SAN ANTONIO - Cullen/Frost Bankers Inc. said it signed a letter of intent to acquire Park National Bank of Houston for $34 million in cash.

Cullen/Frost said that as of June 30, Park National had assets of $233 million, deposits of $211 million, and shareholders' equity of $17 million.

Park National had net income of $2 million for the six months ended June 30 and net income of $2.3 million for the year ended Dec. 31. It has five full-service locations in metropolitan Houston.

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