SAN ANTONIO and OKLAHOMA CITY, Oct. 2, 2012 /PRNewswire/ -- One of the nation's largest independently owned securities firm is teaming up with the largest correspondent bank in Texas to provide securities safekeeping for financial institutions throughout the U.S. Oklahoma City-based The Baker Group and San Antonio-based Frost Bank today announced that The Baker Group will refer community banks to Frost Bank for securities safekeeping services. Frost Bank will refer its correspondent banks to The Baker Group's asset/liability management services.
"The Baker Group is thrilled to align with a respected banking partner like Frost Bank," said David Daugherty, president and CEO, The Baker Group. "We deal with hundreds of financial institutions, and there's no regional bank more admired than Frost for its integrity, customer service and strong advocacy on behalf of community banking." Daugherty announced that Mark Baumann, a financial strategies analyst, will lead the group's alliance with Frost Bank.
"To be associated with such a well-known and fiscally strong institution is exciting," said Mark Baumann. "We look forward to developing our asset/liability management and safekeeping alliance with Frost Bank in order to build on our outstanding customer service and provide more robust safekeeping for our institutions. The Baker Group and Frost Bank share a very similar culture and we look forward to a long-standing alliance."
The Baker Group works with more than 800 financial institutions across the country, while Frost Bank has more than 100 years of correspondent banking experience and more than 250 correspondent banking clients across Texas, Arkansas, Illinois and Oklahoma. The alliance will provide The Baker Group and its institutions with a trusted safekeeping partner and expands Frost's correspondent banking business nationwide. This alliance also gives Frost Bank's correspondent Banking customers access to The Baker Group's asset/liability management and portfolio accounting systems.
"The Baker Group has a sterling reputation in the securities industry, and we are grateful for the firm's confidence in our securities safekeeping services," said Cliff McCauley, executive vice president, Correspondent Banking at Frost. "Correspondent banking is a core line of business for Frost. We have a long-term commitment to our banking customers, and we look forward to developing new relationships through our alliance with a company that shares a similar customer-centric culture."
McCauley announced that Jeff McQueen, a banking executive with experience in financial services and banking, has joined Frost to lead its Correspondent Banking program outside of Texas, including new relationships through the alliance with The Baker Group.
"It is an honor to serve as the liaison between two respected companies like Frost and The Baker Group," said McQueen. "Both companies share an abiding commitment to personal relationships and strong customer service, and we look forward to serving the Correspondent Banking needs of new customers across the country."
Frost began as a mercantile company in San Antonio in 1868, which soon evolved into a community bank. Over the years, Frost has grown into one of the strongest regional banks in the nation. Frost was the only top-10 Texas-based bank to survive the real estate, energy and banking crisis of the '80s without federal assistance or selling out. During the recent financial crisis and recession, Frost not only survived, but thrived, attaining an A+ credit rating from Standard and Poor's.
Frost is the banking subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company headquartered in San Antonio, with assets of $20.9 billion at June 30, 2012. One of 24 U.S. banks included in the KBW Bank Index, Frost provides a wide range of banking, investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at frostbank.com.
About The Baker Group
The Baker Group is headquartered in Oklahoma City. Since 1979, The Baker Group has helped clients improve decision-making, manage interest rate risk, and maximize investment portfolio performance. Their proven approach of total resource integration utilizes software and products developed by Baker's Software Solutions combined with the firm's investment experience and advice. The Baker Group LP is the sole authorized distributor for the products and services developed and provided by The Baker Group Software Solutions, Inc.
SOURCE Frost; The Baker Group