# EDGAR Filing Document

**Accession Number:** 0000778167
**File Stem:** 0000778167-26-000001
**Filing Date:** 2026-1
**Character Count:** 10553
**Document Hash:** 895188ecf0e26474bbced8c1dd9a974f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000778167-26-000001.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0000778167-26-000001

**CONFORMED SUBMISSION TYPE**: MA-A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FROST BANK /MSD
- **CENTRAL INDEX KEY:** 0000778167

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** MA-A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 867-00709
- **FILM NUMBER:** 26751433

**BUSINESS ADDRESS:**
- **STREET 1:** 111 WEST HOUSTON ST
- **STREET 2:** 8TH FL
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78205
- **BUSINESS PHONE:** 210-220-6147

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

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

## FORM MA: UNIFORM APPLICATION FOR MUNICIPAL ADVISOR REGISTRATION

### Filer and Contact Information

**Filer CIK:** 0000778167

**Filer CCC:** XXXXXXXX

**Contact Name:** Trevor Cross

**Contact Phone:** 210-220-6121

**Contact Email:** trevor.cross@frostbank.com

**Notification Emails:** trevor.cross@frostbank.com

### Type of Filing

**Selected Filing Type:** Annual Update

### Item 1: Identifying Information

**A. Full Legal Name of the Firm:** FROST BANK /MSD

**&nbsp;&nbsp;&nbsp;Is applicant a Sole Proprietor?:** No

**&nbsp;&nbsp;&nbsp;Has the municipal legal name changed since the last filing?:** No

**B. Doing-Business-As (DBA) Name:** Frost Bank Capital Markets

**&nbsp;&nbsp;&nbsp;Has the applicant had any previous DBA names?:** No

**&nbsp;&nbsp;&nbsp;Does the applicant have any additional DBA names?:** No

**C. IRS Employer Identification Number:** 74-0635456

**D. Registrations:**

- **Municipal Advisor (Temporary):** SEC File No: 866-00625-00

- **Municipal Advisor:** SEC File No: 867-00709

- **Other:** Description: Board of Governors of the Federal Reserve System, ID: 861471

**E. Principal Office and Place of Business:** 111 WEST HOUSTON ST, 8th Fl, SAN ANTONIO, TX, 78205

**Telephone Number:** 210-220-6121

**Additional Offices of Employment:**

- **Office #1 (Add):** 1700 Post Oak Bvld, Suite 120, Houston, TX, 77056 | Phone: 713-388-1545

- **Office #2 (Add):** 2950 N. HARWOOD, 12th FL, DALLAS, TX, 75201 | Phone: 214-515-4529

- **Office #3 (Add):** 2710 La Frontera Blvd., Round Rock, TX, 78681 | Phone: 512-799-2619

**Mailing Address is Different from Principal Office:** No

**F. Website:** www.frostbank.com

**G. Chief Compliance Officer (CCO):**

**Name:** Trevor Ray Cross

**Titles:** VP, Compliance Officer

**Address:** 111 WEST HOUSTON ST, 8th FL, SAN ANTONIO, TX, 78205

**Phone Number:** 210-220-6121

**Email:** trevor.cross@frostbank.com

**H. Business Affiliates:**

- **Name:** Frost Brokerage Services, Inc.

  - **Issuing Agency:** FINRA

  - **Jurisdiction:** 

- **Name:** Cullen/Frost Bankers, Inc.

- **Name:** Frost Bank

- **Name:** Main Plaza Corporation

- **Name:** Cullen Frost Capital Trust I

- **Name:** Cullen Frost Capital Trust II

- **Name:** Tri-Frost Corporation

- **Name:** Carton Service Corporation

- **Name:** IDI Summit, LTD

- **Name:** Frost Investment Advisors, LLC

  - **Issuing Agency:** FINRA

  - **Jurisdiction:** 

- **Name:** Frost Investment Services, LLC

  - **Issuing Agency:** FINRA

  - **Jurisdiction:** 

- **Name:** Frost Insurance Agency, Inc.

  - **Issuing Agency:** State of Texas

  - **Jurisdiction:** TX

**I. Location of Books and Records:** No

### Item 2: Form of Organization

**A. Applicant's form of organization:** Other (—)

**B. Month of Applicant's Annual Fiscal Year End:** December

**C. State, Other U.S. Jurisdiction, or Foreign Jurisdiction Under Which Applicant is Organized:** TX

**D. Date of Organization:** 02-28-1899

**E. Is the applicant a public reporting company?:** Yes

### Item 3: Successions

**Is the applicant succeeding to the business of a registered municipal advisor?** No

### Item 4: Information About Applicant's Business

**A. Number of Employees:** 15

**B. Municipal Advisory Activities - Employees:** 7

**C. Registered Representatives - MAA Employees also registered reps of a broker-dealer:** 3

**&nbsp;&nbsp;&nbsp;MAA Employees also associated with an investment adviser:** 0

**D. Public Relations Company?:** Yes

**E. Soliciting on Behalf of an Affiliate - Number of firms:** 0

**F. Types of Clients - Number of clients served as municipal advisor:** 17

**&nbsp;&nbsp;&nbsp;Types of Clients:** Municipal Entities

**G. Solicitation of Municipal Entities and Obligated Persons - Municipal Entities:** 0

**&nbsp;&nbsp;&nbsp;Obligated Persons:** 0

**&nbsp;&nbsp;&nbsp;Total Solicited:** 0

**H. Types of Persons Solicited:** 
Not Applicable
, Not Applicable

**I. Compensation Arrangements (Municipal Advisory):** 
Contingent Fees
, Contingent Fees

**J. Compensation Arrangements (Solicitation):** 
Not Applicable
, Not Applicable

**K. Does the applicant receive compensation in the context of its municipal advisory business from other than its municipal entity or obligated person clients?:** No

**L. Applicant Business Relating to Municipal Securities:** Advice Insurance Of MS, Advice Investment Of Proceeds MS, Advice ME Investments, Advice ME Other Investments, Advice Guaranteed IC, Advice On Selection, Brokerage Of MEI, Other

### Item 5: Other Business Activities

- **Broker-Dealer:** Actively Engaged: Yes, Primary Business: Yes

**Is applicant engaged in any other non-municipal advisor business?** Yes

### Item 6: Financial Industry and Other Activities of Associated Persons

**Types of associated persons:** 

**Total Associated Persons:** 0

### Item 7: Participation or Interest in Client Transactions

- **Buy or sell municipal securities from or to municipal advisory clients for the firm's own account?:** No

- **Buy or sell municipal securities from or to third-parties on behalf of clients?:** No

- **Enter into derivatives transactions with clients for the firm's own account?:** No

- **Recommend to clients to buy/sell securities in which the firm has a financial interest?:** No

- **Recommend to clients products/services of an affiliated person?:** No

- **Recommend to clients securities of an issuer with which the firm has other relationships?:** No

- **Have discretionary authority to buy/sell municipal securities for clients?:** No

- **Have discretionary authority to buy/sell any other securities or investments for clients?:** No

- **Have discretionary authority to determine the broker-dealer to be used for client transactions?:** No

- **Have discretionary authority to determine the commission paid to a broker-dealer?:** No

- **Recommend broker-dealers to clients?:** No

- **&nbsp;&nbsp;&nbsp;If yes, are any of these broker-dealers an associated person of the applicant?:** —

- **Compensate any person for client referrals?:** No

- **Receive compensation from any person for client referrals?:** No

### Item 8: Owners, Officers, and Other Control Persons

**A. (2) Does any person not named in Item 1-A or Schedules A, B, or C, directly or indirectly, control the applicant's management or policies?** No

**B. (1) Is any person in Schedule A, B, or C, or in Section 8-A of Schedule D a public reporting company?** Yes

### Item 9: Disclosure Information

**Criminal Disclosure:**

- **Applicant/Advisory Affiliate Convicted/Pled Guilty to Felony?:** No

- **Applicant/Advisory Affiliate Charged with Felony?:** No

- **Organization Convicted/Pled Guilty to Felony?:** No

- **Organization Charged with Felony?:** No

**Regulatory Disclosure:**

- **SEC/CFTC Found False Statement?:** No

- **SEC/CFTC Found Violation?:** No

- **SEC/CFTC Found Cause of Denial/Suspension?:** No

- **SEC/CFTC Entered Order?:** No

- **SEC/CFTC Imposed Civil Penalty?:** No

- **SRO Found Unethical Conduct?:** No

- **SRO Found Violation?:** No

- **SRO Found Cause of Denial/Suspension?:** No

- **SRO Barred/Suspended/Fined > $2,500?:** No

- **SRO Denied/Suspended/Revoked Registration?:** No

- **Foreign Authority Found False Statement?:** No

- **Foreign Authority Found Violation?:** No

- **Foreign Authority Found Cause of Suspension?:** No

- **Foreign Authority Disciplined?:** No

- **Authorization to Act as Attorney/Accountant Revoked?:** No

- **Subject of a Regulatory Complaint?:** No

**Civil Disclosure:**

- **Enjoined in Connection with Municipal Advisory Activity?:** No

- **Found to Have Violated Regulations?:** No

- **Civil Proceeding Dismissed Pursuant to Settlement?:** No

- **Named in Civil Proceeding Alleging Violation?:** No

### Item 10: Small Businesses

**Does the applicant have annual receipts of less than $7,000,000?** Yes

**Is the applicant affiliated with a person that has annual receipts of more than $7,000,000?** Yes

### Schedule A: Direct Owners and Executive Officers

| Name                  | Title/Status                    | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|
| Frost Bank            | Texas Charted Bank              | 06-22-2012      | E - 75% or more   | No                | 74-0635455   |  |
| Trevor Ray Cross      | Chief Compliance Officer        | 04-26-2019      | NA - less than 5% | No                |  | 000000000    |
| Jeffrey Daniel Beckel | Senior Executive Vice President | 03-01-2019      | NA - less than 5% | Yes               |  | 2683276      |

### Schedule C: Amendments to Schedules A and B

| Type   | Ownership   | Owning Entity   | Name                  | Title/Status                    | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Direct      |  | Frost Bank            | Texas Charted Bank              | 06-22-2012      | E - 75% or more   | No                | 74-0635455   |  |
|  | Direct      |  | Trevor Ray Cross      | Chief Compliance Officer        | 04-26-2019      | NA - less than 5% | No                |  | 000000000    |
|  | Direct      |  | Jeffrey Daniel Beckel | Senior Executive Vice President | 03-01-2019      | NA - less than 5% | Yes               |  | 2683276      |

### Execution Page

**Signature:** Trevor Cross

**Signer Name:** Trevor Cross

**Title:** Compliance Officer

**Date:** 01-30-2026

**CRD Number:** 5403525