Cullen/Frost Bankers, Inc., a Texas business corporation incorporated in 1977,
is a financial holding company and a bank holding company headquartered in San
Antonio, Texas that provides, through its subsidiaries, a broad array of products
and services throughout numerous Texas markets. We offer commercial and consumer
banking services, as well as trust and investment management, insurance, brokerage,
mutual funds, leasing, treasury management, capital markets advisory and item
processing services.
Our philosophy is to grow and prosper, building long-term relationships based
on top quality service, high ethical standards, and safe, sound assets. We operate
as a locally oriented, community-based financial services organization, augmented
by experienced, centralized support in select critical areas. Our local market
orientation is reflected in our regional management and regional advisory boards,
which are comprised of local business persons, professionals and other community
representatives that assist our regional management in responding to local banking
needs. Despite this local market, community-based focus, we offer many of the
products available at much larger money-center financial institutions.
Frost Bank, the principal operating subsidiary and sole banking subsidiary
of Cullen/Frost, is a Texas-chartered bank primarily engaged in the business
of commercial and consumer banking through approximately 126 financial centers
across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian
Basin, Rio Grande Valley and San Antonio regions. Frost Bank also operates over
1,200 automated-teller machines (“ATMs”) throughout the State of
Texas, approximately half of which are operated in connection with a branding
arrangement to be the exclusive cash-machine provider for CST Brands, Inc. Corner
Stores in Texas. Frost Bank was originally chartered as a national banking association
in 1899, but its origin can be traced to a mercantile partnership organized
in 1868.
Commercial Banking. Frost Bank provides commercial banking services to corporations
and other business clients. Loans are made for a wide variety of general corporate
purposes, including financing for industrial and commercial properties and to
a lesser extent, financing for interim construction related to industrial and
commercial properties, financing for equipment, inventories and accounts receivable,
and acquisition financing. We also originate commercial leases and offer treasury
management services.
Consumer Services. Frost Bank provides a full range of consumer banking services,
including checking accounts, savings programs, ATMs, overdraft facilities, installment
and real estate loans, home equity loans and lines of credit, drive-in and night
deposit services, safe deposit facilities and brokerage services.
International Banking. Frost Bank provides international banking services to
customers residing in or dealing with businesses located in Mexico. These services
consist of accepting deposits (generally only in U.S. dollars), making loans
(generally only in U.S. dollars), issuing letters of credit, handling foreign
collections, transmitting funds, and to a limited extent, dealing in foreign
exchange.
Correspondent Banking. Frost Bank acts as correspondent for approximately 247
financial institutions, which are primarily banks in Texas. These banks maintain
deposits with Frost Bank, which offers them a full range of services including
check clearing, transfer of funds, fixed income security services, and securities
custody and clearance services.
Trust Services. Frost Bank provides a wide range of trust, investment, agency
and custodial services for individual and corporate clients. These services
include the administration of estates and personal trusts, as well as the management
of investment accounts for individuals, employee benefit plans and charitable
foundations.
Capital Markets - Fixed-Income Services. Frost Bank’s Capital Markets
Division supports the transaction needs of fixed-income institutional investors.
Services include sales and trading, new issue underwriting, money market trading,
advisory services and securities safekeeping and clearance.
Global Trade Services. Frost Banks Global Trade Services Division supports
international business activities including foreign exchange, international
letters of credit and export-import financing, among other things.
Frost Insurance Agency, Inc.
Frost Insurance Agency, Inc. is a wholly-owned subsidiary of Frost Bank that
provides insurance brokerage services to individuals and businesses covering
corporate and personal property and casualty insurance products, as well as
group health and life insurance products and consulting services.
Frost Brokerage Services, Inc.
Frost Brokerage Services, Inc. (“FBS”) is a wholly-owned subsidiary
of Frost Bank that provides brokerage services and performs other transactions
or operations related to the sale and purchase of securities of all types. FBS
is registered as a fully disclosed introducing broker-dealer under the Securities
Exchange Act of 1934 and, as such, does not hold any customer accounts.
Frost Investment Advisors, LLC
Frost Investment Advisors is a registered investment advisor and a wholly-owned
subsidiary of Frost Bank that provides investment management services to Frost-managed
mutual funds, institutions and individuals.
Tri–Frost Corporation
Tri-Frost Corporation is a wholly-owned subsidiary of Frost Bank that primarily
holds securities for investment purposes and the receipt of cash flows related
to principal and interest on the securities until such time that the securities
mature.
Main Plaza Corporation
Main Plaza Corporation is a wholly-owned subsidiary of Cullen/Frost that occasionally
makes loans to qualified borrowers. Loans are funded with current cash or borrowings
against internal credit lines. Main Plaza also holds severed mineral interests
on certain oil producing properties. We receive royalties on these interests
based upon production.
Cullen/Frost Capital Trust II and WNB Capital Trust I
Cullen/Frost Capital Trust II (“Trust II”) is a Delaware statutory
business trust formed in 2004 for the purpose of issuing $120.0 million in trust
preferred securities and lending the proceeds to Cullen/Frost. Cullen/Frost
guarantees, on a limited basis, payments of distributions on the trust preferred
securities and payments on redemption of the trust preferred securities.
WNB Capital Trust I (“WNB Trust”) is a Delaware statutory business
trust formed in 2004 for the purpose of issuing $13.0 million in trust preferred
securities and lending the proceeds to WNB. Cullen/Frost, as WNBs successor,
guarantees, on a limited basis, payments of distributions on the trust preferred
securities and payments on redemption of the trust preferred securities.
Trust II and WNB Trust are variable interest entities for which we are not the
primary beneficiary. As such, the accounts of Trust II and WNB Trust are not
included in our consolidated financial statements.
Other Subsidiaries
Cullen/Frost has various other subsidiaries that are not significant to the
consolidated entity.
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