Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
EVANS RICHARD W JR
  2. Issuer Name and Ticker or Trading Symbol
CULLEN FROST BANKERS INC [CFR]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chairman, CEO and President
(Last)
(First)
(Middle)
100 WEST HOUSTON STREET
3. Date of Earliest Transaction (Month/Day/Year)
05/08/2006
(Street)

SAN ANTONIO, TX 78205
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, $0.01 par value 05/08/2006   M   18,400 A $ 24.12 224,435 D  
Common Stock, $0.01 par value 05/08/2006   S   18,400 D $ 58.0246 206,035 D  
Common Stock, $0.01 par value 05/08/2006   M   30,000 A $ 24.09 236,035 D  
Common Stock, $0.01 par value 05/09/2006   M   1,050 A $ 24.12 237,085 D  
Common Stock, $0.01 par value 05/09/2006   S   1,050 D $ 58.1843 236,035 D  
Common Stock, $0.01 par value 05/09/2006   M   44,950 A $ 24.12 280,985 D  
Common Stock, $0.01 par value               120,003 I Through Limited Partnership (1)
Common Stock, $0.01 par value               41,289 I Through 401(k) Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) $ 24.12 05/08/2006   M     18,400 10/22/2001 10/22/2007 Common Stock 18,400 $ 0 46,000 D  
Stock Option (right to buy) $ 24.09 05/08/2006   M     30,000 10/03/1997 10/03/2007 Common Stock 30,000 $ 0 0 D  
Stock Option (right to buy) $ 24.12 05/09/2006   M     1,050 10/22/2001 10/22/2007 Common Stock 1,050 $ 0 44,950 D  
Stock Option (right to buy) $ 24.12 05/09/2006   M     44,950 10/22/2001 10/22/2007 Common Stock 44,950 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
EVANS RICHARD W JR
100 WEST HOUSTON STREET
SAN ANTONIO, TX 78205
  X     Chairman, CEO and President  

Signatures

 /s/ Richard W. Evans, Jr.   05/10/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Mr. Evans holds interests in and controls the limited partnership through its general partner, a limited liability company of which he is the sole manager.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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