Cullen/Frost Bankers CAO Matthew Bradley Henson Reports Routine RSU Vesting & Tax Withholding

Executive Summary

On October 24, 2026, Matthew Bradley Henson, Chief Accounting Officer of Cullen/Frost Bankers, Inc. (NYSE: CFR), acquired 707 shares of common stock through the settlement of cliff-vested restricted stock units (RSUs). Concurrently, 173 shares were withheld by the issuer at $157.05 per share ($27,169.65 total value) to satisfy applicable tax withholding obligations (Transaction Code F).

Transaction Breakdown

• RSU Conversion (Code M): 707 restricted stock units converted into common stock on a 1-for-1 basis at $0.00.
• Tax Withholding (Code F): 173 shares were withheld at a fair market value of $157.05 per share.
• Net Direct Shares Added: 534 shares.

Ownership Structure Post-Transaction

• Direct Common Stock: 851 shares.
• Indirect Common Stock: 6,592.548 shares held through the company's 401(k) Plan.
• Other Holdings: 5,545 Depositary Shares (each representing a 1/40th interest in 4.450% Non-Cumulative Perpetual Preferred Stock Series B).

Market Sentiment & Significance

This filing reflects routine equity compensation activity and standard tax withholding rather than discretionary open-market buying or selling. Consequently, the trading significance is assessed as Low.