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CullenFrost Acquires Sammons Group

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NU Online News Service, Aug. 5, 2004, 6:57 p.m. EDT

Cullen/Frost Bankers Inc., San Antonio, Texas, has acquired another insurance agency.[@@]

The bank’s insurance agency unit bought the Sammons Group Inc., Dallas, from the family of founder Charles Sammons.

Charles Sammons, who died in February, started the Sammons Group in 1981. The agency now has 32 employees. Products include life insurance and employee benefits as well as commercial property-casualty lines. The deal also includes Sammons’ Laredo, Texas-based GlennMarco Insurance Agency unit.

The Sammons Group is the eighth Texas agency that Cullen/Frost has purchased since 1999.

Marsh, Berry & Company Inc., Concord, Ohio, represented the Sammons family.