Frost Bank
Headquarters at Frost Tower | |
Company type | Public |
---|---|
Traded as | NYSE: CFR S&P 400 component Russell 1000 Index component |
Industry | Banking |
Founded | 1868; 156 years ago (1868) |
Headquarters | Frost Tower, San Antonio, Texas |
Key people | Phil Green (Chairman & CEO) Paul Bracher, President Jerry Salinas, CFO |
Net income | $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 American bank based in San Antonio that is chartered in Texas, with 155 branches and 1,700 automated teller machines in the state. It is the primary subsidiary of Cullen/Frost Bankers, Inc., a bank holding company. It is one of the 60 largest banks of the country by total assets.
History
Early years
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] (worth about $35 million in 2022 dollars).[3] 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 the 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]
Growth
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 the NASDAQ.[2]
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.[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 forbidden United 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, primarily Texas 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 acquired Western National Bank.[13]
Industry changes
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.[14]
References
- ^ a b c "Cullen/Frost Bankers, Inc. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ a b c d e f San Antonio: Our Story of 150 Years in the Alamo City. Trinity University Press. October 19, 2015.
- ^ The average inflation rate from 1899 to 2022 is about 2.94% per year.
- ^ "F.A. "Andy" Odom, president of the Galveston branch of Frost National Bank". Texas Banking. Retrieved 2009-11-20.
- ^ a b Elder, Laura (2010-09-16). "Frost Bank puts building on the market". Galveston Daily News. Retrieved 2010-09-16.
- ^ Shannon Buggs. "Isle bank joins Frost 18 years after buyout". Houston Chronicle. Retrieved 2009-11-20.
- ^ ELDER, LAURA (April 13, 2016). "Developer eyes Frost Bank building for apartments". The Daily News (Texas).
- ^ "TEXAS BANK UNITS AGREE TO MERGER". The New York Times. July 27, 1983.
- ^ "Cullen/Frost to acquire Commerce Financial". American City Business Journals. February 17, 1999.
- ^ "Frost Bank subsidiary to acquire Victoria insurer". American City Business Journals. March 4, 1999.
- ^ Phinisee, Tamarind (November 27, 2005). "Cullen/Frost continues to branch out through acquisitions". American City Business Journals.
- ^ "Frost completes Summit Bank purchase". American City Business Journals. December 8, 2006.
- ^ "Cullen/Frost Bankers Finalizes Merger of Western National Bank into Frost Bank" (Press release). PR Newswire. June 20, 2014.
- ^ SILVER-GREENBERG, JESSICA (April 3, 2012). "Small Banks Shift Charters to Avoid U.S. as Regulator". The New York Times.
External links
- Interview with Tom Frost, April 14, 1994, University of Texas as San Antonio: Institute of Texan Cultures: Oral History Collections, UA 15.01, University of Texas at San Antonio Libraries Special Collections.
- v
- t
- e
- The Alamo
- Alamo Cenotaph
- Acequia Madre de Valero
- La Antorcha de la Amistad
- Basilica of the National Shrine of the Little Flower
- Cathedral of San Fernando
- Convention Center
- Earl Abel's
- Guenther House
- HemisFair '68
- Houston Street
- La Villita
- Market Square
- Rivercenter
- River Walk
- St. Joseph Catholic Church
- Tower of the Americas
- Tower Life Building
- San Antonio Zoo and Aquarium
- Artpace
- Blue Star Contemporary Art Museum
- Briscoe Western Art Museum
- Buckhorn Saloon & Museum
- Casa Navarro State Historic Site
- Fort Sam Houston Museum
- Gallista
- Gas Gallery
- Guadalupe Cultural Arts Center
- Guinness World Records Museum
- Institute of Texan Cultures
- McNay Art Museum
- Museo Alameda
- Museum of Aerospace Medicine
- O. Henry House Museum
- Ruby City
- San Antonio Academy Museum
- San Antonio Museum of Art
- Southwest School of Art
- Spanish Governor's Palace
- Edward Steves Homestead
- Texas Air Museum
- Texas Transportation Museum
- United States Army Medical Department Museum
- Witte Museum
- Yturri-Edmunds Historic Site
See also: List of museums in Central Texas
- Alamo City Comic Con
- Arneson River Theater
- Aztec on the River
- Charline McCombs Empire Theatre
- Fiesta Noche del Rio
- Fiesta San Antonio
- Freeman Coliseum
- Majestic Theatre
- Morgan's Wonderland
- Ripley's Believe It or Not!
- San Japan
- Santikos Theatres
- SeaWorld San Antonio
- Six Flags Fiesta Texas
- Splashtown San Antonio
- St. Mary's Strip
- Texas Folklife Festival
- Tobin Center for the Performing Arts (San Antonio Symphony)
- San Antonio Municipal Auditorium
- Woodlawn Theatre
- Bill Miller Bar-B-Q Enterprises
- Christus Santa Rosa
- iHeartMedia
- Frost Bank
- H-E-B
- Jim's Restaurants
- Luby's
- M7 Aerospace
- NewTek
- NuStar Energy
- Rackspace
- San Antonio Express-News
- SAS Shoemakers (SAS)
- San Antonio Water System
- Security Service Federal Credit Union
- SWBC
- Taco Cabana
- Toyota Motor Manufacturing Texas
- USAA
- Valero Energy
- Visionworks of America
- Whataburger
and education
- The Alamo Colleges
- Baptist Health System School of Health Professions
- Cancer Therapy & Research Center
- Greehey Children's Cancer Research Institute
- Oblate School of Theology
- Our Lady of the Lake University
- San Antonio Public Library
- San Antonio Municipal Archives
- South Texas Medical Center
- Texas Biomedical Research Institute
- Southwest Research Institute
- St. Mary's University
- Texas A&M University–San Antonio
- Texas Neurosciences Institute
- Trinity University
- University Health System
- University of the Incarnate Word
- University of Texas Health Science Center at San Antonio
- University of Texas at San Antonio
- Acequia
- San Antonio Botanical Garden
- Brackenridge Park
- Denman Estate Park
- Dwight D. Eisenhower Park
- Friedrich Wilderness Park
- Government Canyon State Natural Area
- Phil Hardberger Park
- Mahncke
- Milam Park
- Miraflores Park
- Roosevelt Park
- San Antonio Japanese Tea Garden
- San Antonio Missions National Historical Park
- San Pedro Springs Park
- O. P. Schnabel Park
- Travis Park