SAN ANTONIO, March 1 /PRNewswire-FirstCall/ -- Cullen/Frost Bankers, Inc.
(NYSE: CFR) announced the completion of the acquisition of Alamo Corporation
of Texas and its banking subsidiary, Alamo Bank of Texas, effective as of the
close of business Tuesday, February 28, 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030109/CFRLOGO )
For the next several months, Alamo Bank of Texas will continue to operate
with the same name. Frost Bank customers will be able to access Alamo Bank of
Texas ATM locations free of charge, and Alamo Bank of Texas customers will
have free access to Frost Bank ATMs located across the state. Cullen/Frost
expects that later this year, all ten Alamo Bank of Texas locations will
become offices of Frost Bank and operate under the Frost name.
At December 31, 2005, Alamo Bank of Texas had assets of $312.0 million,
deposits of $276.2 million and a loan portfolio of $225.2 million. Alamo Bank
of Texas operates ten locations throughout the Rio Grande Valley in Alamo,
Pharr, Harlingen, Weslaco, Donna, Raymondville, McAllen and Mission. Frost
Bank currently operates three Valley locations in McAllen and Harlingen.
"Both Frost Bank and Alamo Bank of Texas have a long tradition of helping
Texans with their financial needs," said Dick Evans, chairman and CEO of
Cullen/Frost. "Their customer-focused approach and dedication to excellent
service are a good fit with our own commitment to relationship banking. We
look forward to strategically expanding the presence of Frost Bank in the Rio
Grande Valley as we welcome them into the Frost Bank family."
Cullen/Frost Bankers, Inc. is a financial holding company, headquartered
in San Antonio, with assets of $11.7 billion at December 31, 2005. The
corporation provides a full range of commercial and consumer banking products,
investment and brokerage services, insurance products and investment banking
services. Its subsidiary, Frost Bank, currently operates 83 financial centers
across Texas in Austin, Boerne, Corpus Christi, Dallas, Fort Worth, Galveston,
Harlingen, Houston, McAllen, New Braunfels, San Antonio and San Marcos.
Founded in 1868, Frost is the largest national bank headquartered in Texas,
helping Texans with their financial needs during three centuries. Cullen/Frost
Bankers' stock is traded on the New York Stock Exchange under the symbol CFR.
Greg Parker
Investor Relations
210/220-5632
or
Renee Sabel
Media Relations
210/220-5416
SOURCE Cullen/Frost Bankers, Inc.
-0- 03/01/2006
/CONTACT: Greg Parker, Investor Relations, +1-210-220-5632, or Renee
Sabel, Media Relations, +1-210-220-5416, both of Cullen/Frost Bankers, Inc./
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20030109/CFRLOGO
PRN Photo Desk, photodesk@prnewswire.com /
/Web site: http://www.frostbank.com /
(CFR)
CO: Cullen/Frost Bankers, Inc.; Frost Bank; Alamo Corporation of Texas; AlamoBank of Texas
ST: Texas
IN: FIN
SU: TNM
AA-CJ
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