Cullen/Frost Bankers, Inc.

Commercial loans, treasury management, merchant services, international banking, and business deposit accounts — core driver of the Bank segment revenue

Wealth Management & Private Banking Clients

Trust and investment management, estate planning, financial advisory, and brokerage services through Frost Wealth Advisors and Frost Brokerage Services

Correspondent Banking Clients (300+ institutions)

Frost provides correspondent services including cash letter processing, check clearing, and other interbank services to more than 300 community banks across Texas and neighboring states

Frost Insurance Agency

Captive insurance distribution channel — offers property, casualty, life, and health insurance products to Frost banking customers

Comparables

Empresas cotizadas comparables y valores de seguimiento usados como representantes del análisis.

Comparables

Texas Capital Bancshares, Inc.

Comerica Incorporated

Texas Capital Bancshares, Inc.

NASDAQ:TCBI

Texas-focused commercial bank holding company with similar geographic concentration and business mix. Direct regional peer operating in the same Texas markets.

Prosperity Bancshares, Inc.

NYSE:PB

Texas-based regional bank holding company with comparable asset size (~$38B) and retail/commercial banking focus. Operates in overlapping Texas markets.

Comerica Incorporated

NYSE:CMA

Larger Texas-exposed regional bank (~$86B assets) headquartered in Dallas with significant commercial banking operations. Broader geographic footprint but heavy Texas weighting.

Geografía

Exposiciones regionales que pueden distorsionar la red de suministro.

Geografía

Texas, United States

Texas Retail Banking Consumers

Texas Commercial & Business Banking Clients

Correspondent Banking Clients (300+ institutions)

Texas, United States

100% of operations concentrated in Texas — operates ~200 branches in major metros (San Antonio, Houston, Dallas-Fort Worth, Austin) with no out-of-state diversification

Texas Retail Banking ConsumersPrimary deposit and lending customer base across Texas markets

Texas Commercial & Business Banking ClientsCommercial lending and treasury management clients, heavily exposed to Texas energy, healthcare, real estate, and technology sectors

Correspondent Banking Clients (300+ institutions)Primarily Texas-based community banks relying on Frost for correspondent services

Concentración

Exposiciones de concentración de clientes, proveedores o socios que pueden distorsionar la red de suministro.

Other

Critical

Single-state geographic concentration — Frost operates exclusively in Texas, making it highly vulnerable to Texas economic cycles, oil & gas price fluctuations, severe weather events, and state-level regulatory changes

Customer

High

Commercial real estate loan concentration — as a Texas-focused commercial lender, Frost has elevated exposure to CRE, particularly office and retail properties facing post-pandemic headwinds

Equipment

Medium

Core banking system vendor lock-in — heavy reliance on FIS for core processing creates significant switching costs and operational risk if FIS experiences service disruptions or security incidents

Other

Medium

Fintech disintermediation risk — increasing competition from digital-only banks and fintech lenders (Chime, SoFi, Rocket Mortgage) eroding traditional banking relationships and fee income

Other

High

Cybersecurity and data breach risk — Frost experienced a ransomware-related data breach in 2026 affecting 100,000+ customers, highlighting vulnerability to cyber threats facing regional banks with legacy infrastructure

Composición de ingresos

Cómo la composición de ingresos se traduce en apalancamiento y dependencia en la cadena de suministro.

Bank (Commercial & Consumer Banking)

90.9%

$2.0B

Core banking operations drive demand for core banking systems (FIS), merchant services (Fiserv/Clover), digital banking platforms (Plaid, Blend), and cybersecurity infrastructure (Microsoft). This segment's heavy reliance on technology vendors creates critical supplier dependencies.

Frost Wealth Advisors

9.7%

$0.2B

Wealth management operations depend on financial data platforms (Envestnet|Yodlee), investment management software, and custody services. Technology spend is directed toward portfolio management, reporting, and client portal solutions.

Non Banks (Eliminations/Other)

-0.6%

$-0.0B

Intercompany eliminations; no external supply chain implications.

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Cullen/Frost Bankers, Inc.

Cadena de suministro de CFR

Aguas arriba

Fidelity National Information Services (FIS)

Fiserv, Inc.

Microsoft Corporation

LivePerson, Inc.

Infosys Limited

Blend Labs, Inc.

Plaid Inc.

Envestnet | Yodlee

View More

Aguas abajo

Texas Retail Banking Consumers

Texas Commercial & Business Banking Clients

Wealth Management & Private Banking Clients

Correspondent Banking Clients (300+ institutions)

Frost Insurance Agency

Frost Brokerage Services, Inc.

Comparables

Texas Capital Bancshares, Inc.

Prosperity Bancshares, Inc.

Comerica Incorporated

Geografía

Texas, United States

Cadena de suministro de CFR

Aguas arriba

Fidelity National Information Services (FIS)

Fiserv, Inc.

Microsoft Corporation

LivePerson, Inc.

Infosys Limited

Blend Labs, Inc.

Plaid Inc.

Envestnet | Yodlee

View More

Aguas abajo

Texas Retail Banking Consumers

Texas Commercial & Business Banking Clients

Wealth Management & Private Banking Clients

Correspondent Banking Clients (300+ institutions)

Frost Insurance Agency

Frost Brokerage Services, Inc.

Comparables

Texas Capital Bancshares, Inc.

Prosperity Bancshares, Inc.

Comerica Incorporated

Geografía

Texas, United States