Frost Bank chief thinks Yellen will be Fed’s first chairwoman

Posted Monday, Aug. 19, 2013  comments  Print Reprints

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Dick Evans, the longtime CEO of San Antonio-based Cullen/Frost Bankers, told a Fort Worth audience last week that he thinks Janet Yellen has the edge over Larry Summers to be named the next leader of the Federal Reserve Board.

Evans, who spoke at a luncheon for the bank’s local customers, is more than a distant observer: He just finished a two-year term as a member of an advisory council to the Fed’s board of governors and knows both Yellen and Summers, considered the two most likely candidates to succeed Ben Bernanke, whose second four-year term expires Jan. 31.

For the record, Summers would be Evans’ personal pick, but both candidates are highly qualified and likely to continue recent policies at the nation’s central bank, he said. Yellen, who holds the No. 2 position at the Fed, would become the first woman to lead the U.S. central bank. Summers has served as Treasury secretary, director of the White House National Economic Council and president of Harvard University.

Evans has headed the largest Texas-based bank since 1997. It’s the only one of the state’s top 10 banks that didn’t change hands during Texas’ energy and real estate bust in the late 1980s and is widely considered one of the best-run institutions in the state.

He’s not a fan of the federal Dodd-Frank legislation implemented after the financial crisis, saying it threatens even small banks with “mountains of red tape.” But there is at least one regulatory step he’d like to see the feds take. That’s a return to the separation of investment banking and commercial banking, a Depression-era firewall that was breached in 1998 when Congress repealed the Glass-Steagall Act of 1933.

Bills are pending in Congress to do that, but Evans said he doesn’t expect one to pass.

Is Shannon Wynne eyeing West Seventh corridor?

Does well-known restaurateur Shannon Wynne have plans for the West Seventh Street corridor?

We tried for several days to get ahold of Wynne and weren’t able to get an answer, but he has bought the former warehouse of JKS Salon at the northeast corner of Lancaster Avenue and Currie Street, according to deed records.

The 17,550-square-foot building was sold in mid-July by John Kaytaz. It sits on the southern edge of the industrial district on the near west side that has been transforming into a hip residential, office and entertainment district.

It is near the The Lancaster apartments, the newest multifamily community to be built, as well as Rodeo Goat Icehouse, a concept of Wynne and his son, Sam, and a couple other partners, a block over on Bledsoe Street.

Grant Huff of Transwestern represented the seller in the deal. He said the property, at least for now, is being marketed for office space.

Wynne is behind the 8.0 restaurant that was in Sundance Square until June 2012 and the Flying Saucer bar and restaurant, which moved into its space. He is opening the Bird Cafe in one of the newly built office buildings on the new Sundance Square Plaza, which will take the old Flying Saucer space in the historic Land Title building. That is expected to open this year.

Sandra Baker, 817-390-7727 Jim Fuquay, 817-390-7552 Barry Shlachter, 817-390-7718

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