Norwest Corp. of Minneapolis won one of Texas banking's hot properties last week, signing a definitive agreement to acquire State National Bank of El Paso.

The price, to be paid in cash, was not disclosed, but analysts said it was likely between $150 million and $160 million - twice the $79 million equity value and more than 13 times 1994 earnings of $11.3 million.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.