SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

RONEY GLEN E

(Last)

(First)

(Middle)

P. O. BOX 5910

(Street)

MCALLEN

78502

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
TEXAS REGIONAL BANCSHARES INC [ TRBS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman of the Board and CEO

3. Date of Earliest Transaction (Month/Day/Year)
11/06/2006

4. If Amendment, Date of 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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	11/06/2006		A	V	764.4894⁽¹⁾	A	$38.6044	211,569.1049	I	By Trustee of ESOP
Class A Common Stock	11/10/2006		D		211,569.1049⁽²⁾	D	$38.9	0	I	By Trustee of ESOP
Class A Common Stock	11/10/2006		D		2,988,912	D	$38.9	0	D
Class A Common Stock	11/10/2006		D		433,478	D	$38.9	0	I	By Wife
Class A Common Stock	11/10/2006		D		35,415	D	$38.9	0	I	By Corporation

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Incentive Stock Option (right to buy)	$12.169	11/10/2006		D			6,160⁽⁴⁾	07/01/2001	04/15/2011	Class A Common Stock	6,160⁽⁴⁾	$38.9	0	D
Incentive Stock Option (right to buy)	$12.169	11/10/2006		D			8,217⁽⁴⁾	07/01/2002	04/15/2011	Class A Common Stock	8,217⁽⁴⁾	$38.9	0	D
Incentive Stock Option (right to buy)	$12.169	11/10/2006		D			8,217⁽⁴⁾	07/01/2003	04/15/2011	Class A Common Stock	8,217⁽⁴⁾	$38.9	0	D
Incentive Stock Option (right to buy)	$12.169	11/10/2006		D			7,353⁽⁴⁾	07/01/2004	04/15/2011	Class A Common Stock	7,353⁽⁴⁾	$38.9	0	D
Incentive Stock Option (right to buy)	$17.1386	11/10/2006		D			612⁽⁴⁾	08/01/2004	05/31/2012	Class A Common Stock	612⁽⁴⁾	$38.9	0	D
Incentive Stock Option (right to buy)	$17.1386	11/10/2006		D			5,835⁽⁴⁾	08/01/2005	05/31/2012	Class A Common Stock	5,835⁽⁴⁾	$38.9	0	D
Incentive Stock Option (right to buy)	$17.1386	11/10/2006		D			5,834⁽⁴⁾	08/01/2006	05/31/2012	Class A Common Stock	5,834⁽⁴⁾	$38.9	0	D
Incentive Stock Option (right to buy)	$17.1386	11/10/2006		D			5,834⁽⁴⁾	08/01/2007	05/31/2012	Class A Common Stock	5,834⁽⁴⁾	$38.9	0	D
Incentive Stock Option (right to buy)	$17.1386	11/10/2006		D			5,835⁽⁴⁾	08/01/2008	05/31/2012	Class A Common Stock	5,835⁽⁴⁾	$38.9	0	D
Incentive Stock Option (right to buy)	$17.1386	11/10/2006		D			3,275⁽⁴⁾	08/01/2009	05/31/2012	Class A Common Stock	3,275⁽⁴⁾	$38.9	0	D
Nonstatutory Stock Option (right to buy)	$17.1386	11/10/2006		D			17,014⁽⁴⁾	08/01/2002	05/31/2012	Class A Common Stock	17,014⁽⁴⁾	$38.9	0	D
Nonstatutory Stock Option (right to buy)	$17.1386	11/10/2006		D			51,048⁽⁴⁾	⁽³⁾	05/31/2012	Class A Common Stock	51,048⁽⁴⁾	$38.9	0	D
Incentive Stock Option (right to buy)	$21.5455	11/10/2006		D			2,035⁽⁴⁾	08/01/2009	05/31/2012	Class A Common Stock	2,035⁽⁴⁾	$38.9	0	D
Incentive Stock Option (right to buy)	$21.5455	11/10/2006		D			2,502⁽⁴⁾	08/01/2010	05/31/2012	Class A Common Stock	2,502⁽⁴⁾	$38.9	0	D
Nonstatutory Stock Option (right to buy)	$21.5455	11/10/2006		D			2,062⁽⁴⁾	08/01/2003	05/31/2012	Class A Common Stock	2,062⁽⁴⁾	$38.9	0	D
Nonstatutory Stock Option (right to buy)	$21.5455	11/10/2006		D			2,063⁽⁴⁾	08/01/2004	05/31/2012	Class A Common Stock	2,063⁽⁴⁾	$38.9	0	D
Nonstatutory Stock Option (right to buy)	$21.5455	11/10/2006		D			2,062⁽⁴⁾	08/01/2005	05/31/2012	Class A Common Stock	2,062⁽⁴⁾	$38.9	0	D
Nonstatutory Stock Option (right to buy)	$21.5455	11/10/2006		D			2,063⁽⁴⁾	08/01/2006	05/31/2012	Class A Common Stock	2,063⁽⁴⁾	$38.9	0	D

Explanation of Responses:

1. The amount represents shares allocated to my account as a participant in the Texas Regional Bancshares, Inc. Employee Stock Ownership Plan (the ESOP) since the last required filing.

2. The amount represents disposition of shares previously held in my ESOP account as a result of the merger between Texas Regional Bancshares, Inc. (TRBS) and Banco Bilbao Vizcaya Argentaria, S.A. (BBVA). The shares were distributed shortly before consummation of the merger transaction and were exchanged directly in the merger.

3. 17,016 options become exercisable on August 1st of each year beginning August 1, 2003.

4. These options (whether vested or unvested) were exchanged for cash on the effective date of the merger in an amount equal to the excess of $38.90 per share over the strike price per share as contemplated by the Agreement and Plan of Merger dated June 12, 2006 between TRBS and BBVA.

Remarks:

This Form 4 represents Part 1 of 2.

	/s/ G. E. Roney	11/13/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
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