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| | name = Cullen/Frost Bankers, Inc. | | name = Cullen/Frost Bankers, Inc. | ||
Revision as of 20:09, 1 April 2019
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| Company type | Public company |
|---|---|
| Traded as | NYSE: CFR S&P 400 component |
| Industry | Banking |
| Founded | 1868; 156 years ago (1868) |
| Headquarters | San Antonio, Texas |
| Key people | Phil Green, Chairman & CEO Paul Bracher, President Jerry Salinas, CFO |
| Net income |  $0.356 billion (2017) |
| Total assets | $31.747 billion (2017) |
| Total equity | $3.173 billion (2017) |
| Number of employees | 4,270 (2017) |
| Website | frostbank |
| Footnotes / references | |
Frost Bank is a Texas-chartered bank based in San Antonio with 134 branches and 1,300 automated teller machines, all in Texas. It is the primary subsidiary of Cullen/Frost Bankers, Inc., a bank holding company. It is on the list of largest banks in the United States.
History
Frost Bank was founded in 1868 as a mercantile partnership in San Antonio by Thomas Claiborne Frost, who had served as a lieutenant colonel in the Confederate States Army.
In February 1899, it was chartered as a national banking association. That year, the bank also reached $1 million in deposits.
In 1903, T.C. Frost died and his eldest son, T.C. Frost Jr. became president of the bank.
The bank survived the Panic of 1907 with the aid of an association of local banks.
In 1921, the bank sold shares to outsiders for the first time. It also began construction of a 12-story headquarters building, the tallest building in Texas at the time.
In 1926, Joseph Hardin Frost, a brother of T.C. Frost Jr., took over as president.
In 1928, the bank acquired Lockwood National Bank.
The bank never closed during the Great Depression.
In 1962, Tom Frost Jr. became president.
In 1971, construction started on Frost Bank Tower (San Antonio).
In 1977, the company merged with Cullen Bankers, Inc. of Houston forming Cullen/Frost Bankers, Inc. and its stock began trading on the NASDAQ.
In 1982, the bank acquired United States National Bank of Galveston. It was operated separately until the charters were merged in 2000, when it was the last bank using the federally forbidden United States National Bank in its name.
In 1983, the bank announced it intended to merge into First City Bancorp of Houston, Texas. But the merger was never completed. First City was subsequently rescued by the FDIC in 1988 and ultimately bankrupted in 1992 and was absorbed by other banks, primarily Texas Commerce (now Chase).
In 1997, the company moved its listing to the New York Stock Exchange.
In 1999, the bank acquired Commerce Financial Corp. Frost Insurance Agency, a subsidiary of the bank acquired Professional Insurance Agents Inc.
In 2005, the bank acquired Alamo Corporation of Texas and its subsidiary, Alamo Bank of Texas, for $87 million, Horizon Capital Bank for $107 million, and Texas Community Bank for $31 million.
In 2006, the bank acquired Summit Bancshares Inc.
During the financial crisis of 2007-2008, the bank did not accept government assistance via the Troubled Asset Relief Program.
In June 2012, the bank converted its 113-year-old federal charter into a state charter.
In June 2014, the company acquired Western National Bank.
References
- ^ "Cullen/Frost Bankers, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ San Antonio: Our Story of 150 Years in the Alamo City. Trinity University Press. October 19, 2015.
- ELDER, LAURA (April 13, 2016). "Developer eyes Frost Bank building for apartments". The Daily News (Texas).
- "TEXAS BANK UNITS AGREE TO MERGER". The New York Times. July 27, 1983.
- "Cullen/Frost to acquire Commerce Financial". American City Business Journals. February 17, 1999.
- "Frost Bank subsidiary to acquire Victoria insurer". American City Business Journals. March 4, 1999.
- Phinisee, Tamarind (November 27, 2005). "Cullen/Frost continues to branch out through acquisitions". American City Business Journals.
- "Frost completes Summit Bank purchase". American City Business Journals. December 8, 2006.
- SILVER-GREENBERG, JESSICA (April 3, 2012). "Small Banks Shift Charters to Avoid U.S. as Regulator". The New York Times.
- "Cullen/Frost Bankers Finalizes Merger of Western National Bank into Frost Bank" (Press release). PR Newswire. June 20, 2014.
