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<TITLE>As filed with the Securities and Exchange Commission on September ___, 2001</TITLE>
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<FONT SIZE=2><P>As filed with the Securities and Exchange Commission on December 23, 2002.</FONT></TD>
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<TR><TD WIDTH="29%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="CENTER">Registration No. 333-[_____]</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<TR><TD VALIGN="TOP" COLSPAN=7 BGCOLOR="#000000" HEIGHT=2><P></P></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<B><FONT SIZE=2><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</B></FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">Washington, D. C. 20549</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<B><FONT SIZE=2><P ALIGN="CENTER">FORM S-8</B></FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="CENTER">REGISTRATION STATEMENT</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">UNDER THE</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">SECURITIES ACT OF 1933</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<B><FONT SIZE=2><P ALIGN="CENTER">CULLEN/FROST BANKERS, INC.</B></FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<B><FONT SIZE=2><P ALIGN="CENTER">Texas</B></FONT></TD>
<TD WIDTH="47%" VALIGN="TOP" COLSPAN=3 HEIGHT=15>
<B><FONT SIZE=2><P ALIGN="CENTER">74-1751768</B></FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">(State or other jurisdiction of <BR>
incorporation or organization)</FONT></TD>
<TD WIDTH="47%" VALIGN="TOP" COLSPAN=3 HEIGHT=15>
<FONT SIZE=2><P ALIGN="CENTER">(I.R.S. Employer <BR>
Identification No.)</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="CENTER">100 W. Houston Street</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>
<FONT SIZE=2><P ALIGN="CENTER">San Antonio, Texas  78205</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">(Address of Principal Executive Offices)</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<B><FONT SIZE=2><P ALIGN="CENTER">Cullen/Frost Bankers, Inc. 1997 Director Stock Plan</B></FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">(Full Title of the Plan)</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>
<FONT SIZE=2><P ALIGN="CENTER">Phillip D. Green</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=7>
<FONT SIZE=2><P ALIGN="CENTER">Group Executive Vice President and Chief Financial Officer</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>
<FONT SIZE=2><P ALIGN="CENTER">Cullen/Frost Bankers, Inc.</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">100 West Houston Street</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>
<FONT SIZE=2><P ALIGN="CENTER">San Antonio, Texas 78205</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">(Name and address of agent for service)</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="CENTER">(210) 220-4011</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">(Telephone number, including area code, of agent for service)</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<FONT SIZE=2><P ALIGN="CENTER">CALCULATION OF REGISTRATION FEE</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7 BGCOLOR="#000000" HEIGHT=2><P></P></TD>
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<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 HEIGHT=9><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2 HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">Proposed</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">Proposed</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=9><P></P></TD>
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<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">Amount</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2 HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">Maximum</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">maximum</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">Amount of</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">Title of securities</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">to be</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2 HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">Offering price</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">aggregate</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">registration</FONT></TD>
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<FONT SIZE=2><P ALIGN="CENTER">to be registered</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">registered</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2 HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">Per share (1)</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">offering price (1)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">fee</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
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<FONT SIZE=2><P>Common Stock, par value</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 HEIGHT=9><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2 HEIGHT=9><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=9><P></P></TD>
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<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;$0.01 per share (2)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">250,000</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2 HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">$32.895</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">$8,223,750</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=9>
<FONT SIZE=2><P ALIGN="CENTER">$756.59</FONT></TD>
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<TR><TD WIDTH="28%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 HEIGHT=9><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2 HEIGHT=9><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=9><P></P></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7 BGCOLOR="#000000" HEIGHT=2><P></P></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<FONT SIZE=2><P>(1)  Estimated solely for the purpose of calculating the registration fee.  Such estimate has been computed<BR>
 in accordance with Rule 457(h) based upon the average of the high and low prices of the Common Stock of Cullen/Frost Bankers, Inc., as reported on the New York Stock Exchange on December 18, 2002.</FONT></TD>
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<FONT SIZE=2><P>(2)  Includes associated preferred shares purchase rights.  Prior to the occurrence of certain events, such rights will not be evidenced or traded separately from the Common Stock.</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<TR><TD VALIGN="TOP" COLSPAN=7>&nbsp;</TD>
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<P>&nbsp;</P>
</FONT><FONT SIZE=1><P>&nbsp;</P></FONT>
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<TR><TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<B><FONT SIZE=2><P ALIGN="CENTER">REGISTRATION OF ADDITIONAL SECURITIES</B></FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This registration statement on Form&nbsp;S-8 registers additional securities of the same class as other securities of Cullen/Frost Bankers, Inc. ("Cullen/Frost") for which a registration statement, also filed on Form&nbsp;S-8 by Cullen/Frost and relating to its 1997 Director Stock Plan, is effective.  Therefore, in accordance with Instruction&nbsp;E to Form&nbsp;S-8, this registration statement consists only of the following: the facing page, required opinions and consents, the signature page and certain additional information.  The contents of Cullen/Frost's earlier registration statement on Form&nbsp;S-8 relating to its 1997 Director Stock Plan (File&nbsp;No.&nbsp;333-81461), filed with the Securities and Exchange Commission on June&nbsp;24, 1999, are hereby incorporated by reference.  After giving effect to this filing, an aggregate of [550,000] shares of Cullen/Frost common stock will have been registered for issuance by Cullen/Frost pursuant to its 1997 Director Stock Plan.</P>
</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<B><FONT SIZE=2><P ALIGN="CENTER">PART II</B></FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<TR><TD VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<TR><TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<TR><TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<B><FONT SIZE=2><P>ITEM 8.  EXHIBITS</B></FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<FONT SIZE=2><P>The following documents are filed as exhibits to this Registration Statement:</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
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<TR><TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=2><P>4.1</FONT></TD>
<TD WIDTH="94%" VALIGN="TOP">
<FONT SIZE=2><P>Restated Articles of Incorporation of Cullen/Frost.</FONT></TD>
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<TR><TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=2><P>4.2</FONT></TD>
<TD WIDTH="94%" VALIGN="TOP">
<FONT SIZE=2><P>Amended Bylaws of Cullen/Frost.</FONT></TD>
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<TR><TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=2><P>4.3</FONT></TD>
<TD WIDTH="94%" VALIGN="TOP">
<FONT SIZE=2><P>Shareholder Protection Rights Agreement, dated as of January 26, 1999, between Cullen/Frost and the Frost National Bank, as Rights Agent.</FONT></TD>
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<TR><TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=2><P>4.4</FONT></TD>
<TD WIDTH="94%" VALIGN="TOP">
<FONT SIZE=2><P>Cullen/Frost Bankers, Inc. 1997 Director Stock Plan.</FONT></TD>
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<TR><TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=2><P>5</FONT></TD>
<TD WIDTH="94%" VALIGN="TOP">
<FONT SIZE=2><P>Opinion of Baker Botts L. L. P. re Legality.</FONT></TD>
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<TR><TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=2><P>23.1</FONT></TD>
<TD WIDTH="94%" VALIGN="TOP">
<FONT SIZE=2><P>Consent of Independent Auditors.</FONT></TD>
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<TR><TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=2><P>23.2</FONT></TD>
<TD WIDTH="94%" VALIGN="TOP">
<FONT SIZE=2><P>Consent of Baker Botts L. L. P. (contained in the opinion of <BR>
Baker Botts L. L. P. filed as Exhibit 5 hereto).</FONT></TD>
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<TR><TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=2><P>24</FONT></TD>
<TD WIDTH="94%" VALIGN="TOP">
<FONT SIZE=2><P>Power of Attorney.</FONT></TD>
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<FONT SIZE=2>
</FONT><FONT SIZE=1><P>&nbsp;</P></FONT>
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<B><FONT SIZE=2><P ALIGN="CENTER">SIGNATURES</B></FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
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<FONT SIZE=2><P>Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Antonio, State of Texas, on December 23, 2002.</FONT></TD>
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<TR><TD WIDTH="51%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">CULLEN/FROST BANKERS, INC.</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="38%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">(Registrant)</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
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<TR><TD WIDTH="51%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="38%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">By:</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">/s/ PHILLIP D. GREEN</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="38%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Phillip D. Green<BR>
Group Executive Vice President<BR>
and Chief Financial Officer</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated on December 23, 2002.</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
</TR>
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<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">Signature</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="5%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">Title</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="22%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">T.C. FROST*</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Senior Chairman of the Board</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<B><FONT SIZE=1><P ALIGN="CENTER">T.C. Frost</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">and Director</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">RICHARD W. EVANS, JR.*</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Chairman of the Board and</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<B><FONT SIZE=1><P ALIGN="CENTER">Richard W. Evans, Jr.</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Director (Principal Executive Officer)</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">R. DENNY ALEXANDER*</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<B><FONT SIZE=1><P ALIGN="CENTER">R. Denny Alexander</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">CARLOS ALVAREZ*</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<B><FONT SIZE=1><P ALIGN="CENTER">Carlos Alvarez</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">ISAAC ARNOLD, JR.*</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<B><FONT SIZE=1><P ALIGN="CENTER">Isaac Arnold, Jr.</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">ROYCE S. CALDWELL*</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<B><FONT SIZE=1><P ALIGN="CENTER">Royce S. Caldwell</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">HARRY H. CULLEN*</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<B><FONT SIZE=1><P ALIGN="CENTER">Harry H. Cullen</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">EUGENE H. DAWSON, SR.*</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<B><FONT SIZE=1><P ALIGN="CENTER">Eugene H. Dawson, Sr.</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">RUBEN M. ESCOBEDO*</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<B><FONT SIZE=1><P ALIGN="CENTER">Ruben M. Escobedo</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">PATRICK B. FROST*</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<B><FONT SIZE=1><P ALIGN="CENTER">Patrick B. Frost</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">JOE R. FULTON*</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<B><FONT SIZE=1><P ALIGN="CENTER">Joe R. Fulton</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">PRESTON M. GEREN III*</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP" COLSPAN=4>
<B><FONT SIZE=1><P ALIGN="CENTER">Preston M. Geren III</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P>&nbsp;</P>
</FONT><FONT SIZE=1><P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=614>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">JAMES L. HAYNE*</FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="48%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">James L. Hayne</B></FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">KAREN E. JENNINGS*</FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="48%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">Karen E. Jennings</B></FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">RICHARD M. KLEBERG, III*</FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="48%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">Richard M. Kleberg, III</B></FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">ROBERT S. McCLANE*</FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="48%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">Robert S. McClane</B></FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">IDA CLEMENT STEEN*</FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="48%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">Ida Clement Steen</B></FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">HORACE WILKINS, JR.*</FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="48%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">Horace Wilkins, Jr.</B></FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">MARY BETH WILLIAMSON*</FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Director</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="48%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">Mary Beth Williamson</B></FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">*By:  &nbsp;&nbsp;/s/PHILLIP D. GREEN</FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Group Executive Vice President</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="48%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">Phillip D. Green<BR>
(as Attorney-in-Fact for<BR>
the persons indicated)</B></FONT></TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">and Chief Financial Officer</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=1>
<P>&nbsp;</P>
</FONT><FONT SIZE=1><P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=570>
<TR><TD VALIGN="TOP" COLSPAN=3>
<B><FONT SIZE=2><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">EXHIBIT INDEX</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER">Exhibit<BR>
Number</B></FONT></TD>
<TD WIDTH="72%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER"><BR>
Exhibit</B></FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="72%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="72%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">4.1</FONT></TD>
<TD WIDTH="72%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Restated Articles of Incorporation of Cullen/Frost (incorporated herein by reference to Exhibit &nbsp;3.1 to the Cullen/Frost Annual Report on Form 10-K (File No. 001-13221) for the year ended December&nbsp;31, 2000).</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">4.2</FONT></TD>
<TD WIDTH="72%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Amended Bylaws of Cullen/Frost (incorporated herein by reference to Exhibit&nbsp;3.2 to the Cullen/Frost Annual Report on Form 10-K/A (File No. 001-13221) for the year ended December&nbsp;31, 1995).</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP" HEIGHT=70>
<FONT SIZE=2><P ALIGN="CENTER">4.3</FONT></TD>
<TD WIDTH="72%" VALIGN="TOP" COLSPAN=2 HEIGHT=70>
<FONT SIZE=2><P>Shareholder Protection Rights Agreement, dated as of January&nbsp;26, 1999, between Cullen/Frost Bankers, Inc. and The Frost National Bank, as Rights Agent (incorporated herein by reference to the Registration Statement of Cullen/Frost Bankers, Inc. on Form 8-A12B (File No. 001-13221), dated February&nbsp;1, 1999).</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">4.4</FONT></TD>
<TD WIDTH="72%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Cullen/Frost Bankers, Inc. 1997 Director Stock Plan.</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">5</FONT></TD>
<TD WIDTH="72%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Opinion of Baker&nbsp;Botts L.L.P. re Legality.</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">23.1</FONT></TD>
<TD WIDTH="72%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Consent of Independent Auditors.</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">23.2</FONT></TD>
<TD WIDTH="72%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Consent of Baker&nbsp;Botts L.L.P. (contained in the opinion of Baker&nbsp;Botts L.L.P. filed as Exhibit 5 hereto).</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">24</FONT></TD>
<TD WIDTH="72%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Power of Attorney.</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2></FONT></BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "s8_1202.htm", "description": "CULLEN/FROST BANKERS INC. S-8 1997 DIRECTOR STOCK PLAN", "secsgml_size_bytes": 31484}]
{"company-data": {"conformed-name": "CULLEN FROST BANKERS INC", "cik": "0000039263", "assigned-sic": "6021", "irs-number": "741751768", "state-of-incorporation": "TX", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-102133", "film-number": "02866582"}, "business-address": {"street1": "100 W HOUSTON ST", "street2": "P O BOX 1600", "city": "SAN ANTONIO", "state": "TX", "zip": "78205", "phone": "2102204841"}, "former-company": {"former-conformed-name": "FROST BANK CORP", "date-changed": "19770823"}}
As filed with the Securities and Exchange Commission on September ___, 2001
As filed with the Securities and Exchange Commission on December 23, 2002.
Registration No. 333-[_____]
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE
SECURITIES ACT OF 1933
CULLEN/FROST BANKERS, INC.
(Exact name of registrant as specified in its charter)
Texas
74-1751768
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
100 W. Houston Street
San Antonio, Texas  78205
(Address of Principal Executive Offices)
Cullen/Frost Bankers, Inc. 1997 Director Stock Plan
(Full Title of the Plan)
Phillip D. Green
Group Executive Vice President and Chief Financial Officer
Cullen/Frost Bankers, Inc.
100 West Houston Street
San Antonio, Texas 78205
(Name and address of agent for service)
(210) 220-4011
(Telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Amount
Maximum
maximum
Amount of
Title of securities
to be
Offering price
aggregate
registration
to be registered
registered
Per share (1)
offering price (1)
fee
Common Stock, par value
$0.01 per share (2)
250,000
$32.895
$8,223,750
$756.59
(1)  Estimated solely for the purpose of calculating the registration fee.  Such estimate has been computed
in accordance with Rule 457(h) based upon the average of the high and low prices of the Common Stock of Cullen/Frost Bankers, Inc., as reported on the New York Stock Exchange on December 18, 2002.
(2)  Includes associated preferred shares purchase rights.  Prior to the occurrence of certain events, such rights will not be evidenced or traded separately from the Common Stock.
REGISTRATION OF ADDITIONAL SECURITIES
This registration statement on Form S-8 registers additional securities of the same class as other securities of Cullen/Frost Bankers, Inc. ("Cullen/Frost") for which a registration statement, also filed on Form S-8 by Cullen/Frost and relating to its 1997 Director Stock Plan, is effective.  Therefore, in accordance with Instruction E to Form S-8, this registration statement consists only of the following: the facing page, required opinions and consents, the signature page and certain additional information.  The contents of Cullen/Frost's earlier registration statement on Form S-8 relating to its 1997 Director Stock Plan (File No. 333-81461), filed with the Securities and Exchange Commission on June 24, 1999, are hereby incorporated by reference.  After giving effect to this filing, an aggregate of [550,000] shares of Cullen/Frost common stock will have been registered for issuance by Cullen/Frost pursuant to its 1997 Director Stock Plan.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 8.  EXHIBITS
The following documents are filed as exhibits to this Registration Statement:
4.1
Restated Articles of Incorporation of Cullen/Frost.
4.2
Amended Bylaws of Cullen/Frost.
4.3
Shareholder Protection Rights Agreement, dated as of January 26, 1999, between Cullen/Frost and the Frost National Bank, as Rights Agent.
4.4
Cullen/Frost Bankers, Inc. 1997 Director Stock Plan.
5
Opinion of Baker Botts L. L. P. re Legality.
23.1
Consent of Independent Auditors.
23.2
Consent of Baker Botts L. L. P. (contained in the opinion of
Baker Botts L. L. P. filed as Exhibit 5 hereto).
24
Power of Attorney.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Antonio, State of Texas, on December 23, 2002.
CULLEN/FROST BANKERS, INC.
(Registrant)
By:
/s/ PHILLIP D. GREEN
Phillip D. Green
Group Executive Vice President
and Chief Financial Officer
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated on December 23, 2002.
Signature
Title
T.C. FROST*
Senior Chairman of the Board
T.C. Frost
and Director
RICHARD W. EVANS, JR.*
Chairman of the Board and
Richard W. Evans, Jr.
Director (Principal Executive Officer)
R. DENNY ALEXANDER*
Director
R. Denny Alexander
CARLOS ALVAREZ*
Director
Carlos Alvarez
ISAAC ARNOLD, JR.*
Director
Isaac Arnold, Jr.
ROYCE S. CALDWELL*
Director
Royce S. Caldwell
HARRY H. CULLEN*
Director
Harry H. Cullen
EUGENE H. DAWSON, SR.*
Director
Eugene H. Dawson, Sr.
RUBEN M. ESCOBEDO*
Director
Ruben M. Escobedo
PATRICK B. FROST*
Director
Patrick B. Frost
JOE R. FULTON*
Director
Joe R. Fulton
PRESTON M. GEREN III*
Director
Preston M. Geren III
JAMES L. HAYNE*
Director
James L. Hayne
KAREN E. JENNINGS*
Director
Karen E. Jennings
RICHARD M. KLEBERG, III*
Director
Richard M. Kleberg, III
ROBERT S. McCLANE*
Director
Robert S. McClane
IDA CLEMENT STEEN*
Director
Ida Clement Steen
HORACE WILKINS, JR.*
Director
Horace Wilkins, Jr.
MARY BETH WILLIAMSON*
Director
Mary Beth Williamson
*By:    /s/PHILLIP D. GREEN
Group Executive Vice President
Phillip D. Green
(as Attorney-in-Fact for
the persons indicated)
and Chief Financial Officer
EXHIBIT INDEX
Exhibit
Number
Exhibit
4.1
Restated Articles of Incorporation of Cullen/Frost (incorporated herein by reference to Exhibit  3.1 to the Cullen/Frost Annual Report on Form 10-K (File No. 001-13221) for the year ended December 31, 2000).
4.2
Amended Bylaws of Cullen/Frost (incorporated herein by reference to Exhibit 3.2 to the Cullen/Frost Annual Report on Form 10-K/A (File No. 001-13221) for the year ended December 31, 1995).
4.3
Shareholder Protection Rights Agreement, dated as of January 26, 1999, between Cullen/Frost Bankers, Inc. and The Frost National Bank, as Rights Agent (incorporated herein by reference to the Registration Statement of Cullen/Frost Bankers, Inc. on Form 8-A12B (File No. 001-13221), dated February 1, 1999).
4.4
Cullen/Frost Bankers, Inc. 1997 Director Stock Plan.
5
Opinion of Baker Botts L.L.P. re Legality.
23.1
Consent of Independent Auditors.
23.2
Consent of Baker Botts L.L.P. (contained in the opinion of Baker Botts L.L.P. filed as Exhibit 5 hereto).
24
Power of Attorney.