The Firm represented the underwriters, led by Morgan Stanley & Co. LLC, BofA Securities, Inc. and Goldman, Sachs & Co. LLC, as joint book-running managers, in connection with a public offering of 6,000,000 Depositary Shares, each representing a 1/40th interest in a share of 4.45% Non-Cumulative Perpetual Preferred Stock, Series B, $0.01 par value per share, with a liquidation preference of $1,000 per share (equivalent to $25 per Depositary Share), of Cullen/Frost Bankers, Inc. (“Cullen/Frost Bankers”). The offering closed on November 19, 2020.
Cullen/Frost Bankers (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $40.1 billion in assets at September 30, 2020. Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries.
The Simpson Thacher team included Lesley Peng, Evan Zuckerman, Christine Turner and Tarra Theisen (Capital Markets); Adam Cohen and Spencer Sloan (Bank Regulatory); Russell Light and Stefan Golubovic (Tax); Jeanne Annarumma and Pasco Struhs (Executive Compensation and Employee Benefits); and Andrew Pagliughi (FINRA and Blue Sky).