CULLEN/FROST BANKERS, INC.

Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company and bank holding company headquartered in Texas that operates as one of the largest independent bank holding companies in the state. The company provides a comprehensive array of financial services through its principal operating subsidiary, Frost Bank, a Texas-chartered bank with approximately 204 financial centers across major Texas markets including Austin, Dallas, Fort Worth, the Gulf Coast, Houston, the Permian Basin, and San Antonio. As of December 31, 2025, Cullen/Frost maintained consolidated total assets of $53.0 billion with total deposits of $43.3 billion.

The company operates through two reportable segments: Banking and Frost Wealth Advisors. The Banking segment encompasses commercial and consumer banking services, treasury management, merchant services, correspondent banking, capital markets advisory, global trade services, and international banking operations. Frost Bank also provides trust services with estimated fair value of trust assets of $51.0 billion, comprising $26.7 billion in managed assets and $24.3 billion in custody assets. The company operates approximately 1,760 automated teller machines throughout Texas, primarily through branding and licensing agreements with various retailers.

Cullen/Frost's subsidiary operations include Frost Insurance Agency, which provides property and casualty insurance and employee benefits; Frost Brokerage Services, a fully disclosed introducing broker-dealer; Frost Investment Advisors and Frost Investment Services, both registered investment advisors; and Tri-Frost Corporation, which holds securities. The company serves diverse industries including energy, manufacturing, services, construction, retail, telecommunications, healthcare, military, and transportation, with no material dependence on any single industry or customer.

The company's business philosophy emphasizes building long-term customer relationships through top-quality service, high ethical standards, and sound asset management. Cullen/Frost operates as a locally-oriented, community-based financial services organization supported by experienced centralized support functions. The company pursues growth through organic expansion and selective acquisitions of financial institutions and businesses with cultural alignment and experienced management. Frost Bank traces its origins to a mercantile partnership established in 1868 and was originally chartered as a national banking association in 1899.