SAN ANTONIO, Oct. 31 /PRNewswire-FirstCall/ -- Cullen/Frost Bankers, Inc.
(NYSE: CFR), one of the largest Texas-based banking institutions, today
announced it will not apply for funds available through the Capital Purchase
Program, which is part of the federal government's Troubled Assets Relief
Program (TARP) to provide banks with fresh capital.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030109/CFRLOGO)
"After careful consideration, we have made a business decision that
Cullen/Frost will not seek federal CPP funds," said Cullen/Frost Chairman and
CEO Dick Evans.
"Cullen/Frost is well capitalized now and for the foreseeable future, with
sufficient capital to grow our business and take advantage of acquisition
opportunities. We operate exclusively in Texas. Even in a slowing national
economy with fluctuating energy prices, Texas continues to experience better
job growth than the rest of the country, and we remain cautiously optimistic
about our business prospects," said Evans.
"As we have in the past, we expect that our business and its earnings --
coupled with our strong capital base -- will provide the necessary capital to
continue our growth," Evans continued.
Evans expressed Cullen/Frost's support for the program as a key element in
the government's efforts to remedy the turmoil in the nation's housing and
credit markets.
"The Administration and the Congress are taking swift, aggressive and
smart steps to stabilize the nation's financial markets. We applaud the
creativity and initiative, and fully expect that these efforts will bear
fruit," Evans said.
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company,
headquartered in San Antonio, with assets of $14.1 billion at September
30, 2008. The corporation provides a full range of commercial and consumer
banking products, investment and brokerage services, insurance products and
investment banking services. Frost operates more than 100 financial centers
across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Rio
Grande Valley and San Antonio regions. Founded in 1868, Frost is the largest
Texas-based banking organization that operates only in Texas, with a legacy of
helping clients with their financial needs during three centuries.
Renee Sabel
(210) 220-5416
or
Selim Bingol
210-844-4278
SOURCE Cullen/Frost Bankers, Inc.
Contact: Renee Sabel, +1-210-220-5416, or Selim Bingol, +1-210-844-4278, both for Cullen-Frost Bankers, Inc.