Founded in San Antonio in 1868, Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $32.3 billion in assets at December 31, 2018. One of the 50 largest U.S. banks, Frost provides a full range of business and consumer banking products, investment and brokerage services, insurance products and investment banking services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Rio Grande Valley and San Antonio regions.
During the Texas economic crisis of the 1980s, when energy prices and real estate plummeted, Frost was the only one of the ten largest Texas-based banking companies to survive without federal assistance or a takeover by an out-of-state financial institution. Lessons learned during the '80s have helped to shape Frost's disciplined credit practices and are reinforcing the value of a strong relationship between business and individual customers and their bank.
Frost has grown over the last three decades, through acquisitions of other Texas banks and insurance agencies and de novo expansion. That physical growth is also reflected in an expansion of the company's banking, investments and insurance products and services.
Today, Frost offers a broad range of sophisticated financial services, including business and consumer banking; investment, trust, retirement and financial management services; property and casualty and employee benefits insurance; and investment banking. As a strong regional banking company, Frost offers the best of both worlds: the resources, products and technology of larger banks, and the personal attention and excellent service level of community banks. As a result, Frost has one of the highest customer retention rates in the nation.
At times, Frost chooses to exit a business that has become more of a commodity than a relationship product. This was the case in 2000, when Frost got out of the residential mortgage business because the industry had moved away from the relationship model. In part because of that decision, Frost had no direct exposure during the mortgage crisis that began in 2007.
In 2008, Frost was the first bank in the nation to turn down federal funding under the Troubled Asset Relief Program (TARP) because the company didn't need the money, was very well capitalized, and determined that taking TARP funds would have diluted shareholder value.
With a heritage of almost 150 years of helping Texans meet their financial goals, Frost is committed to providing customers with the resources, information and counsel to make safe and smart decisions about their money.