# EDGAR Filing Document

**Accession Number:** 0001128400
**File Stem:** 0001209191-23-017462
**Filing Date:** 2023-3
**Character Count:** 8265
**Document Hash:** bb45cdd38e3e34d6ff9166db486bdff8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-017462.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001209191-23-017462

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230307

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** FROST PATRICK B
- **CENTRAL INDEX KEY:** 0001128400

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13221
- **FILM NUMBER:** 23718942

**MAIL ADDRESS:**
- **STREET 1:** 100 WEST HOUSTON ST
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78205
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CULLEN/FROST BANKERS, INC.
- **CENTRAL INDEX KEY:** 0000039263
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 741751768
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 111 W HOUSTON ST
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78205
- **BUSINESS PHONE:** 210-220-4011

**MAIL ADDRESS:**
- **STREET 1:** POST OFFICE BOX 1600
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78296-1600

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CULLEN FROST BANKERS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FROST BANK CORP
- **DATE OF NAME CHANGE:** 19770823

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>FROST PATRICK B<br><sub>(Last) (First) (Middle)</sub><br>111 WEST HOUSTON STREET<br><sub>(Street)</sub><br>SAN ANTONIO, TX 78205<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-07 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_President of Frost Bank_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>CULLEN/FROST BANKERS, INC. [ CFR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock, $0.01 par value | 2023-03-07 |  | A |  | 1910<sup>(1)</sup> | A | $0.00 | 209941 | D |  |
| Common  Stock, $0.01 par value | 2023-03-07 |  | F |  | 465 | D | $127.72 | 209476 | D |  |
| Common Stock, $0.01 par value |  |  |  |  |  |  |  | 251450 | I<sup>(2)</sup> | Through Trust |
| Common Stock, $0.01 par value |  |  |  |  |  |  |  | 10612 | I<sup>(3)</sup> | Through Trust |
| Common Stock, $0.01 par value |  |  |  |  |  |  |  | 16870.88 | I<sup>(4)</sup> | Through Estate |
| Common Stock, $0.01 par value |  |  |  |  |  |  |  | 46555.87 | I<sup>(3)</sup> | Through Trust |
| Common Stock, $0.01 par value |  |  |  |  |  |  |  | 630 | I<sup>(5)</sup> | By Spouse |
| Common Stock, $0.01 par value |  |  |  |  |  |  |  | 2700 | I<sup>(6)</sup> | Through Trust |
| Common Stock, $0.01 par value |  |  |  |  |  |  |  | 121405.8 | I<sup>(7)</sup> | Through Trust |
| Common Stock, $0.01 par value |  |  |  |  |  |  |  | 1486.44 | I<sup>(8)</sup> | Through Limited Liability Company |
| Common Stock, $0.01 par value |  |  |  |  |  |  |  | 42312 | I | Through 401(k) Plan |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) Represents shares earned for the performance stock units (PSUs) granted in 2019 for the three-year performance period ending December 31, 2022 as approved by the Compensation and Benefits Committee of the Board of Directors on March 7, 2023.

(2) Reflects shares of Common Stock by a trust of which Mr. Frost is the sole trustee and Mr. Frost and his siblings are beneficiaries.  Mr. Frost disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

(3) Reflects shares of Common Stock held through a trust of which Mr. Frost is the sole trustee and Mr. Frost and his children are beneficiaries.  Mr. Frost disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

(4) Reflects shares of Common Stock held through an estate of which Mr. Frost is the executor and a beneficiary.  Mr. Frost disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

(5) Mr. Frost disclaims beneficial ownership of these shares.

(6) Reflects shares of Common Stock held by separate trusts of which Mr. Frost is the sole trustee and Mr. Frost's children are beneficiaries. Mr. Frost disclaims beneficial ownership of these shares.

(7) Reflects shares of Common Stock held through a trust of which Mr. Frost is the sole trustee and Mr. Frost and his siblings are beneficiaries.  Mr. Frost disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

(8) Reflects shares of Common Stock held through a limited liability company of which Mr. Frost is the manager.

**Signature:** /s/ Patrick B. Frost, by Susan Murr under POA  
**Date:** 2023-03-09

### Remarks:

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.**