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Cullen/Frost Bankers, Inc. Message Board

  • ruduyka ruduyka May 14, 1998 4:37 PM Flag

    "Now is the time..."?

    Are we having fun yet?

    When do you think we may have any market (Positive) making news?
    I'm starting to think this Overton purchase may not be going as
    well as expected.

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    • Just FYI, despite the capital stock being held by many shareholders, Overton was a private corporation.

    • willNE: Thanks for your information. Would have
      replied sooner but was in cool California on vacation.
      The 2Q .24/sh. merger write-off for Overton was a bit
      disconcenting though I presume Frost's conservative accounting
      made it necessary. Needless to say the market didn't
      like it as 23% decline in the stock value implies.
      That was dissapointing to say the least.

    • willNE - Thx for Frost Bank update. Was away in
      cool Calif otherwise would have responded sooner.
      Continued drop in stock value is disconcerting but most
      bank stocks have done very poorly over the last 30
      days. I wonder if the merger expense write-off is
      completed. Frost's accounting is known to be quite
      conservative. 23% decline from '98 high is dissapointing.

    • Overton Bank & Trust was NOT privately held, but
      rather was an entity owned by many stockholders. The
      Overton Bank operational results were reported in the
      annual report each year, a copy of which is available to
      you if you will call the main number,

      The merger date with Frost was May 29th, and
      accordingly, a full month's operation during which the two
      entities' earnings will be pooled will be included in the
      2nd quarter report forthcoming, I believe, June 21st,
      from Cullen/Frost Bankers.

      Frost paid about 3.6
      times book for Overton...and Overton is doing extremely
      well this year.

    • You are presuming that the Overton Bank
      acquisition will be accretive to earnings. Since Overton was
      privately held we have no way to predetermine that. I
      believe the acquisition became final on June 1. Don't be
      surprised if earnings are below expectations. Might be if
      Frost paid up for Overton. Bank. Bank mergers have
      gotten extremely expensive. Some in access of four times
      book! We will have to wait for the report.

    • Does anybody have a clue as to what the second
      quarter earnings are going to be? Analysts are calling
      for an expected 75 cents...but what is going to
      happen when the earnings come out much higher due to
      better than expected results from the newly acquired
      Overton Bank & Trust?

      Any thoughts out there?

    • In response to the Overton Purchase, the Office
      of the Comptroller of Currency approved the
      application to merge on 4/21/98. Cullen/Frost expects to
      consumate the merger towards the end of this quarter or the
      begining of the 3rd quarter.

      • 1 Reply to NMSGalvTX
      • Did those of you who follow Cullen Frost notice
        that on 6/8 C S First Boston added the stock to their
        research list with a "buy rating". I thought First Boston
        followed the stock and was a primary market maker when it
        traded otc. The stock is down almost 15% from its high
        earlier this year when investors could not get enough
        bank stocks in their portfolios. I would like a
        comment from anyone who may have read the First Boston
        report. The Overton acquisition is considered very

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