Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Salinas Jerry
 2. Date of Event Requiring Statement (Month/Day/Year)
01/28/2015		 3. Issuer Name and Ticker or Trading Symbol
CULLEN/FROST BANKERS, INC. [CFR]
(Last)
(First)
(Middle)
100 WEST HOUSTON STREET		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Financial Officer
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

SAN ANTONIO, TX 78205		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock, $0.01 par value 7,164
D
 
Common Stock, $0.01 par value 1,326
I
By Spouse
Common Stock, $0.01 par value 21
I
Custodian for Daughter's UTMA Account (1)
Common Stock, $0.01 par value 19,101
I
Through 401(k) Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) 10/22/2011 10/22/2017 Common Stock 12,000 $ 48.85 D  
Employee Stock Option (right to buy) 10/21/2012 10/21/2018 Common Stock 12,000 $ 52.44 D  
Employee Stock Option (right to buy) 10/20/2013 10/20/2019 Common Stock 12,000 $ 50.64 D  
Employee Stock Option (right to buy) 10/26/2014 10/26/2020 Common Stock 12,000 $ 52.46 D  
Employee Stock Option (right to buy)   (2) 10/25/2021 Common Stock 12,000 $ 48 D  
Employee Stock Option (right to buy)   (3) 10/23/2022 Common Stock 12,000 $ 54.56 D  
Employee Stock Option (right to buy)   (4) 10/29/2023 Common Stock 9,240 $ 71.39 D  
Employee Stock Option (right to buy)   (5) 10/28/2024 Common Stock 12,000 $ 78.92 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Salinas Jerry
100 WEST HOUSTON STREET
SAN ANTONIO, TX 78205		       Chief Financial Officer  

Signatures

/s/ Jerry Salinas 02/04/2015
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The 21 shares were purchased by Mr. Salinas as custodian of an account for the benefit of his child under the Uniform Transfer to Minors Act.
(2) Vest 25% per year for four years from grant date of October 25, 2011.
(3) Vest 25% per year for four years from grant date of October 23, 2012.
(4) Vest 25% per year for four years from grant date of October 29, 2013.
(5) Vest 25% per year for four years from grant date of October 28, 2014.

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