Paul Bracher, President of CFR and an officer of Cullen/Frost Bankers, Inc., filed a Form 4 on October 26, 2026, reporting the vesting and partial tax-withholding disposition of restricted stock units that settled on October 24, 2026.

Key Highlights

  • RSU vesting: 4,876 restricted stock units converted to common shares on October 24, 2026, under transaction code M, at a price of $0.
  • Tax withholding disposal: 1,919 shares were disposed of on October 24, 2026, under transaction code F, at a price of $157.05 per share.
  • Direct holdings after transactions: Bracher directly holds 111,636 shares of common stock following the reported transactions.
  • Indirect holdings: Bracher also holds 52,992.951 shares indirectly through a 401(k) Plan.
  • RSU terms: According to the filing, each restricted stock unit represents the right to receive one share of Cullen/Frost common stock, and the units "cliff vested three years from the date of grant."
  • Reporting person role: Bracher is identified in the filing as President of CFR.

Bracher's RSU Cliff Vest and Share Disposition at Cullen/Frost Bankers

According to the Form 4 filed with the SEC, Paul Bracher, an officer serving as President of CFR at Cullen/Frost Bankers, Inc. (NYSE:CFR), reported two transactions in the company's common stock, $0.01 par value, both occurring on October 24, 2026. The filing covers the earliest transaction dated October 24, 2026, and was signed on October 26, 2026, by Kirsten Irwin under a power of attorney on behalf of Bracher.

The first transaction, coded M, reflects the conversion of 4,876 restricted stock units into an equal number of shares of common stock at a price of $0. The filing states that each restricted stock unit represents the right to receive one share of Cullen/Frost common stock, and that the units "cliff vested three years from the date of grant." Following this acquisition, Bracher's direct beneficial ownership stood at 113,555 shares. The second transaction, coded F, involved the disposal of 1,919 shares at $157.05 per share, a transaction type commonly used to report shares withheld to satisfy tax obligations upon vesting. After this disposal, Bracher's direct holdings were reported at 111,636 shares.

In addition to his direct holdings, the filing discloses that Bracher indirectly holds 52,992.951 shares through a 401(k) Plan. No derivative securities remain outstanding following the reported transactions, as the 4,876 restricted stock units that were converted are now shown with a balance of zero in Table II of the filing.

What Was Disclosed

The filing reported the October 24, 2026 cliff vesting of 4,876 restricted stock units held by Paul Bracher, President of CFR at Cullen/Frost Bankers, and the same-day disposal of 1,919 shares at $157.05, leaving him with 111,636 shares held directly and 52,992.951 shares held indirectly through a 401(k) Plan.