Cullen/Frost Bankers (CFR) in San Antonio plans to raise $150 million by selling preferred stock.

The $23.1 billion-asset company said Wednesday that it would sell roughly 6 million shares of preferred stock. The company would use net proceeds, which qualify as Tier 1 capital, to repurchase about $145 million shares of its common stock from Goldman Sachs (GS) under an accelerated share repurchase deal.

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