e425
Filed by Cullen/Frost Bankers, Inc. pursuant to Rule
425 under the Securities Act of 1933,
as amended
Subject Company: Horizon Capital Bank
Commission File No.: 132-02300
Date: May 2, 2005
Forward-Looking Statements
Certain statements contained in this filing that are not statements of
historical fact constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 (the “Act”),
notwithstanding that such statements are not specifically identified. In
addition, certain statements may be contained in the future filings of
Cullen/Frost Bankers, Inc. with the Securities and<>?<[ANQO55_\+P)]#\&9
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M#OA74CI!?S-H#36X?3?(@3KX@0+C@^9'@M4PA+^A?%Z5/T_R,@#Q6W Forward-looking statements involve risks and uncertainties that may cause
actual results to differ materially from those in such statements. Factors
that could cause actual results to differ from those discussed in the
forward-looking statements include, but are not limited to: (i) the risk
that the businesses of Cullen/Frost and Horizon will not be integrated
successfully or such integration may be more difficult, time-consuming or
costly than expected; (ii) expected revenue synergies and cost savings from
the merger may not be fully realized or realized within the expected time
frame; (iii) revenues following the merger may be lower than expected; (iv)
deposit attrition, operating costs, customer loss and business disruption
following the merger, including, without limitation, difficulties in
maintaining relationships with employees, may be greater than expected; (v)
the ability to obtain governmental approvals of the merger on the proposed
terms and schedule; (vi) the failure of Horizon’s shareholders to approve
the merger; (vii) local, regional, national and international economic
conditions and the impact they may have on Cullen/Frost and Horizon and
their customers and Cullen/Frost’s and Horizon’s assessment of that impact;
(viii) changes in the level of non-performing assets and charge-offs; (ix)
changes in estimates of future reserve requirements based upon the periodic
review thereof under relevant regulatory and accounting requirements; (x)
inflation, interest rate, securities market and monetary fluctuations; (xi)
changes in the competitive environment among financial holding companies and
banks; and (xii) changes in laws and regulations (including laws and
regulations concerning taxes, banking, securities and insurance) with which
Cullen/Frost and Horizon must comply. Additional factors that could cause
Cullen/Frost’s results to differ materially from those described in the
forward-looking statements can be found in Cullen/Frost’s Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K
filed with the SEC. All subsequent written and oral forward-looking
statements concerning the proposed transaction or other matters and
attributable to Cullen/Frost or Horizon or any person acting on their behalf
are expressly qualified in their entirety by the cautionary statements
referenced above. Forward-looking statements speak only as of the date on
which such statements are made. Cullen/Frost and Horizon undertake no
obligation to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made, or to reflect
the occurrence of unanticipated events.
Additional Information
In connection with the proposed merger with Horizon Capital Bank, Cullen/Frost Bankers, Inc.
will file with the SEC a Registration Statement on Form S-4 that will include a Proxy Statement
of Horizon Capital Bank and a Prospectus of Cullen/Frost, as well as other relevant documents
concerning the proposed transaction. Shareholders are urged to read the Registration Statement
and the Proxy Statement/Prospectus regarding the merger when it becomes available and any other
relevant documents filed with the SEC, as well as any amendments or supplements to those
documents, because they will contain important information. You will be able to obtain a free
copy of the Proxy Statement/Prospectus, as well as other filings containing information about
Cullen/Frost at the SEC’s Internet site (http://www.sec.gov). You will also be able to obtain
these documents, free of charge, at http://www.frostbank.com under the tab “About Frost” and
then under the 8XZ'(&CH!6KX@X?0AI,&ASJS@Q+%1Y$S"7EX--B0&H!5%[?@AV\$B'8A
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MWEB2,#heading “Investor Relations” and then under “SEC Filings”. Copies of the Proxy
Statement/Prospectus and the SEC filings that will be incorporated by reference in the Proxy
Statement/Prospectus can also be obtained, free of charge, by directing a request to Greg
Parker, Executive Vice President & Director of Investor Relations, Cullen/Frost Bankers, Inc.,
P.O. Box 1600, San Antonio, Texas 78296, (210) 220-5632.
The following documents are filed herewith pursuant to Rule 425 under the Securities Act of 1933,
as amended:
Exhibit 99.1 — Investor relations presentation.
|
Cullen/Frost Bankers, Inc.
|
TABLE OF CONTENTS
Cautionary Statement
Certain statements contained in this package that are not statements of historical fact constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 (the "Act"), notwithstanding that such statements are not specifically identified. In addition,
certain statements may be contained in the Corporation's future filings with the SEC, in press releases, and in oral and written statements made by
or with the approval of the Corporation that are not statements of historical fact and constitute forward-looking statements within the meaning of the
Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, income or loss, earnings or loss per share,
the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost
or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and
(iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", "intends", "targeted", "continue", "remain",
"will", "should", "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying
such statements.
Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements.
Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:
Local, regional, national and international economic conditions and the impact they may have on the Corporation and its customers
and the Corporation's assessment of that impact.
Changes in the level of non-performing assets and charge-offs.
Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and
accounting requirements.
The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal
Reserve Board.
Inflation, interest rate, securities market and monetary fluctuations.
Political instability.
Acts of war or terrorism.
The timely development and acceptance of new products and services and perceived overall value of these products and
services by users.
Changes in consumer spending, borrowings and savings habits.
Changes in the financial performance and/or condition of the Corporation's borrowers.
Technological changes.
Acquisitions and the integration of acquired businesses. See the Corporation's Current Report on Form 8-K filed with the SEC on April 22, 2005.
The ability to increase market share and control expenses.
Changes in the competitive environment among financial holding companies.
The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and
insurance) with which the Corporation and its subsidiaries must comply.
The effect of changes in accounting policies a@M*:F0H<:0+?22[&@Z$4F3!FB3XH63%ZF3>)$2/>F3C'1M'RF4[TB4
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M9USLF71Hnd practices, as may be adopted by the regulatory agencies as well as the
Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.
Changes in the Corporation's organization, compensation and benefit plans.
The costs and effects of legal and regulatory developments including the resolution of legal proceedings or regulatory or other governmental
inquiries and the results of regulatory examinations or reviews.
Greater than expected costs or difficulties related to the integration of new products and lines of business.
The Corporation's success at managing the risks involved in the foregoing items.
Forward-looking statements speak only as of the date on which such statements are made. The Corporation undertakes no obligation to update
any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of
unanticipated events.
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Company Profile
Our Founder
Col. T.C. Frost
www.frostbank.com
Headquartered in San Antonio, we are the largest
Texas-based bank holding company
$9.8 Billion in assets
$17.2 Billion in trust assets
2004 ROA 1.47%
78 locations in 12 Texas markets
Founded in 1868
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Relationship Banking
Caring
Excellence
Integrity
Mission Statement
We will grow and prosper, building long-term
relationships based on top quality service, high
ethical standards and safe, sound assets.
Core Values
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Strategic Position
"In order to compete with the megabanks, it is
important that we have a broad range of products.
But at the same time, it's important that we deliver
in a community banking organization." Dick Evans
Share of Banking Assets
Percent of Institutions
Product driven
Relationship driven
1%
Mega Banks
Community Banks
70%
3%
96%
20%
10%
Frost
Bank
Deliver Relationship
with product selection
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Market Demographics
Home to 3 of the top 10 largest cities in
the United States.
Houston #4
San Antonio #8
Dallas #9
Texas
Ranks 2nd in U.S. population at
21.3 million
Represents 70% of the State's
population
Texas median Household inc. $39,090
Median Household inc. $43,743
1990 - 2000 Population growth 22.8%
Ranks 8th in world economies
over 7% of U.S. population
United States
1990 - 2000 Population growth 13.2%
CFR Markets
Source - U.S. Census Bureau
and Texas Comptroller
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Texas Energy
1980 0.294
2003 0.172
1980
2003
2003
1981
Oil & Gas Jobs
Oil & Gas State Taxes
(percent of Texas nonfarm employment)
(percent of revenue)
Source: Texas Workforce Commission, Texas Comptroller's Office
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Texas Energy
GSP Nonfarm employment Rig Count Oil & Gas employment
1970-1987 0.026 0.01 0.2 0.095
1988-2002 0.004 0 0.066 0.011
1970 - 1987
Source: Federal Reserve Bank of Dallas - Southwest Economy issue 5
Effect of 10 Percent Increase in Oil Prices on Texas Economy
1988 - 2002
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San Antonio
20
Deposit Rank #1 *
8th Largest city in the U.S.
Home to 5 Fortune 500
companies
Yr. over Yr. job growth was
2.54% as of Dec 2004. Nat'l
Avg. was 1.24%.
Major industries include:
Biomedical,Tourism and Military.
Over two-thirds of the trade
between the US and Mexico
is moved through the area.
Future home to Toyota's newest
$800MM Truck Plant in North
America. Expected to create
2,000 directly related jobs.
* (Based on SNL deposits at 6/30/04 for Banks and Thrifts in Bexar county)
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