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Cullen/Frost Bankers Inc. (NYSE: CFR) is a prominent financial holding company headquartered in San Antonio, Texas. Founded in 1868, the company has been serving the financial needs of clients for over 150 years. It operates primarily through its principal subsidiary, Frost Bank, offering a vast range of financial services to both commercial and consumer clients.
Core Services and Products
- Banking: Frost Bank provides comprehensive commercial and consumer banking services including checking and savings accounts, loans, and credit services.
- Investment Management: The company offers trust and investment management services tailored for individual and institutional clients to meet various financial goals.
- Insurance: Cullen/Frost provides a variety of insurance products helping clients manage risk and safeguard their assets.
- Brokerage and Mutual Funds: The company offers brokerage services and mutual fund products that span a wide array of investment strategies.
- Leasing and Treasury Management: Frost Bank offers leasing options and advanced treasury management services for businesses to optimize their financial operations.
- Capital Markets Advisory: The company provides advisory services to help clients navigate the complexities of capital markets, from mergers and acquisitions to other strategic transactions.
- Item Processing Services: Efficient item processing solutions help streamline financial transactions for clients.
Geographical Reach
Cullen/Frost Bankers has a strong presence across Texas, operating in key regions including Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley, and San Antonio. The company has also announced plans to double its presence in the Austin region by 2026.
Recent Financial Performance
For the second quarter of 2023, Cullen/Frost reported a net income of $160.4 million, marking a significant 36.5 percent increase from the previous year. The company's average loans and deposits demonstrated robust growth, with average loans rising by $1.0 billion and deposits, although impacted by higher interest rates, showing strategic stability. Despite a decrease in non-interest bearing deposits, interest-bearing deposits saw a modest increase. The company continues to excel in financial performance with strong returns on average assets and average common equity.
Cullen/Frost's commitment to delivering superior service is reflected in their consistent earnings growth and market expansion initiatives. Recent expansions in Houston and Dallas have further solidified their market position. The company is actively investing in new market expansions and innovative mortgage loan offerings, as well as strategic marketing and technology platforms.
For further details on Cullen/Frost Bankers Inc., visit their investor relations website.
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