AUSTIN,
Texas, June 27, 2023 /PRNewswire/ -- Frost Bank,
a subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), will follow
up on its successful expansion programs in the Houston and Dallas areas by doubling its number of
financial centers in the Austin
region by 2026, the company announced today.
The company expects the expansion will further strengthen
Frost's position in the
Austin region, the third-largest
deposit market in Texas, where it
already ranks fourth in market share with more than $5 billion in deposits. As with Frost's expansions in the Houston and Dallas regions, the Austin expansion plan is designed to build
upon a well-established and highly regarded reputation in a rapidly
growing market.
The company said its focus on customer experience and its long
history of financial strength have combined with its expansion
efforts in Houston and
Dallas to help achieve record
highs in customer growth. The company said year-to-date net new
customer growth in 2023 was running 25% higher than the previous
record for that same period.
Frost's commitment to customer
service is reflected in seven consecutive years receiving the
highest number of Greenwich Excellence and Best Brand Awards in the
nation for service to small and medium-size businesses, and 14
straight years receiving the highest ranking in Texas in the J.D. Power U.S. Retail Banking
Satisfaction Study. "We have been looking forward to bringing
more of our award-winning customer service to Austin, a thriving and dynamic city where we
have deep roots and a strong base," said Phil Green, Cullen/Frost Chairman and
CEO.
Frost already has 17 financial
centers and nearly 350 employees in its Austin region. It also has the largest ATM
network in the state of Texas
which includes over 140 ATMs in the Austin region. The company expects that the
expansion will lead to the creation of more than 170 new jobs at
Frost in the Austin region and the opening of 17 new
financial centers. The first of the new locations opened in May in
South Austin in the heart of the
I-35 corridor.
Frost expansion locations
demonstrate its continued commitment to the areas they serve.
Frost builds beautiful and
welcoming financial centers that offer a full range of financial
services including commercial, personal banking and investment
services as well as the upcoming relaunch of its residential
mortgage product. Frost also shows
its commitment to the Austin
region through its philanthropic support of more than 100 nonprofit
organizations focusing on health, education, and direct services to
those in need each year.
A 155-year-old bank with deep Texas roots, Frost opened its first bank in the
Austin area back in the 1980s and
grew rapidly following the acquisition of First City Banks in 1993.
The well-known Frost Tower, which is the bank's regional
headquarters, opened in downtown Austin in 2004.
Frost is the banking,
investments and insurance subsidiary of Cullen/Frost Bankers, Inc.
(NYSE: CFR), a financial holding company with $51.2 billion in assets at March 31, 2023. One of the 50 largest U.S. banks
by asset size, Frost provides a
full range of banking, investments and insurance services to
businesses and individuals in the Austin, Corpus
Christi, Dallas,
Fort Worth, Houston, Permian Basin, Rio Grande Valley and
San Antonio regions. Founded in
1868, Frost has helped Texans with
their financial needs during three centuries. For more information,
visit www.frostbank.com.
Bill Day
210-220-5427 office
210-288-5498 mobile
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SOURCE Frost Bank