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.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access