Frost National Bank
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| Type | Public (NYSE:CFR) |
|---|---|
| Founded | 1868 |
| Headquarters | San Antonio, Texas |
| Key people | Dick Evans, Chairman & CEO Phillip D. Green, Group Executive Vice President & CFO |
| Industry | Finance and Insurance |
| Products | Banking Investments Insurance |
| Revenue | $821.3 million USD (FY 2008) ▲ $207.3M |
| Employees | 4,000 |
| Website | www.frostbank.com |
Frost National Bank is a nationally chartered bank founded in 1868 and based in San Antonio, Texas with more than 100 financial centers across Texas. Frost is the largest Texas-based banks with operations only in Texas, and is the 62nd largest U.S. bank by asset size. The company offers a full range of commercial and consumer banking products, investment and brokerage services, insurance products and investment banking needs to customers throughout Texas.
Frost is a subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company, also based in San Antonio, with $15.8 billion in assets. [1]
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[edit] History
Founded in 1868 in San Antonio by Col. T.C. Frost, Frost survived two World Wars, the 1929 stock market crash and the Great Depression, when thousands of banks in the U.S. failed.
Throughout its history, Frost has acquired many other Texas banks. In 1977, Frost Bank Corp. and Cullen Bankers, Inc. of Houston merged, forming the holding company, Cullen/Frost Bankers, Inc.
In 1982 Cullen/Frost Bankers and United States National Bancshares, Inc. (USNB) of Galveston, Texas merged, but Frost operated USNB separately for nearly two decades. As new financial services legislation allowed banks to broaden the services they offered customers, Cullen/Frost folded the USNB charter into Frost's in 2000. With this action, the last bank using the federally forbidden United States National Bank title ceased to exist.
Growing through the years, Frost was the 10th largest bank headquartered in Texas in the early 1980s. A decade later, it would be the biggest. As energy prices plunged, real estate slumped and the banking industry collapsed, Frost emerged as the only one of the top-10 banks based in Texas to survive intact, without federal assistance or a merger with an out-of-state financial institution.
Frost has more than quintupled in asset size since late 1992 by growing its banking, investments and insurance business and through acquisitions. At June 30, 2009, the company had $15.8 billion in assets, $21.7 billion in trust assets, and 112 locations in the Austin, Corpus Christi, Dallas, Fort Worth, Galveston, Houston, San Antonio and Rio Grande Valley regions.
This growth has solidified the company’s Texas base and fueled an expansion of services. Today, Frost offers a broad range of sophisticated financial services, including business and consumer banking; investment, trust, retirement and financial management services; insurance and investment banking.
Cullen/Frost Bankers, Inc. was originally listed on NASDAQ, but began trading under the symbol "CFR" on the NYSE in 1997.
[edit] Financial center locations
Frost Bank operates 112 financial centers across Texas in the following markets:
- Austin (10)
- Boerne (2)
- Corpus Christi (8)
- Dallas (7)
- Fort Worth (22)
- Galveston (2)
- Houston (23)
- New Braunfels (1)
- Rio Grande Valley (13)
- San Antonio (22)
- San Marcos (2)
[edit] See also
[edit] Sources
[edit] References
- ^ Cullen/Frost Bankers (CFR), Wikinvest
[edit] External links
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