Frost Bank

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Cullen/Frost Bankers, Inc.
Public company
Traded asNYSECFR
S&P 400 component
Founded1868; 152 years ago (1868)
HeadquartersSan Antonio, Texas
Key people
Phil Green, Chairman & CEO
Paul Bracher, President
Jerry Salinas, CFO
Increase $0.356 billion (2017)
Total assetsIncrease $31.747 billion (2017)
Total equityIncrease $3.173 billion (2017)
Number of employees
4,270 (2017)
Footnotes / references
Frost Bank is headquartered in the Frost Bank Tower (San Antonio).
Frost Bank branch in San Antonio on the city's Northwest Side.
The Frost Bank Tower is one of the tallest buildings in Austin, Texas.
Frost Bank Plaza in Corpus Christi, Texas

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.


Early years[edit]

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.[1][2] In February 1899, it was chartered as a national banking association.[1] That year, the bank also reached $1 million in deposits.[2] The bank survived the Panic of 1907 with the aid of an association of local banks and by 1921 sold shares to outside investors for the first time. Frost continued to grow with construction of a 12-story building in 1921, which was the tallest building in Texas at the time. By 1926, Joseph Hardin Frost, brother of T.C. Frost Jr., took over as president of the company. [2]


Over the years Frost has grown both organically and through acquisition of other banks, beginning in 1928 with the purchase of Lockwood National Bank..[2] In 1977, the company merged with Cullen Bankers, Inc. of Houston forming Cullen/Frost Bankers, Inc. and its stock began trading on the NASDAQ.[2]

Five years later, 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][6]

A year later, in 1983, the bank announced it intended to merge into First City Bancorp of Houston, Texas,[7] however 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 Bank (now Chase).

Finishing out its first century, in 1999 Frost Bank acquired Commerce Financial Corp.[8] and Frost Insurance Agency, a subsidiary of the bank acquired Professional Insurance Agents Inc.[9]

The first few years of the 21st century saw the grow through external acquisitions, with the purchase of Alamo Bank of Texas, Horizon Capital Bank, Summit Bancshares Inc., Texas Community Bank and Western National Bank.[10][11][12]

Industry changes[edit]

During the financial crisis of 2007–2008, the bank did not accept government assistance via the Troubled Asset Relief Program[2], but faced with changes in the financial services industry, the bank converted its 113-year-old federal charter into a state charter in June 2012.[13]


  1. ^ a b c "Cullen/Frost Bankers, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b c d e f San Antonio: Our Story of 150 Years in the Alamo City. Trinity University Press. October 19, 2015.
  3. ^ "F.A. "Andy" Odom, president of the Galveston branch of Frost National Bank". Texas Banking. Retrieved 2009-11-20.
  4. ^ a b Elder, Laura (2010-09-16). "Frost Bank puts building on the market". Galveston Daily News. Retrieved 2010-09-16.
  5. ^ Shannon Buggs. "Isle bank joins Frost 18 years after buyout". Houston Chronicle. Retrieved 2009-11-20.
  6. ^ ELDER, LAURA (April 13, 2016). "Developer eyes Frost Bank building for apartments". The Daily News (Texas).
  7. ^ "TEXAS BANK UNITS AGREE TO MERGER". The New York Times. July 27, 1983.
  8. ^ "Cullen/Frost to acquire Commerce Financial". American City Business Journals. February 17, 1999.
  9. ^ "Frost Bank subsidiary to acquire Victoria insurer". American City Business Journals. March 4, 1999.
  10. ^ Phinisee, Tamarind (November 27, 2005). "Cullen/Frost continues to branch out through acquisitions". American City Business Journals.
  11. ^ "Frost completes Summit Bank purchase". American City Business Journals. December 8, 2006.
  12. ^ "Cullen/Frost Bankers Finalizes Merger of Western National Bank into Frost Bank" (Press release). PR Newswire. June 20, 2014.
  13. ^ SILVER-GREENBERG, JESSICA (April 3, 2012). "Small Banks Shift Charters to Avoid U.S. as Regulator". The New York Times.

External links[edit]