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.

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. 

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...