On June 26, San Antonio-based Frost Bank announced that it will follow up on its successful expansion programs in the Houston and Dallas areas by doubling its number of financial centers in the Austin region by 2026. The company expects the expansion will further strengthen Frost Bank’s position in the Austin region, the third-largest deposit market in Texas, where it already ranks fourth in market share with more than $5 billion in deposits.
The company says its expansion efforts in Houston and Dallas have helped achieve record highs in customer growth, with year-to-date net new customer growth in 2023 running 25 percent higher than the previous record for that same period.
“We have been looking forward to bringing more of our award-winning customer service to Austin, a thriving and dynamic city where we have deep roots and a strong base,” says Phil Green, Cullen/Frost chairman and CEO.
Frost Bank already has 17 financial centers and nearly 350 employees in its Austin region. It also has the largest ATM network in the state of Texas, which includes more than 140 ATMs in the Austin region. The company expects that the expansion will lead to the creation of more than 170 new jobs at Frost Bank in the Austin region and the opening of 17 new financial centers. The first of the new locations opened in May in south Austin. The bank also shows its commitment to the Austin region through its philanthropic support of more than 100 nonprofit organizations focusing on health, education and direct services to those in need each year.
Frost Bank opened its first bank in the Austin area in the 1980s and grew rapidly following the acquisition of First City Banks in 1993. The distinctive Frost Tower, which is the bank’s regional headquarters, opened in downtown Austin in 2004.
Established in 1868, Frost Bank operates in Austin, Corpus Christi, Dallas, Fort Worth, Houston, the Permian Basin, Rio Grande Valley and San Antonio.