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.