Exhibit

Exhibit 25.1

Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939,

as amended, of The Bank of New York Mellon,

as Trustee for the Form of Senior Debt Securities Indenture

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________

FORM T-1

_________________________________________

STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939

OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE

CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2) ☐

_________________________________________

THE BANK OF NEW YORK MELLON

(Exact name of trustee as specified in its charter)

_________________________________________



New York		13-5160382
(Jurisdiction of incorporation		(I.R.S. Employer
if not a U.S. national bank)		Identification No.)

240 Greenwich Street
New York, New York		10286
(Address of principal executive offices)		(Zip code)

Legal Department

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

(212) 635-1270

(Name, address and telephone number of agent for service)

_________________________________________

CULLEN/FROST BANKERS, INC.

(Exact name of obligor as specified in its charter)

_________________________________________



Texas		74-1751768
(State or other jurisdiction		(I.R.S. Employer
of incorporation or organization)		Identification No.)

111 W. Houston Street
San Antonio, Texas		78205
(Address of principal executive offices)		(Zip code)

___________________________________

Senior Debt Securities

(Title of the indenture securities)

___________________________________

Item 1. General Information.

Furnish the following information as to the Trustee:

(a) Name and address of each examining or supervising authority to which it is subject.



Superintendent of Banks of the State of New York		One State Street, New York, N.Y. 10004-1417 and Albany, N.Y. 12203
Federal Reserve Bank of New York		33 Liberty Plaza, New York, N.Y. 10045
Federal Deposit Insurance Corporation		550 17th Street, N.W., Washington, D.C. 20429
New York Clearing House Association		New York, N.Y. 10005

(b) Whether it is authorized to exercise corporate trust powers.

Yes.

Item 2. Affiliations with Obligor.

If the obligor is an affiliate of the trustee, describe each such affiliation.

None.

Item 16. List of Exhibits.

Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the “Act”) and 17 C.F.R. 229.10(d).



1.	-	A copy of the Organization Certificate of The Bank of New York Mellon (formerly The Bank of New York (formerly Irving Trust Company)) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-152735.)

4.	-	A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form T-1 with Registration Statement No. 333-207042.)

6.	-	The consent of the Trustee required by Section 321(b) of the Act. (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-188382.)

7.	-	A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority.

SIGNATURE

Pursuant to the requirements of the Act, the Trustee, The Bank of New York Mellon, a corporation organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York, and State of New York, on the 12th day of August, 2020.



	BANK OF NEW YORK MELLON

By:		/s/ Rita Duggan
		Name: Rita Duggan
		Title: Vice President

EXHIBIT 7

Consolidated Report of Condition of

THE BANK OF NEW YORK MELLON

of 240 Greenwich Street, New York, N.Y. 10286

And Foreign and Domestic Subsidiaries,

a member of the Federal Reserve System, at the close of business June 30, 2020, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act.



ASSETS	Dollar amounts in thousands
Cash and balances due from depository institutions:
Noninterest-bearing balances and currency and coin		3,962,000
Interest-bearing balances		129,364,000
Securities:
Held-to-maturity securities		43,910,000
Available-for-sale securities		106,742,000
Equity securities with readily determinable fair values not held for trading		63,000
Federal funds sold and securities purchased under agreements to resell:
Federal funds sold in domestic offices		0
Securities purchased under agreements to resell		14,823,000
Loans and lease financing receivables:
Loans and leases held for sale		0
Loans and leases held for investment		27,370,000
LESS: Allowance for loan and lease losses		272,000
Loans and leases held for investment, net of allowance		27,098,000
Trading assets		5,353,000
Premises and fixed assets (including capitalized leases)		3,058,000
Other real estate owned		2,000
Investments in unconsolidated subsidiaries and associated companies		1,683,000
Direct and indirect investments in real estate ventures		0
Intangible assets:		6,967,000
Other assets		14,936,000
Total assets		357,961,000



LIABILITIES
Deposits:
In domestic offices		191,267,000
Noninterest-bearing		75,420,000
Interest-bearing		115,847,000
In foreign offices, Edge and Agreement subsidiaries, and IBFs		117,087,000
Noninterest-bearing		5,988,000
Interest-bearing		111,099,000
Federal funds purchased and securities sold under agreements to repurchase:
Federal funds purchased in domestic offices		2,352,000
Securities sold under agreements to repurchase		3,229,000
Trading liabilities		2,904,000
Other borrowed money:
(includes mortgage indebtedness and obligations under capitalized leases)		2,295,000
Not applicable
Not applicable
Subordinated notes and debentures		0
Other liabilities		10,297,000
Total liabilities		329,431,000

EQUITY CAPITAL
Perpetual preferred stock and related surplus		0
Common stock		1,135,000
Surplus (exclude all surplus related to preferred stock)		11,520,000
Retained earnings		16,474,000
Accumulated other comprehensive income		-599,000
Other equity capital components		0
Total bank equity capital		28,530,000
Noncontrolling (minority) interests in consolidated subsidiaries		0
Total equity capital		28,530,000
Total liabilities and equity capital		357,961,000

I, Emily Portney, Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.

Emily Portney

Chief Financial Officer

We, the undersigned directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.



Thomas P. Gibbons
Samuel C. Scott		Directors
Joseph J. Echevarria

______________________________________________________________________________________________________