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Bank buyers and sellers should pay attention to the Fed's recent approval of Cullen/Frost's acquisition of WNB Bancshares. Cullen/Frost had to agree to improve its fair-lending and other functions, underscoring the importance of buyers who work well in resolving compliance and other problems with regulators.
May 21 -
Cullen/Frost Bankers (CFR) in San Antonio has agreed to buy WNB Bancshares (WNB) in Odessa, Texas, for $220 million in stock and cash.
August 13 -
Cullen/Frost Bankers, led by Dick Evans, is breaking into oil-rich west Texas with a deal for WNB Bancshares. The seller was attractive partly because it resembled Cullen/Frost, Evans says.
August 15
Cullen/Frost Bankers in San Antonio has a new president.
The $28.3 billion-asset company
Jerry Salinas, the company's treasurer since 1997, succeeded Green as CFO.
The company also named Paul Bracher, who joined Cullen/Frost in 1981, as chief banking officer.
Separately, Cullen/Frost announced that its fourth-quarter earnings rose 17% from a year earlier, to $70.7 million.
