One of the largest independent bank holding companies headquartered in Texas, Cullen/Frost Bankers owns Frost National Bank, managed through a second-tier holding company, the New Galveston Company. The bank serves individuals and local businesses with more than 90 branches in Texas; the company also serves clients in Mexico. Frost National Bank offers commercial and consumer deposit products and loans, international banking, insurance, trust and brokerage services, and correspondent banking. Subsidiaries include Frost Insurance Agency, Frost Brokerage Services, and Frost Securities. Commercial and industrial loans make up about 45% of its loan portfolio.