8-K

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 28, 2002

INTERNATIONAL BANCSHARES CORPORATION
(Exact Name of Registrant as Specified in its Charter)

Commission File Number 0-9439

Texas (State or other Jurisdiction of incorporation or organization)	74-2157138 (I.R.S. Employer Identification No.)
1200 San Bernardo, Laredo, Texas (Address of principal executive offices)	78040-1359 (ZIP Code)

(Registrant's telephone number, including area code) (956) 722-7611

None

(Former name or former address, if changed since last report)

Item 5. Other Events

        On August 28, 2002, International Bancshares Corporation issued a news release announcing the declaration of a thirty seven cents per share cash dividend for all holders of Common Stock, $1.00 par value, of record on September 27, 2002 with said cash dividend to be payable on October 15, 2002. The news release, attached hereto and filed herewith as Exhibit 99, is incorporated herein by reference.

Item 7. Financial Statements and Exhibits

c.	Exhibits
	The following exhibit is filed as part of this report:
	(99) News release of International Bancshares Corporation dated August 28, 2002.

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SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INTERNATIONAL BANCSHARES CORPORATION   (REGISTRANT)
By:	/s/  DENNIS E. NIXON DENNIS E. NIXON, President, and Chief Executive Officer

Date: August 28, 2002

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EXHIBIT INDEX

Exhibit Number	Description	Page Number
99	News Release of International Bancshares Corporation dated August 28, 2002.	5

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SIGNATURES
EXHIBIT INDEX

EX-99

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EXHIBIT 99

FOR IMMEDIATE RELEASE

Contact: Rosanne Palacios
Vice President of Marketing
International Bancshares Corporation
(956) 726-6636 (Laredo) Judy Wawroski
Vice President
International Bancshares Corporation
(956) 722-7611 (Laredo)

INTERNATIONAL BANCSHARES CORPORATION INCREASES
CASH DIVIDEND

LAREDO, TX, .....August 28, 2002......International Bancshares Corporation ("IBC") today announced that on August 22, 2002, the Board of Directors approved the declaration of a thirty seven-cents (.37) per share cash dividend for shareholders of record as of September 27, 2002, payable on October 15, 2002. The cash dividend just announced is payable on shares after the effect of the 25% stock dividend distributed on June 12, 2002, which dividend amount represents a 15.62% increase from the cash dividend paid on April 15, 2002, on an adjusted per share basis.

"This increase in the cash dividend was made possible because of the strong performance of IBC, " said Dennis E. Nixon, Chairman of the Board and CEO of IBC. "It is the inclination of the Board to continue to declare these cash dividends, but any declaration of future cash dividends will depend upon IBC's financial position, acquisition opportunities and general business conditions at the time."

On August 6, 2002, the company reported earnings for the first six months of 2002. Net income and earnings per share for the first six months of 2002 were $41.9 million or $1.30 per share-basic ($1.27 per share diluted) compared to $41.5 million or $1.25 per share basic ($1.23 per share-diluted) in the corresponding 2001 period. The per share data is fully adjusted for stock dividends, the most recent of which was a 25% stock dividend declared on May 20, 2002. Total assets at June 30, 2002, were $6.7 billion compared to $5.8 billion at June 30, 2001.

IBC (NASDAQ: IBOC) is a $6.7 billion multi-bank financial holding company headquartered in Laredo, Texas, with more than 100 facilities and more than 190 ATMs serving 40 communities including Houston, San Antonio, Corpus Christi, McAllen, Brownsville, Port Lavaca, Zapata, Eagle Pass and several others in the central, southern and Gulf Coast regions of Texas.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts contain forward looking information with respect to plans, projections or future performance of IBC and its subsidiaries, the occurrence of which involve certain risks and uncertainties detailed in IBC's filings with the Securities and Exchange Commission.

Copies of IBC's SEC filings and Annual Report (as an exhibit to the 10-K) may be downloaded from the Internet at no charge from the SEC filings site located at http://www.sec.gov/edgar.shtml.

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EXHIBIT 99
INTERNATIONAL BANCSHARES CORPORATION INCREASES CASH DIVIDEND