SAN ANTONIO -- Cullen/Frost Bankers Inc. has acquired Creekwood Capital Corp. and its wholly owned subsidiary, Creekwood Capital Services.
Creekwood is a five-year-old firm based in Houston that provides financing to small and midsize companies, primarily in the form of senior, asset-based loans. Its principal business is accounts receivable financing. It also performs collateral review audits for a number of financial institutions.
Creekwood Capital's market has been companies with working capital needs in the $1 million to $4 million range representing sales from $7 million to $70 million. Creekwood had total assets of $23.2 million as of Sept. 30.
Cullen/Frost has 28 branches and $3.6 billion of assets.