Frost Bank Unit Buying Houston Insurance Agency

San Antonio-based Frost Insurance Agency, a subsidiary of Frost National Bank, announced that it has signed a letter of intent to acquire Wayland Hancock Insurance Agency, a Houston-based independent insurance agency. The transaction is subject to regulatory approval and is expected to close in April, 2000. Terms were not disclosed

The announcement was made jointly by Richard Evans, Jr., chairman and CEO of Cullen/Frost Bankers, the parent company of Frost National Bank, and Kenneth R. Waldt, CIC, president of Wayland Hancock and grandson of the agency's founder.

Established in 1953, Wayland Hancock offers a full range of life and health insurance, property and casualty insurance, as well as retirement and financial planning, to individuals and businesses. Rodney J. "Hollis" Waldt, CIC, is chairman and CEO.

"With the passage of financial services reform legislation, we are moving forward to expand our insurance division," said Evans. "Wayland Hancock has been helping Texans with their insurance needs for almost half a century, and the acquisition will strengthen the range of financial services we can offer customers, especially those in the Houston area."

"We are excited to partner with an organization that has the same business approach and philosophy that we do," said Kenneth Waldt. "Changes in the financial services industry will bring new opportunities and this merger expands our clients' access to the banking, investment and other financial services Frost offers. We look forward to helping Frost grow the insurance part of their business."

Wayland Hancock is Frost Insurance Agency's second acquisition, following the 1999 acquisition of Victoria-based Professional Insurance Agents.