comply in all respects with Section 409A of the Internal Revenue Code as added by the American Jobs Creation Act of 2004 and related Internal Revenue Service regulations and procedures.</font>
</p>

<p>&nbsp;</p>
<P align=center><FONT face=serif size=2><B>SIGNATURE</B></FONT></P>
<DIV style="TEXT-INDENT: 3%">
<P align=left><FONT face=serif size=2>Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, hereunto duly
authorized.</FONT></P></DIV>
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    <TD align=left colSpan=2><FONT face=serif size=2>Southwest Bancorp, Inc.</FONT></TD></TR>
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    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
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    <TD align=left>&nbsp;</TD></TR>
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    <TD align=middle width="2%"></TD>
    <TD align=left width="10%"><FONT face=serif size=2>By:</FONT></TD>
    <TD align=left><FONT face=serif size=2>/s/ Rick Green</FONT></TD></TR>
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    <TD align=left></TD>
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    <TD align=left width="2%"></TD>
    <TD align=left width="10%"><FONT face=serif size=2>Name:</FONT></TD>
    <TD align=left><FONT face=serif size=2>Rick Green</FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left width="49%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="10%"><FONT face=serif size=2>Title:</FONT></TD>
    <TD align=left><FONT face=serif size=2>President and CEO</FONT></TD></TR>
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    <TD align=left width="49%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="10%"><FONT face=serif size=2>Date:</FONT></TD>
    <TD align=left><FONT face=serif size=2>January 2, 2007</FONT></TD></TR>
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    <TD align=left>&nbsp;</TD>
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{"company-data": {"conformed-name": "SOUTHWEST BANCORP INC", "cik": "0000914374", "assigned-sic": "6021", "irs-number": "731136584", "state-of-incorporation": "OK", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-23064", "film-number": "07500399"}, "business-address": {"street1": "608 SOUTH MAIN STREET", "city": "STILLWATER", "state": "OK", "zip": "74074", "phone": "4053722230"}, "mail-address": {"street1": "608 SOUTH MAIN STREET", "city": "STILLWATER", "state": "OK", "zip": "74074"}}
Prepared and Filed by St Ives Financial
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT
REPORTED):
December 28, 2006
Southwest Bancorp, Inc.
(Exact name of registrant as
      specified in its charter)
COMMISSION FILE
NUMBER
:
OK
(State or other
      jurisdiction of incorporation or organization)
(I.R.S. Employer
      Identification No.)
608 South Main Street
Stillwater, OK 74074
(Address and zip code of
      principal executive offices)
405-372-2230
(Registrant's telephone number,
      including area code)
CHECK THE APPROPRIATE BOX BELOW IF THE
FORM 8-K FILING IS INTENDED TO SIMULTANEOUSLY SATISFY THE FILING OBLIGATION OF
THE REGISTRANT UNDER ANY OF THE FOLLOWING PROVISIONS:
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
1 of 2
Item
1.01
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On December 28, 2006, Stillwater National Bank and Trust Company ("Stillwater National"), wholly owned subsidiary of Southwest Bancorp, Inc. ("Southwest"), entered a Director's Deferred Compensation Plan (2007 Plan Agreement) (the "Agreement") with James M. Johnson, a director of Stillwater National and Southwest. Other directors elected not to participate, although all directors of Stillwater National were eligible to enter such an agreement.
Under the Agreement, Mr. Johnson will defer 50% of his 2007 retainer and other board fees until the later of January 15th of the year immediately following the year in which he no longer serves as a director of Southwest or any of its affiliates, and, except in the case of his earlier death or disability, a date that is at least six months after the time he no longer serves as a director. The During the time of deferral the amounts deferred will earn interest each calendar quarter at an annualized rate equal to one percent less than the annualized rate earned by Stillwater National on its total earning assets for the previous quarter. The deferrals are not funded, and Mr. Johnson will remain a general creditor of Stillwater National for the amounts due under the Agreement. The amounts are intended to be deferred for federal income tax purposes until they are paid out. The Agreement further provides that it will be amended as may be necessary to comply in all respects with Section 409A of the Internal Revenue Code as added by the American Jobs Creation Act of 2004 and related Internal Revenue Service regulations and procedures.
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, hereunto duly
authorized.
Southwest Bancorp, Inc.
By:
/s/ Rick Green
Name:
Rick Green
Title:
President and CEO
Date:
January 2, 2007