Frost Buys Out Western National Bank For $220 Million

Cullen/Frost will absorb WNB Bancshares — parent of Western National Bank — in a cash and stock transaction valued at $220 million. WNB operates primarily in Midland and Odessa, at the heart of the Permian Basin.

Dick Evans is chairman and CEO of Cullen/Frost.

“There’s no question that the Permian Basin is such a dynamic market. You know, some 14% of all the oil produced in the United States comes from there and 57% of Texas production.”

Evans says the acquisition will broaden Cullen/Frost’s portfolio of energy loans. 

The deal is expected to close in January 2014, pending approval by the Federal Reserve and the Texas Department of Banking. 

 

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