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

Rhea-AI Filing Summary

Cullen/Frost Bankers (CFR) reported an insider equity transaction by its Chief Accounting Officer. On 10/25/2025, 419 shares of common stock were acquired at $0 upon settlement of restricted stock units, followed the same day by a tax withholding transaction of 102 shares at $124.86. After these events, 317 common shares were held directly. The reporting person also held 5,545 depositary shares and 6,305.549 common shares indirectly through a 401(k) plan. The RSUs were granted on 10/25/2022 and cliff vested after three years.

Insider Trade Summary

Net Buyer: 317 shares

Net Buy 5 txns

Insider Henson Matthew Bradley

Role Chief Accounting Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	419	$0.00	$0.00
Exercise	Common Stock, $0.01 par value	419	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock, $0.01 par value	102	$124.86	$13K
holding	Depositary Share	--	--	--
holding	Common Stock, $0.01 par value	--	--	--

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct); Common Stock, $0.01 par value — 317 shares (Direct); Depositary Share — 5,545 shares (Direct); Common Stock, $0.01 par value — 6,305.549 shares (Indirect, Through 401(k) Plan)

Footnotes (3)

1. F1. Each depositary shares represents 1/40th interest in a share of our 4.450% Non-Cumulative Perpetual Preferred Stock Series B
2. F2. Each restricted stock unit represents the right to receive one share of Cullen/Frost common stock.
3. F3. Cliff vested three years from grant date of 10/25/2022.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 10/27/2025 - 12:39 PM Learn about SEC filing dates

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^*

Henson Matthew Bradley

(Last) (First) (Middle)

111 W. HOUSTON ST

(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)
	Chief Accounting 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		419	A	$0	419	D
Common Stock, $0.01 par value	10/25/2025		F		102	D	$124.86	317	D
Depositary Share								5,545(1)	D
Common Stock, $0.01 par value								6,305.549	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			419	(3)	(3)	Common Stock, $0.01 par value	419	$0	0	D

Explanation of Responses:

1. Each depositary shares represents 1/40th interest in a share of our 4.450% Non-Cumulative Perpetual Preferred Stock Series B

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

3. Cliff vested three years from grant date of 10/25/2022.

Remarks:

	Matt Henson, under POA by Kirsten Irwin	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.