Cullen/Frost Will Not Apply for Federal Bailout Funds
Declines Capital Purchase Program Funding
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SAN ANTONIO (Oct 31, 2008) —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.
“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.
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“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.
If you would like the complete story, please click here to sign up for your free subscription.
