EXHIBIT 23

                         Consent of Independent Auditors



We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 33-30776) pertaining to the Cullen/Frost Bankers, Inc. 1983 Nonqualified
Stock Option Plan, the Registration Statement (Form S-8 No. 33-30777) pertaining
to the Cullen/Frost Bankers, Inc. 1988 Nonqualified Stock Option Plan, the
Registration Statement (Form S-8 No. 33-37500) pertaining to the 401(k) Stock
Purchase Plan for Employees of Cullen/Frost Bankers, Inc. and Its Affiliates,
the Registration Statement (Form S-8 No. 33-39478) pertaining to the 1991 Thrift
Incentive Stock Purchase Plan for Employees of Cullen/Frost Bankers, Inc. and
Its Affiliates, the Registration Statement (Form S-8 No. 33-53492) pertaining to
the Cullen/Frost Bankers, Inc. Restricted Stock Plan, the Registration Statement
(Form S-8 No. 33-53622) pertaining to the Cullen/Frost Bankers, Inc. 1992 Stock
Plan, the Registration Statement (Form S-8 No. 333-81461) pertaining to the 1997
Directors Stock Plan of Cullen/Frost Bankers, Inc., and the Registration
Statement (Form S-8 No. 333-68928) pertaining to the Cullen/Frost Bankers, Inc.
2001 Stock Plan, of our report dated January 22, 2002, with respect to the
consolidated financial statements of Cullen/Frost Bankers, Inc. and Subsidiaries
included in this Annual Report (Form 10-K) for the year ended December 31, 2001.


                                                        /s/ Ernst & Young LLP

San Antonio, Texas
March 26, 2002