SBIT Summit Bancshares

FORT WORTH, Texas, Oct. 26 /PRNewswire-FirstCall/ -- Summit Bancshares, Inc. (NASDAQ:SBIT), the bank holding company for Summit Bank, N.A., today reported that at a special meeting of shareholders held October 24, 2006, its shareholders approved and adopted the previously announced Agreement and Plan of Merger, dated July 2, 2006, between Cullen/Frost Bankers, Inc., and the Company. The closing of the merger, which has been approved by all applicable regulatory authorities, is expected to occur on December 8, 2006. Pursuant to the terms of the merger agreement, Summit shareholders will receive at their election but subject to proration and adjustment, cash or Cullen/Frost common stock, in either case having a value equal to $11.4996 plus the product of 0.29333 and the average closing price of Cullen/Frost common shares for the five trading days immediately prior to completion of the merger. Additional Information about the Merger and Where to Find It This communication is being made in respect of the proposed merger transaction involving Cullen/Frost Bankers, Inc. and Summit Bancshares, Inc. In connection with the transaction, Cullen/Frost Bankers, Inc. filed a Form S-4 with the Securities Exchange Commission on September 14, 2006 and Summit Bancshares, Inc. mailed copies of the related proxy/prospectus to all its shareholders of record. This filing and other information filed by Cullen/Frost with the SEC is available free at the SEC's web site at http://www.sec.gov/ . You can also obtain a free copy of this filing and other information from Summit's web site at http://www.summitbank.net/ . Certain statements contained in this press release that are not historical in nature, including statements regarding the Company's and/or management's intentions, strategies, beliefs, expectations, representations, plans, projections, or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Act. We are including this statement for purposes of invoking these safe harbor provisions. Forward-looking statements are based on assumptions involving certain known and unknown risks and uncertainties, many of which are beyond the Company's control, and other important factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in such forward-looking statements. These risks and uncertainties are described from time to time in the Company's filings with the Securities and Exchange Commission, including but not limited to, those set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2005. http://www.newscom.com/cgi-bin/prnh/20041025/DASBANKLOGO http://photoarchive.ap.org/ DATASOURCE: Summit Bancshares, Inc. CONTACT: Bob G. Scott, COO of Summit Bancshares, Inc., +1-817-877-2660 Web site: http://www.summitbank.net/

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