I agree about undervalued and lots of cash on the books. normally I would say yes. But CFR will fight tooth and nail not to be taken over. And in the banking industry today that pretty much puts a nail in a takeover coffin. Plus the takeoveree (!) would have to adjust BV to market value. that may or may not be pleasant. I think in CFR's case it may be okay...most others not.
If you really are looking for a takeover candidate look at SBSI. just a WAG!