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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> March 22, 2007</B></FONT></P>
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  <TR vAlign=top>
    <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 width="10%"></TD>
    <TD>
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    </TD>
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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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    <TD align=left width="10%">&nbsp;</TD>
    <TD align=middle width="35%"><FONT face=serif
    size=2><B>OK</B></FONT></TD>
    <TD align=left width="10%">&nbsp;</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>
    <TD align=left width="10%">&nbsp;</TD></TR></TABLE><BR><BR>
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    <TD align=left width="10%">&nbsp;</TD>
    <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>
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    <TD align=left width="10%">&nbsp;</TD>
    <TD align=middle><FONT face=serif size=2><B>405-372-2230</B></FONT></TD>

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

<p align="left">
<font size="2" face="Times New Roman">On March 22, 2007, the Stock Option Committee of Southwest Bancorp, Inc. granted stock based awards based upon 2006 performance. All of the awards were made under Southwest&rsquo;s 1994 Stock Option Plan, as amended. The awards related to a total of 100,799 shares of restricted stock and shares issuable upon exercise of options. After these awards, 233,892 shares of common stock remain available for issuance under the option plan. The awards had no effect on 2006 expenses or net income. The expense of these awards will be recorded in 2007 and later years in accordance with generally accepted accounting principles. Additional information regarding those awards made to named executive officers is provided below.</font>
</p>
<TABLE width="552">
<TR>
<TD align="center" width="152" rowspan="6" valign="bottom"><font size="1" face="Times New Roman"><b>Name</b></font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="center" width="68" rowspan="6" valign="bottom"><font size="1" face="Times New Roman"><b>Grant</b></font><font size="1" face="Times New Roman"><b>Date</b></font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="center" width="92" rowspan="6" valign="bottom"><font size="1" face="Times New Roman"><b>Exercise or</b></font><font size="1" face="Times New Roman"><b>Base Price</b></font><font size="1" face="Times New Roman"><b>of Option</b></font><font size="1" face="Times New Roman"><b>Awards </b></font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="center" width="92" rowspan="6" valign="bottom"><font size="1" face="Times New Roman"><b>Closing Market Price on Date of Grant </b></font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="center" width="81" rowspan="6" valign="bottom"><font size="1" face="Times New Roman"><b>Grant Date Fair Value of Stock and Option Awards </b></font></TD>
</TR>
<TR>
<TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD>
</TR>
<TR>
<TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD>
</TR>
<TR>
<TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD>
</TR>
<TR>
<TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD>
</TR>
<TR>
<TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD><TD width="15" valign="bottom">&nbsp;</TD>
</TR>
<TR>
<TD align="left" width="152" valign="bottom"><font size="2" face="Times New Roman">Rick Green</font>
<br>&nbsp;<font size="2" face="Times New Roman">President and Chief Executive Officer</font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="68" valign="bottom"><font size="2" face="Times New Roman">3/22/2007</font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="92" valign="bottom"><font size="2" face="Times New Roman">$26.395 </font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="92" valign="bottom"><font size="2" face="Times New Roman">$26.350 </font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="81" valign="bottom"><font size="2" face="Times New Roman">$128,491 </font></TD>
</TR>
<TR>
<TD align="left" width="152" valign="bottom"><font size="2" face="Times New Roman">Kerby E. Crowell</font>
<br>&nbsp;<font size="2" face="Times New Roman">Executive Vice President,  Secretary and Chief Financial Officer</font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="68" valign="bottom"><font size="2" face="Times New Roman">3/22/2007</font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="92" valign="bottom"><font size="2" face="Times New Roman">26.395 </font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="92" valign="bottom"><font size="2" face="Times New Roman">26.350 </font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="81" valign="bottom"><font size="2" face="Times New Roman">50,742 </font></TD>
</TR>
<TR>
<TD align="left" width="152" valign="bottom"><font size="2" face="Times New Roman">Jerry Lanier</font>
<br>&nbsp;<font size="2" face="Times New Roman">Executive Vice President and Chief Lending Officer</font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="68" valign="bottom"><font size="2" face="Times New Roman">3/22/2007</font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="92" valign="bottom"><font size="2" face="Times New Roman">26.395 </font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="92" valign="bottom"><font size="2" face="Times New Roman">26.350 </font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="81" valign="bottom"><font size="2" face="Times New Roman">51,502 </font></TD>
</TR>
<TR>
<TD align="left" width="152" valign="bottom"><font size="2" face="Times New Roman">Kimberly E. Sinclair</font>
<br>
<font size="2" face="Times New Roman">Executive Vice President and Chief Administrative Officer</font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="68" valign="bottom"><font size="2" face="Times New Roman">3/22/2007</font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="92" valign="bottom"><font size="2" face="Times New Roman">26.395 </font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="92" valign="bottom"><font size="2" face="Times New Roman">6.350 </font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="81" valign="bottom"><font size="2" face="Times New Roman">43,943 </font></TD>
</TR>
<TR>
<TD align="left" width="152" valign="bottom"><font size="2" face="Times New Roman">Chares H. Westerheide</font>
<br>&nbsp;<font size="2" face="Times New Roman">Executive Vice President and Treasurer</font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="68" valign="bottom"><font size="2" face="Times New Roman">3/22/2007</font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="92" valign="bottom"><font size="2" face="Times New Roman">26.395 </font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="92" valign="bottom"><font size="2" face="Times New Roman">26.350 </font></TD><TD width="15" valign="bottom">&nbsp;</TD><TD align="right" width="81" valign="bottom"><font size="2" face="Times New Roman">40,175 </font></TD>
</TR>
</TABLE>
<br>
<p align="left">
<font size="2" face="Times New Roman">Mr. Green's award consists of 4,868 shares of restricted stock issued under Southwest's stock option plan. The restrictions on 1/3 of these shares expires on the first, second and third anniversary of the date of grant.</font>
</p>
<p align="left">
<font size="2" face="Times New Roman">Other awards consist of options exercisable for common stock under Southwest's stock option plan, exercisable 1/3 immediately and 1/3 upon first and second anniversary of the grant.</font>
</p>
<p align="left">
<font size="2" face="Times New Roman">Under the option plan, the exercise price or base price of awards is the average of the high and low sales price on the NASDAQ Stock Market on the date of grant.</font>
</p>
<p align="left">
<font size="2" face="Times New Roman">Stock options with a total grant date fair value of $300,055 were granted to other executive officers. Theses options are exercisable on the same terms applicable to option awards to named executive officers. </font>
</p>
<p align="left">
<font size="2" face="Times New Roman">The numbers of shares subject to awards to all executive officers are as follows: Mr. Green-4,868; Mr. Crowell-9,201; Mr. Lanier-9,339; Ms. Sinclair-7,968; Mr. Westerheide-7,285; Mr. Beauttas-6,069; Mr. Glenn-5,521; Mr. Hadley-5,678; Mr. Horning-7,048; Mr. McLaughlin-6,833; Mr. Mills-6,754; Mr. Newton-5,482; Mr. Osborn-4,894; Mr. Peterson-5,873; Mr. York-5,740.</font>
</p>

<p>&nbsp;</p>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=top>
<TD align=left width="11%"><FONT face=serif size=2><B>Item
5.02</B></FONT></TD>
<TD align=left><FONT face=serif size=2><B>DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS</B></FONT></TD></TR>
<TR vAlign=top>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR></table>
The information provided in response to Item 1.01 is incorporated by reference.
<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=middle width="49%"></TD>
    <TD align=middle width="2%"></TD>
    <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>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
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    <TD align=middle width="49%"></TD>
    <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/ Kerby E. Crowell</FONT></TD></TR>
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    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left>
      <HR noShade SIZE=1>
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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>Name:</FONT></TD>
    <TD align=left><FONT face=serif size=2>Kerby E. Crowell</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>Executive Vice President, CFO and Secretary</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>Date:</FONT></TD>
    <TD align=left><FONT face=serif size=2>March 28, 2007</FONT></TD></TR>
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    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR></TABLE>
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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": "07723893"}, "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):
March 22, 2007
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 March 22, 2007, the Stock Option Committee of Southwest Bancorp, Inc. granted stock based awards based upon 2006 performance. All of the awards were made under Southwest's 1994 Stock Option Plan, as amended. The awards related to a total of 100,799 shares of restricted stock and shares issuable upon exercise of options. After these awards, 233,892 shares of common stock remain available for issuance under the option plan. The awards had no effect on 2006 expenses or net income. The expense of these awards will be recorded in 2007 and later years in accordance with generally accepted accounting principles. Additional information regarding those awards made to named executive officers is provided below.
Name
Grant
Date
Exercise or
Base Price
of Option
Awards
Closing Market Price on Date of Grant
Grant Date Fair Value of Stock and Option Awards
Rick Green
President and Chief Executive Officer
3/22/2007
$26.395
$26.350
$128,491
Kerby E. Crowell
Executive Vice President,  Secretary and Chief Financial Officer
3/22/2007
26.395
26.350
50,742
Jerry Lanier
Executive Vice President and Chief Lending Officer
3/22/2007
26.395
26.350
51,502
Kimberly E. Sinclair
Executive Vice President and Chief Administrative Officer
3/22/2007
26.395
6.350
43,943
Chares H. Westerheide
Executive Vice President and Treasurer
3/22/2007
26.395
26.350
40,175
Mr. Green's award consists of 4,868 shares of restricted stock issued under Southwest's stock option plan. The restrictions on 1/3 of these shares expires on the first, second and third anniversary of the date of grant.
Other awards consist of options exercisable for common stock under Southwest's stock option plan, exercisable 1/3 immediately and 1/3 upon first and second anniversary of the grant.
Under the option plan, the exercise price or base price of awards is the average of the high and low sales price on the NASDAQ Stock Market on the date of grant.
Stock options with a total grant date fair value of $300,055 were granted to other executive officers. Theses options are exercisable on the same terms applicable to option awards to named executive officers.
The numbers of shares subject to awards to all executive officers are as follows: Mr. Green-4,868; Mr. Crowell-9,201; Mr. Lanier-9,339; Ms. Sinclair-7,968; Mr. Westerheide-7,285; Mr. Beauttas-6,069; Mr. Glenn-5,521; Mr. Hadley-5,678; Mr. Horning-7,048; Mr. McLaughlin-6,833; Mr. Mills-6,754; Mr. Newton-5,482; Mr. Osborn-4,894; Mr. Peterson-5,873; Mr. York-5,740.
Item
5.02
DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS
The information provided in response to Item 1.01 is incorporated by reference.
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/ Kerby E. Crowell
Name:
Kerby E. Crowell
Title:
Executive Vice President, CFO and Secretary
Date:
March 28, 2007