Cullen/Frost Bankers President Paul Bracher Exercises RSUs with Shares Withheld for Taxes

Executive Summary

On October 26, 2026, Paul Bracher, President of Cullen/Frost Bankers, Inc. ($CFR), reported transactions related to the vesting of restricted stock units (RSUs) on October 24, 2026.

Transaction Details

• RSU Conversion (Code M): 4,876 restricted stock units vested and were converted into common stock at an exercise price of $0.00 per share.
• Tax Withholding (Code F): 1,919 shares were surrendered to the issuer at a price of $157.05 per share (total value of $301,378.95) to satisfy tax withholding obligations triggered by the vesting event.
• Net Share Increase: The insider net-acquired 2,957 direct common shares from this vesting cycle.

Ownership Structure

Following these transactions, Paul Bracher directly holds 111,636 shares of CFR common stock. Additionally, he retains indirect beneficial ownership of 52,992.951 shares held through the company's 401(k) plan.

Market Impact & Significance

This filing reflects routine equity compensation activity and associated tax withholdings rather than discretionary open-market buying or selling. Therefore, this transaction carries low signaling value for investors.