[Form 4] Cullen/Frost Bankers Inc. Insider Trading Activity

Rhea-AI Filing Summary

Cullen/Frost Bankers insider sale: Carol J. Severyn, GEVP and Chief Risk Officer, sold 1,000 shares of Cullen/Frost common stock on 08/22/2025 for $0 reported price and now beneficially owns 11,101 shares directly plus 9,201 shares indirectly through a 401(k) plan. The Form 4 was signed under power of attorney on 08/25/2025.

Insights

Corporate Governance Expert

TL;DR: Routine small insider sale by a senior officer; disclosure provides transparent ownership update.

The filing documents a modest personal disposition of 1,000 shares by the Chief Risk Officer, with remaining direct and indirect holdings disclosed. The report is administrative in nature and does not indicate a change in corporate control or material shift in insider alignment. Timing and signature under POA are standard procedural details.

Securities Analyst

TL;DR: Transaction is immaterial to firm valuation; no derivative activity reported.

The Form 4 shows a non-derivative sale only, no options or other derivative transactions. The size of the sale relative to reported holdings is small and unlikely to affect market perception or valuation. The disclosure clarifies direct and 401(k) plan holdings for completeness.

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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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^*

Severyn Carol Jean

(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 and Chief Risk Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

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	08/22/2025	08/22/2025	G		1,000	D	$0	11,101	D
Common Stock, $0.01 par value								9,201	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

Explanation of Responses:

Remarks:

	/s/ Carol J. Severyn, by Kirsten Irwin under POA	08/25/2025
	** 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 transaction did the Cullen/Frost insider report on Form 4 for CFR?

The filing reports a sale of 1,000 shares of Cullen/Frost common stock on 08/22/2025 by Carol J. Severyn.

How many shares does Carol J. Severyn own after the reported transaction?

After the sale, Severyn beneficially owns 11,101 shares directly and 9,201 shares indirectly through a 401(k) plan.

What is Carol J. Severyn’s role at Cullen/Frost (CFR)?

The reporting person is listed as GEVP and Chief Risk Officer of Cullen/Frost Bankers, Inc.

Was any derivative security activity reported in this Form 4?

No. The Form 4 contains only a non-derivative sale and shows no derivative securities acquired or disposed of.

When was the Form 4 signed and by whom?

The form was signed under power of attorney as /s/ Carol J. Severyn, by Kirsten Irwin under POA on 08/25/2025.