Cullen/Frost Bankers Inc. of San Antonio announced it has a deal for Commerce Financial Corp. of Fort Worth. The price was not disclosed.
Buying $189 million-asset Commerce Financial would strengthen Cullen/Frost's presence in the fast-growing Dallas-Fort Worth area. Commerce Financial's subsidiary, Bank of Commerce, operates four branches. They would be folded into Cullen/Frost's Frost National Bank subsidiary after the deal's closing, which is expected in the second quarter.
"With the addition of Bank of Commerce, we will expand the number of Frost Bank financial center locations in the Metroplex to 21," said David Tapp, president of Frost Bank's North Texas region.
Cullen/Frost has $6.9 billion of assets and operates 75 branches in Texas through its Frost Bank and United States National Bank subsidiaries.