SAN ANTONIO, March 22, 2011 /PRNewswire/ -- Frost Bank, a 143-year-old regional financial institution and the largest correspondent bank in Texas, announced today that it is expanding its correspondent services to community banks in Arkansas, Kansas and Oklahoma. With more than 300 correspondent clients across Texas, Frost has been helping other banks with cash letters, check processing and other needs for over 100 years.
"Although we have no plans to open financial centers outside of Texas, we saw the current environment as a good time to bring our correspondent services to community banks in other states," said Cliff McCauley, executive vice president, Correspondent Banking at Frost. "At Frost, correspondent banking is a core line of business, not something that comes and goes depending on the economy. We have a long-term commitment to our banking customers."
Frost began as a mercantile company in San Antonio in 1868, which soon evolved into a community bank. Over the years, Frost has grown into one of the strongest regional banks in the nation, with $17.6 billion in assets and more than 110 financial centers in Texas. Frost was the only top-10 Texas-based bank to survive the real estate, energy and banking crisis of the '80s without federal assistance or selling out. More recently, Frost was the first bank in the U.S. to publicly decline federal TARP bailout funds.
"I am pleased to announce this expansion and the addition of Kirk Hudson, who joins our Correspondent Banking team as the key contact in other states," continued McCauley. "Kirk grew up in community banking as the son of a banker in Bartlesville, Oklahoma, and has 17 years of experience providing check services in Oklahoma, Arkansas, Kansas and Colorado."
"Amid all the changes in this industry, what remains constant is our values-based way of doing business, which emphasizes personal relationships and a high level of service," McCauley said.
Frost is the banking subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company headquartered in San Antonio, with assets of $17.6 billion at December 31, 2010. One of 24 U.S. banks included in the KBW Bank Index, Frost provides a wide range of banking, investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at frostbank.com.
Renee Sabel 210.220.5416 (office) 210.363.1122 (cell) firstname.lastname@example.org
SOURCE Frost Bank