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Article: Cullen/Frost Announces Plan To Acquire Corpus Christi Bancshares; Number of Frost's Corpus Christi Locations Will Increase to 11
- Article from:
- PR Newswire
- Article date:
- September 30, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SAN ANTONIO, Texas, Sept. 30 /PRNewswire/ -- Cullen/Frost Bankers, Inc. and Corpus Christi Bancshares jointly announced today that they have entered into a definitive agreement for Cullen/Frost to acquire Corpus Christi Bancshares, Inc., and its subsidiary, Citizens State Bank of Corpus Christi, which was approved by the boards of directors of both entities. The cash purchase price is $18.84 per outstanding share, or approximately $33 million, assuming the exercise of all outstanding options.
The announcement was made jointly by T.C. Frost, senior chairman of Cullen/Frost, and R. Jay Phillips, president and chief executive officer of Corpus Christi Bancshares. The ...