Exhibit 12

Cullen/Frost Bankers, Inc.

Statement Re: Computation of Ratio of Earnings to Fixed Charges

(Dollars in Thousands)

	Quarter Ended March 31,				Years Ended December 31,
	2004		2003		2003		2002		2001		2000		1999
Income before income taxes	$	48,624	$	45,476	$	192,540	$	180,054	$	119,855	$	170,012	$	151,870
Interest expense, including interest on deposits		12,999		15,614		55,188		76,125		145,019		189,828		150,862
Estimated interest component of net rental expense		972		979		3,834		4,239		4,543		4,393		4,137
Earnings	$	62,595	$	62,069	$	251,562	$	260,418	$	269,417	$	364,233	$	306,869
Interest expense, including interest on deposits	$	12,999	$	15,614	$	55,188	$	76,125	$	145,019	$	189,828	$	150,862
Estimated interest component of net rental expense		972		979		3,834		4,239		4,543		4,393		4,137
Fixed charges	$	13,971	$	16,593	$	59,022	$	80,364	$	149,562	$	194,221	$	154,999
Consolidated Ratio of Earnings to Fixed Charges (including interest on deposits)		4.48		3.74		4.26		3.24		1.80		1.88		1.98
Income before income taxes	$	48,624	$	45,476	$	192,540	$	180,054	$	119,855	$	170,012	$	151,870
Interest expense, exlcuding interest on deposits		4,777		4,963		17,782		20,741		26,320		30,970		22,043
Estimated interest component of net rental expense		972		979		3,834		4,239		4,543		4,393		4,137
Earnings	$	54,373	$	51,418	$	214,156	$	205,034	$	150,718	$	205,375	$	178,050
Interest expense, excluding interest on deposits	$	4,777	$	4,963	$	17,782	$	20,741	$	26,320	$	30,970	$	22,043
Estimated interest component of net rental expense		972		979		3,834		4,239		4,543		4,393		4,137
Fixed charges	$	5,749	$	5,942	$	21,616	$	24,980	$	30,863	$	35,363	$	26,180
Consolidated Ratio of Earnings to Fixed Charges (excluding interest on deposits)		9.46		8.65		9.91		8.21		4.88		5.81		6.80