CULLEN/FROST BANKERS ANNOUNCES ELECTION OF JOSEPH A. PIERCE TO BOARD OF DIRECTORS

Rhea-AI Summary

Cullen/Frost Bankers (NYSE: CFR) announced the election of Joseph A. Pierce to its board of directors, effective immediately. Pierce will serve on the Corporate Governance and Nominating, Compensation and Benefits, and Technology committees. He brings extensive experience in legal and financial services, having served as senior vice president and general counsel for AMB Sports and Entertainment, among other roles. His familiarity with the Frost brand stems from his upbringing in San Antonio and family ties to the bank.

Positive

• Joseph A. Pierce's election brings extensive legal and financial services expertise to the board.
• Pierce's local background and familiarity with Frost may enhance community relations.

Negative

• Potential concerns about continuity due to a newly elected board member.

SAN ANTONIO, Oct. 26, 2022 /PRNewswire/ -- The board of directors of Cullen/Frost Bankers, Inc. (NYSE: CFR) announced that Joseph A. Pierce has been elected to the board. He has joined the board's Corporate Governance and Nominating, Compensation and Benefits, and Technology committees.

"We're pleased to welcome Joe to the board," said Phil Green, Cullen/Frost Chairman and CEO. "His legal, financial services and marketing expertise will be very useful as we pursue our organic growth strategy, and he is a great match for the Frost philosophy and our core values of integrity, caring and excellence."

Pierce is the senior vice president and general counsel of AMB Sports and Entertainment at The Blank Family of Businesses. In that role he counsels and advises across all areas of the organization, including the Atlanta Falcons, Atlanta United and the PGA Tour Superstores. Previously he held positions including senior vice president and chief legal officer at Hornets Sports and Entertainment, overseeing legal and business administration for the Charlotte Hornets of the National Basketball Association. He has also served as senior vice president and associate general counsel of global marketing and corporate affairs at Bank of America as well as positions with Comcast Sports Television Group and Jacksonville Jaguars Ltd.

Pierce holds a Bachelor of Science degree in finance from Georgetown University, and dual juris doctor and Master of Business Administration degrees from the Wharton School of Business and University of Pennsylvania Law School. He lives in Atlanta. Because he grew up in San Antonio, he is very familiar with Frost. "My family banked with Frost, and that's how I knew of the bank's customer service and the impact of Frost family in the community," he said.

About Frost:
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $51.8 billion in assets at June 30, 2022. Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at www.frostbank.com.

AB Mendez
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Bill Day
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SOURCE Cullen/Frost Bankers, Inc.

FAQ

What is the significance of Joseph A. Pierce's election to Cullen/Frost Bankers' board?

Joseph A. Pierce's election brings valuable legal and financial expertise, which is expected to support the company's growth strategy.

When was Joseph A. Pierce elected to the board of Cullen/Frost Bankers?

Joseph A. Pierce was elected on October 26, 2022.

What committees will Joseph A. Pierce serve on at Cullen/Frost Bankers?

He will serve on the Corporate Governance and Nominating, Compensation and Benefits, and Technology committees.

How does Joseph A. Pierce's background benefit Cullen/Frost Bankers?

His extensive experience in financial services and legal expertise will be advantageous as the company pursues its growth strategy.

What is Cullen/Frost Bankers' asset size as of June 30, 2022?

Cullen/Frost Bankers had assets totaling $51.8 billion as of June 30, 2022.