Cullen/Frost Will Not Apply for Federal Bailout Funds
October 31 2008 - 2:36PM
PR Newswire (US)
Declines Capital Purchase Program Funding 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
http://www.newscom.com/cgi-bin/prnh/20030109/CFRLOGO
http://photoarchive.ap.org/ DATASOURCE: Cullen/Frost Bankers, Inc.
CONTACT: Renee Sabel, +1-210-220-5416, or Selim Bingol,
+1-210-844-4278, both for Cullen-Frost Bankers, Inc. Web site:
http://www.frostbank.com/
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