Jump to content

Frost Bank

Edit links
From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by 209.184.178.1 (talk) at 17:36, 22 June 2012 (No longer a "National Bank"). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Frost Bank
Company typePublic (NYSE:CFR)
IndustryFinance and Insurance
Founded1868
HeadquartersSan Antonio, Texas
Key people
Dick Evans, Chairman & CEO
Phillip D. Green, Group Executive Vice President & CFO
ProductsBanking Investments Insurance
Revenue$932,068 million US$ (FY 2011)
Increase $217.5million
Number of employees
4,000
Websitewww.frostbank.com

Frost Bank is a Texas chartered bank founded in 1868 and based in San Antonio, Texas with more than 115 financial centers across Texas. Frost is one of the largest Texas-based banks. 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 $20.3 billion in assets.[1]

Citing changes in the banking industry, in February 2012 Frost applied to have its 113 year old federal charter collapsed and in turn converted into a state charter. [2]

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.

The U.S. National Bank building in downtown Galveston. It is now a branch of Frost Bank.

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.[3][4] 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.[5] With this action, the last bank using the federally forbidden United States National Bank title ceased to exist.[4]

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 December 31, 2011 the company had $20.3 billion in assets, $25.5 billion in trust assets, and 133 locations in the Austin, Corpus Christi, Dallas, Fort Worth, Galveston, Houston, San Antonio and Rio Grande Valley regions.[6]

This growth has solidified the company’s Texas base and fueled an expansion of services. Today, Frost offers a broad range of 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 in 1977, but began trading under the symbol "CFR" on the New York Stock Exchange in 1997.

Financial center locations

Frost Bank in San Antonio, Texas

Frost Bank operates 133 financial centers across Texas including the following markets:

See also

Sources

References

  1. ^ "Top 100 Banks in Texas by Asset Size" (PDF). Retrieved February 20, 2011.
  2. ^ JESSICA SILVER-GREENBERG (April 2, 2012). "Small Banks Shift Charters to Avoid U.S. as Regulator". New York Times. Retrieved May 1, 2012.
  3. ^ "F.A. "Andy" Odom, president of the Galveston branch of Frost National Bank". Texas Banking. Retrieved November 20, 2009.
  4. ^ a b Elder, Laura (September 16, 2010). "Frost Bank puts building on the market". Galveston Daily News. Retrieved September 16, 2010.
  5. ^ Shannon Buggs. "Isle bank joins Frost 18 years after buyout". Houston Chronicle. Retrieved November 20, 2009.
  6. ^ "FDIC Institution Directory". FDIC.
Wikimedia Commons has media related to Frost Bank.

Template:50 largest US banks

Retrieved from "https://en.wikipedia.org/w/index.php?title=Frost_Bank&oldid=498861437"