Cullen/Frost (NYSE: CFR) GEVP Bobby Berman sells 1,000 shares

Rhea-AI Filing Summary

Cullen/Frost Bankers executive Bobby Berman reported a stock sale. On 01/30/2026, Berman, the company’s GEVP of Research & Strategy, sold 1,000 shares of Cullen/Frost Bankers, Inc. common stock at a price of $137.07 per share. After this transaction, he beneficially owned 28,406 shares, including 166 shares held through the Cullen/Frost Bankers, Inc. Thrift Stock Plan.

Insider Trade Summary

Net Seller: 1,000 shares ($137,070)

Net Sell 1 txn

Insider Berman Bobby

Role GEVP Research & Strategy

Sold 1,000 shs ($137K)

Type	Security	Shares	Price	Value
Sale	Common Stock, $0.01 par value	1,000	$137.07	$137K

Holdings After Transaction: Common Stock, $0.01 par value — 28,406 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Berman Bobby

(Last) (First) (Middle)

111 WEST HOUSTON STREET

(Street)

SAN ANTONIO TX 78205

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CULLEN/FROST BANKERS, INC. [ CFR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	GEVP Research & Strategy

3. Date of Earliest Transaction (Month/Day/Year)
01/30/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.01 par value	01/30/2026		S		1,000	D	$137.07	28,406(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 166 shares acquired through the Cullen/Frost Bankers, Inc. Thrift Stock Plan.

Remarks:

	/s/ Bobby Berman, by Kirsten Irwin under POA	02/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did CFR executive Bobby Berman report?

Bobby Berman reported selling 1,000 shares of Cullen/Frost Bankers, Inc. common stock. The transaction took place on January 30, 2026, and was reported as a sale at $137.07 per share under a Form 4 insider trading disclosure.

What is Bobby Berman’s role at Cullen/Frost Bankers (CFR)?

Bobby Berman serves as GEVP Research & Strategy at Cullen/Frost Bankers, Inc. This senior executive role is disclosed in the Form 4, indicating he is an officer of the company and subject to insider reporting requirements for his share transactions.

How many Cullen/Frost (CFR) shares does Bobby Berman own after the sale?

After selling 1,000 shares, Bobby Berman beneficially owns 28,406 shares of Cullen/Frost Bankers, Inc. common stock. This total includes 166 shares that were acquired through the Cullen/Frost Bankers, Inc. Thrift Stock Plan, as specified in the filing footnote.

At what price did Bobby Berman sell his CFR shares on January 30, 2026?

Bobby Berman sold 1,000 shares of Cullen/Frost Bankers, Inc. common stock at $137.07 per share. This per‑share sale price is disclosed directly in the Form 4 table covering non‑derivative securities acquired or disposed of by the reporting person.

Does Bobby Berman’s reported CFR ownership include Thrift Stock Plan shares?

Yes. The Form 4 notes that his 28,406 beneficially owned shares include 166 shares acquired through the Cullen/Frost Bankers, Inc. Thrift Stock Plan. This detail appears in the explanation of responses footnote attached to his reported ownership.

Was Bobby Berman’s CFR transaction a direct or indirect ownership change?

The transaction is reported as affecting directly owned shares. The Form 4 lists the ownership form for the common stock as “D” for direct, and there is no indication of an intermediary entity or indirect ownership vehicle in the transaction row.