<SEC-DOCUMENT>0001315478-25-000006.txt : 20250213
<SEC-HEADER>0001315478-25-000006.hdr.sgml : 20250213
<ACCEPTANCE-DATETIME>20250213164844
ACCESSION NUMBER:		0001315478-25-000006
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250213
DATE AS OF CHANGE:		20250213

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CULLEN/FROST BANKERS, INC.
		CENTRAL INDEX KEY:			0000039263
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				741751768
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-16437
		FILM NUMBER:		25621132

	BUSINESS ADDRESS:	
		STREET 1:		111 W HOUSTON ST
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78205
		BUSINESS PHONE:		210-220-4011

	MAIL ADDRESS:	
		STREET 1:		POST OFFICE BOX 1600
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78296-1600

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CULLEN FROST BANKERS INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FROST BANK CORP
		DATE OF NAME CHANGE:	19770823

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Champlain Investment Partners, LLC
		CENTRAL INDEX KEY:			0001315478
		ORGANIZATION NAME:           	
		IRS NUMBER:				201367417
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		180 BATTERY STREET, SUITE 400
		CITY:			BURLINGTON
		STATE:			VT
		ZIP:			05401
		BUSINESS PHONE:		8028466200

	MAIL ADDRESS:	
		STREET 1:		180 BATTERY STREET, SUITE 400
		CITY:			BURLINGTON
		STATE:			VT
		ZIP:			05401
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001315478</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock </securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000039263</issuerCik>
        <issuerName>CULLEN/FROST BANKERS, INC.</issuerName>
        <issuerCusip>229899109</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>111 W HOUSTON ST</com:street1>
          <com:city>SAN ANTONIO</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>78205</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Champlain Investment Partners, LLC</reportingPersonName>
      <citizenshipOrOrganization>VT</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>2247224.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>2670290.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2670290.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>4.2</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
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    <items>
      <item1>
        <issuerName>CULLEN/FROST BANKERS, INC.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>111 W HOUSTON ST, SAN ANTONIO, TEXAS, 78205</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Champlain Investment Partners, LLC</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>180 Battery St., Burlington, Vermont 05401</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Vermont</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>2,670,290.00
</amountBeneficiallyOwned>
        <classPercent>4.2%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>2,247,224.00
</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>2,670,290.00
</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>N</notApplicableFlag>
        <classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
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      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
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      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under &amp;#167; 240.14a-11.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under &amp;#167; 240.14a-11.

</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Champlain Investment Partners, LLC</reportingPersonName>
      <signatureDetails>
        <signature>Matthew Garcia </signature>
        <title>Chief Compliance Officer</title>
        <date>02/13/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
