SAN ANTONIO, June 20, 2014 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE: CFR) today announced the completion of the merger of Western National Bank (WNB) into Frost Bank, the banking subsidiary of Cullen/Frost.
Effective at the close of business Friday, June 20, 2014, the seven WNB locations in Midland and Odessa become offices of Frost Bank and will operate under the Frost name, bringing the number of Frost financial centers statewide to more than 120. WNB's San Antonio location will close after the end of business June 20, as Frost already has 22 financial centers in its headquarters city. At closing at the end of May, the Western National Bancshares, Inc. acquisition added $1.8 billion in assets, $1.6 billion in deposits and $668.3 million in total loans to Cullen/Frost. WNB customers can now access the full range of Frost financial services.
"This merger strengthens our Texas franchise and gives us an entry into the dynamic Permian Basin markets of Midland and Odessa," said Dick Evans, chairman and CEO of Cullen/Frost. "Frost and WNB embrace the same values and share a vision of community-oriented banking and superior customer service. It has been our privilege to meet the financial needs of Texans and Texas businesses for 146 years, and we are delighted to welcome WNB employees and customers into our Frost financial family."
Wesley Bownds, president of the Midland market for Western National Bank, is now region president of Frost's newly created Permian Basin region. Jack Wood, president of Western National Bancshares, Inc., will be added to the Cullen/Frost Board of Directors at its July meeting.
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $24.7 billion in assets at March 31, 2014. Among the top 50 largest U.S. banks and one of 24 banks included in the KBW Bank Index, Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at frostbank.com.
Greg Parker Investor Relations 210/220-5632 or Renee Sabel Media Relations 210/220-5416