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

Rhea-AI Filing Summary

Cullen/Frost Bankers (CFR) reported an insider equity change by its GEVP Chief Credit Officer. On 10/25/2025, the officer converted 1,073 restricted stock units into common stock (code M, price $0) and recorded a disposition of 422 shares (code F) at $124.86 per share. Following these transactions, the officer held 3,621 shares directly and 3,562.368 shares indirectly through a 401(k) plan. The RSUs cliff vested three years from the 10/25/2022 grant date.

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
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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^*

Kasanoff Howard L.

(Last) (First) (Middle)

111 WEST HOUSTON STREET

SUITE 100

(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 Credit Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/25/2025

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	10/25/2025		M		1,073	A	$0	4,043(1)	D
Common Stock, $0.01 par value	10/25/2025		F		422	D	$124.86	3,621	D
Common Stock, $0.01 par value								3,562.368	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)	10/25/2025		M			1,073	(3)	(3)	Common Stock	1,073	$0	0	D

Explanation of Responses:

1. Includes 82 shares acquired from the Thrift Stock Plan.

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

3. RSU cliff vests three years from the grant date of 10-25-2022.

Remarks:

	s/ Howard L. Kasanoff, by Kirsten Irwin under POA	10/27/2025
	** 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 insider transaction did CFR disclose?

On 10/25/2025, the officer converted 1,073 RSUs to common stock (code M, price $0) and disposed of 422 shares (code F) at $124.86.

Who is the reporting person in CFR’s Form 4?

Cullen/Frost’s GEVP Chief Credit Officer is the reporting person.

How many CFR shares does the officer own after the transactions?

Beneficial ownership after the transactions is 3,621 shares directly and 3,562.368 shares indirectly through a 401(k) plan.

What is the significance of transaction code M for CFR?

Code M indicates the conversion of 1,073 RSUs into common stock at a price of $0.

What does transaction code F indicate in CFR’s filing?

Code F records a disposition of 422 shares at $124.86 per share.

When did the RSUs vest for the CFR officer?

The RSUs cliff vested three years from the 10/25/2022 grant date.

Are there additional shares noted in the officer’s holdings?

Yes. The footnote states the total includes 82 shares acquired from the Thrift Stock Plan.