Business

Frost Buys Out Western National Bank For $220 Million

The parent of Frost Bank has signed a merger that will widen the bank's capacity for energy financing.

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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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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media's coverage of national, state, and local elections. He also reports on major policy issues before the Texas Legislature and county and city governments across Greater Houston. Before taking up his current post, Andrew spent five years as Houston Public Media's business reporter, covering the oil...

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