CULLEN/FROST ANNOUNCES CME TERM SOFR AS REPLACEMENT REFERENCE RATE FOR OUTSTANDING U.S. DOLLAR LIBOR-LINKED SECURITIES

SAN ANTONIO, June 22, 2023 /PRNewswire/ -- Cullen/Frost Bankers, Inc. (NYSE: CFR) announced today that, after June 30, 2023, three-month CME Term SOFR will be the replacement reference rate for all outstanding junior subordinated deferrable interest debentures issued by Cullen/Frost Bankers, Inc. that use three-month U.S. dollar LIBOR as the reference rate.

In accordance with the Adjustable Interest Rate (LIBOR) Act (the "LIBOR Act") and the regulation issued by the Board of Governors of the Federal Reserve System on December 16, 2022 implementing the LIBOR Act, the replacement reference rate for interest calculations for periods with reference rate determination dates occurring after June 30, 2023 will be three-month CME Term SOFR, plus a tenor spread adjustment of 0.26161% per annum (as specified in the LIBOR Act).

About Cullen/Frost Bankers, Inc.

Cullen/Frost Bankers, Inc. is a financial holding company, headquartered in San Antonio, with $51.2 billion in assets at March 31, 2023. 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. Additional information is available at www.frostbank.com.

A.B. Mendez
Investor Relations
210.220.5234

Bill Day
Media Relations
210.220.5427

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SOURCE Cullen/Frost Bankers, Inc.