Cullen/Frost Bankers (CFR) in San Antonio has agreed to buy WNB Bancshares (WNB) in Odessa, Texas for $220 million in stock and cash.
The $22.6 billion-asset Cullen/Frost plans to finance the purchase by issuing two million shares of common stock in addition to an amount of cash necessary to reach the agreed-upon price. Cullen/Frost stock closed at $71.98 a share on Tuesday.
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