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Cullen/Frost Bankers (CFR) in San Antonio posted higher quarterly earnings because of strong loan growth and a securities gain.
January 30
Cullen/Frost Bankers (CFR) in San Antonio plans to raise $150 million by selling preferred stock.
The $23.1 billion-asset company said Wednesday that it would sell roughly 6 million shares of preferred stock. The company would use net proceeds, which qualify as Tier 1 capital, to repurchase about $145 million shares of its common stock from Goldman Sachs (GS) under an accelerated share repurchase deal.
At Dec. 31, Cullen/Frost had a leverage ratio of 8.28%; Frost Bank had a leverage ratio of 7.64%. Cullen/Frost and its bank are positioned to meet regulatory capital requirements expected to take effect in the next six years, according to the company's latest annual report filed with the Securities and Exchange Commission.
Morgan Stanley (MS), Goldman Sachs and UBS are jointly managing the offering, which is expected to close this Friday.
