 | |
 Headquarters atFrost Tower | |
| Company type | Public |
|---|---|
| NYSE: CFR S&P 400 component Russell 1000 Index component | |
| Industry | Banking |
| Founded | 1868; 157 years ago (1868) |
| Headquarters | Frost Tower, |
Key people | Phil Green (Chairman &CEO) Paul Bracher, President Dan Geddes,CFO |
 $323.6 million (2020) | |
| Total assets |  $42.391 billion (2020) |
| Total equity | $4.038 billion (2020) |
Number of employees | 4,685 (2020) |
| Website | frostbank |
| Footnotes / references [1] | |
Frost Bank is an Americanbank based inSan Antonio that is chartered inTexas, with 200branches and 1,750automated teller machines in the state. It is the primary subsidiary of Cullen/Frost Bankers, Inc., abank holding company. It is one of the60 largest banks of the country by total assets.
Frost Bank was founded in 1868 as a mercantile partnership in San Antonio by Thomas Claiborne Frost, who had served as alieutenant colonel in theConfederate 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] (worth about $35 million in 2022 dollars).[3] The bank survived thePanic 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 the construction of a 12-story building in 1921, which was one of the tallest buildings 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 the 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 theNASDAQ.[2]
In 1982, Cullen/Frost Bankers andUnited States National Bancshares, Inc. (USNB) ofGalveston, Texas merged, but Frost operated USNB separately for nearly two decades.[4][5] 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.[6] With this action, the last bank using the federally forbiddenUnited States National Bank title ceased to exist.[5][7]
In 1983, the bank announced it intended to merge with First City Bancorp of Houston, Texas,[8] 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, primarilyTexas Commerce Bank (now Chase).
In 1999, Frost Bank acquired Commerce Financial Corp.[9] and Frost Insurance Agency, a subsidiary of the bank acquired Professional Insurance Agents Inc.[10]
In 2005-2006, the company acquired Alamo Bank of Texas, Horizon Capital Bank, Summit Bancshares Inc., and Texas Community Bank.[11][12] In 2014, it acquiredWestern National Bank.[13][better source needed]
During the2008 financial crisis, the bank did not accept government assistance via theTroubled 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.[14]
Having fared well during the financial crisis, the company was able to invest in technology at a time when many institutions were forced to cut back on investment in infrastructure. Texas was affected less severely than other states because of liberal land use policies that kept land prices low relative to more restrictive states such as California and Florida.[15]
Between 2025 and 2009, revenue has quadrupled while net income has tripled. The bank maintains a higher than industry average return on equity and benefits from lower tax rates in Texas. As of 2025 the bank has the largest ATM network in Texas.[16]
