Southwest Bancorp: The parent of Vista-based Southwest...

Southwest Bancorp: The parent of Vista-based Southwest Bank reported a first-quarter profit of $460,000, compared with a loss of $556,000 for the comparable period of the prior year. Southwest’s total assets at March 31 were $363.4 million, up from $355.2 million at the end of last year’s first quarter. Loans rose to $240.2 million from $239.6 million and deposits rose to $327.5 million from $322.4 million. On Feb. 17, Southwest entered into an agreement with Security Pacific Corp. by which Southwest will be acquired by Los Angeles-based banking company. Subject to shareholder and regulatory approvals, the agreement provides that each outstanding share of Southwest Bancorp common stock will be converted into the right to receive approximately $6 in market value of Security Pacific common stock.