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Early in 2003, we were pleased to learn that Standard and Poor’s had upgraded its rating on Cullen/Frost in all categories. This vote of confidence by a widely recognized and respected service, at a time when most rating changes are downgrades, recognizes our company’s stability and strength and reinforces our business strategy. 

In the midst of continued economic uncertainty, we feel more certain than ever about the fundamentals of this company.Today, in our 135th year, we have an outstanding staff, a more finely tuned sales culture, more efficient processes and disciplines through- out the company and better knowledge about our customers. Combined, these factors will help us meet the competition head-on, win new business and continue to expand in the great Texas markets we serve. 

Whatever the future may hold, the rock-solid values instituted by our founder, nurtured by company leaders throughout our history and reinforced by our people every single day will help us achieve our goals and face the challenges ahead. 

As always, I am deeply grateful for your steadfast support and for the confidence you have entrusted in our company. 

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Sincerely, 

