The U.S. Federal Reserve said on Wednesday it had approved a merger request from Texas-based financial firms Cullen/Frost Bankers and WNB Bancshares. The two firms announced the merger plans in August 2013. The Fed said their subsidiary banks, Frost Bank and Western National Bank, would also merge. Frost Bank, the surviving entity, would remain the sixth largest bank in Texas, the Fed said.
Cullen/Frost Bankers, Inc. (Cullen/Frost) is a financial holding company and a bank holding company. Shares of CFR fell by 2.22% or $-1.68/share to $74.04. In the past year, the shares have traded as low as $62.55 and as high as $80.38. On average, 353661 shares of CFR exchange hands on a given day and today's volume is recorded at 561240.
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