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GETTING THE MESSAGE? "In this time in history compliance is an important factor," says Dick Evans (left), the CEO of Cullen/Frost, which agreed to improve fair lending and other compliance functions to complete its WNB deal. But "at some point the Fed will need to deny a merger, to enforce CRA and fair lending," activist Matt Lee says.

Cullen/Frost's Fair-Lending Deal with Fed Is an M&A Wake-Up Call

Bank buyers and sellers should pay attention to the Fed's recent approval of Cullen/Frost's acquisition of WNB Bancshares. Cullen/Frost had to agree to improve its fair-lending and other functions, underscoring the importance of buyers who work well in resolving compliance and other problems with regulators.

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