Cullen/Frost requests voluntary NYSE delisting

Cullen/Frost Bankers, Inc. (CFR) submitted a Form 25 for the voluntary withdrawal of its common stock and depositary shares from listing and registration on the New York Stock Exchange.

Available on EDGAR 11/09/2026 - 09:07 AM EST Accepted by SEC EDGAR 11/09/2026 - 09:07 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Cullen/Frost Bankers, Inc. (CFR) submitted a Form 25 for the voluntary withdrawal of its common stock and depositary shares from listing and registration on the New York Stock Exchange. Each depositary share represents a 1/40th interest in a share of the company’s 4.450% non-cumulative perpetual preferred stock, Series B.

Key Figures

Common stock par value: $0.01 per share Depositary share interest: 1/40th of a share Series B preferred stock rate: 4.450%

3 metrics

Common stock par value $0.01 per share Common stock described in the Form 25

Depositary share interest 1/40th of a share Each depositary share represents an interest in Series B preferred stock

Series B preferred stock rate 4.450% Non-cumulative perpetual preferred stock

Key Terms

voluntary withdrawal, Depositary Shares, non-cumulative perpetual preferred stock

3 terms

voluntary withdrawal regulatory

"requirements governing the voluntary withdrawal of the class"

Depositary Shares financial

"Depositary Shares, each representing a 1/40th interest"

Depositary shares are tradable certificates that represent a fractional piece of a larger security held by a third-party bank, like owning a slice of a single big pie instead of the whole pie. They let companies issue and investors buy smaller, more affordable portions of preferred stock or other instruments; holders usually receive proportional dividends and market pricing similar to ordinary shares, but may have limited voting rights and different liquidity or tax implications, which can affect income and resale value.

non-cumulative perpetual preferred stock financial

"4.450% non-cumulative perpetual preferred stock, Series B"

Non-cumulative perpetual preferred stock is a type of investment that pays a fixed dividend forever, without a set end date. If the company skips some dividends in a year, you don’t get that money later, and it’s gone forever. It matters because investors get regular income but may miss out if the company faces financial trouble.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 25

NOTIFICATION OF REMOVAL FROM LISTING AND/OR

REGISTRATION UNDER SECTION 12(b)

OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 001-13221

Cullen/Frost Bankers, Inc.

The New York Stock Exchange

(Exact name of registrant as specified in its charter, and name of Exchange where security is listed and/or registered)

111 West Houston Street

San Antonio, Texas 78205

(210) 220-4011

(Address, including zip code, and telephone number, including area code, of Issuer’s principal executive offices)

Common Stock, par value $0.01 per share

Depositary Shares, each representing a 1/40th interest in a share of 4.450% non-cumulative perpetual preferred stock, Series B

(Description of class of securities)

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

□			17 CFR 240.12d2-2(a)(1)
□			17 CFR 240.12d2-2(a)(2)
□			17 CFR 240.12d2-2(a)(3)
□			17 CFR 240.12d2-2(a)(4)
□			Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange. 1
☑			Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with the rules of the Exchange and the requirements of 17 CFR 240.12d2-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

Pursuant to the requirements of the Securities Exchange Act of 1934, Cullen/Frost Bankers, Inc. certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused notification to be signed on its behalf by the undersigned duly authorized person.

Date:     November 9, 2026                CULLEN/FROST BANKERS, INC.

                        By:    /s/ Daniel J. Geddes                

                            Daniel J. Geddes

    Group Executive Vice President and Chief Financial Officer

1.Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.