CULLEN/FROST BANKERS ANNOUNCES ELECTION OF JACK WILLOME TO BOARD OF DIRECTORS

Rhea-AI Summary

The board of directors of Cullen/Frost Bankers (NYSE: CFR) has elected Jack Willome to join its ranks. Willome, a former president of Ellison Industries, brings extensive experience from his consultancy roles and prior leadership positions. He has been instrumental in formulating Frost's guiding principles, known as the Frost Philosophy blue book. Joining several board committees, including Corporate Governance and Risk, Willome aims to contribute significantly to the company's strategic direction. Frost, with $52.9 billion in assets as of September 2022, continues to expand its banking and investment services across Texas.

Positive

• Jack Willome's extensive experience as a former president and CFO at Ellison Industries may enhance board governance.
• His familiarity with Frost's philosophy could lead to cohesive strategic initiatives.

Negative

• Concerns regarding continuity and potential experience gaps, as Willome is a new board member.

SAN ANTONIO, Jan. 25, 2023 /PRNewswire/ -- The board of directors of Cullen/Frost Bankers, Inc. (NYSE: CFR) announced that Jack Willome has been elected to the board. He has joined three board committees: Corporate Governance and Nominating; Compensation and Benefits; and Risk.

"Jack may be a new addition to the board, but he isn't new to Frost," said Phil Green, Cullen/Frost Chairman and CEO. "He has worked with our teams as a consultant for many years, and he was instrumental in helping Frost produce its Frost Philosophy in written form, known as the blue book. Having literally written our philosophy, he is a great match for the board."

Willome is retired from Ellison Industries, a leading homebuilder in San Antonio. Willome joined Ellison in 1972, served as the company's chief financial officer from 1975-78 and was president from 1979 until the company's sale in 1996. Following his retirement, Willome became a business consultant and facilitator, helping numerous organizations, families and individuals develop their strategic focus.

Willome also is a director at James Avery Craftsman Inc. and has served on numerous other company and nonprofit boards of directors, including Texas Commerce Bank-San Antonio, Guaranty Federal Bank, GPM Life Insurance and the University of Texas Health Science Center's Center for Medical Humanities and Ethics. He is a graduate of the University of Kansas with a Bachelor in Business Administration degree.

About Frost:
Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $52.9 billion in assets at Sept. 30, 2022. One of the 50 largest U.S. banks by asset size, Frost provides a full range of banking, investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped Texans with their financial needs during three centuries. For more information, visit www.frostbank.com.

Bill Day
Media Relations
210-220-5427

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SOURCE Cullen/Frost Bankers, Inc.

FAQ

Who is Jack Willome and what is his role in Cullen/Frost Bankers?

Jack Willome is a newly elected board member of Cullen/Frost Bankers and will serve on key committees including Corporate Governance and Risk.

When was Jack Willome elected to the board of Cullen/Frost Bankers?

Jack Willome was elected to the board on January 25, 2023.

What experience does Jack Willome bring to the Cullen/Frost Bankers board?

Willome has extensive experience from his leadership role at Ellison Industries and his consultancy work, contributing to the development of Frost's corporate philosophy.

What is the significance of Jack Willome's election to the board for shareholders of CFR?

Willome's election could bring strategic insights and governance improvements, although potential continuity issues may concern some investors.