Cullen/Frost Bankers Inc. in San Antonio announced Monday that it has agreed to acquire the human resource consulting firm, Stone Partners Inc.
The $19.5 billion-asset parent of Frost Bank said that the deal would allow it to provide human resource consulting and advisory services as companies look at healthcare purchasing differently. Stone Partners, which specializes in compensation, benefits and outsourcing services, will operate as a division of Frost Insurance. The deal is expected to close Jan. 1.
The financial terms of the agreement were not disclosed.
“This is a strategic acquisition for Frost, as Stone Partners will introduce new core services to our customers that will allow us to add value to existing business relationships and expand to new business opportunities,” Dick Evans, Cullen/Frost's chairman and chief executive, said in a news release.
Stone Partners has 25 employees and offices in Houston, Dallas and Austin.
Banks have recently been active in making deals for insurance and employee-benefits firms. BB&T Corp. in Winston-Salem, N.C., for example, has struck three deals in recent months, while Wells Fargo & Co. has made five deals since November 2010.