[Form 4] CULLEN/FROST BANKERS, INC. Insider Trading Activity

Rhea-AI Filing Summary

Cullen/Frost Bankers (CFR) reported an insider equity update. On 10/28/2025, officer Kenneth L. Wilson (GEVP Chief Wealth Officer) was granted 3,347 restricted stock units, each representing one share of common stock, which cliff vest three years from the grant date. The filing notes inclusion of 226 shares acquired through the company’s Thrift Stock Plan and shows 293.916 shares held indirectly through a 401(k) plan.

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

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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^*

Wilson Kenneth L.

(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 Chief Wealth Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/28/2025

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								226(1)	D
Common Stock, $0.01 par value								293.916	I	Through 401(k) Plan

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
Restricted Stock Units	(2)	10/28/2025		A		3,347		(3)	(3)	Common Stock, $0.01 par value	3,347	$0	3,347	D

Explanation of Responses:

1. Includes 226 shares acquired through the Cullen/Frost Bankers, Inc. Thrift Stock Plan.

2. Each restricted stock unit represents the right to receive one share of Cullen/Frost common stock.

3. Cliff vests three years from the date of grant.

Remarks:

	s/ Kenneth L. Wilson by Kirsten Irwin under POA	10/30/2025
	** 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 did CFR disclose in this Form 4?

An officer received 3,347 restricted stock units on 10/28/2025, with additional holdings noted from a Thrift Stock Plan and a 401(k) plan.

How do the 3,347 RSUs work for CFR?

Each RSU equals one share of Cullen/Frost common stock and cliff vests three years from the grant date.

Did the CFR insider acquire common shares?

Yes. The filing notes 226 shares acquired through the Cullen/Frost Thrift Stock Plan.

What indirect holdings were reported for CFR?

The officer reported 293.916 shares held indirectly through a 401(k) Plan.

Who is the reporting person at CFR?

It is Kenneth L. Wilson, listed as Officer with the title GEVP Chief Wealth Officer.

What is the transaction date on the CFR filing?

The earliest transaction date reported is 10/28/2025.