0001104659-11-013571.txt : 20110310 0001104659-11-013571.hdr.sgml : 20110310 20110310154847 ACCESSION NUMBER: 0001104659-11-013571 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110310 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110310 DATE AS OF CHANGE: 20110310 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL BANCSHARES CORP CENTRAL INDEX KEY: 0000315709 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 742157138 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-09439 FILM NUMBER: 11678421 BUSINESS ADDRESS: STREET 1: 12OO SAN BERNARDO AVE STREET 2: PO BOX 1359 CITY: LAREDO STATE: TX ZIP: 78040-1359 BUSINESS PHONE: 9567227611 MAIL ADDRESS: STREET 1: P O BOX 1359 STREET 2: 1200 SAN BERNARDO CITY: LAREDO STATE: TX ZIP: 78040 8-K 1 a11-7743_18k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

 

UNITED STATES

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): March 10, 2011

 

INTERNATIONAL BANCSHARES CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

Commission File Number 000-09439

 

Texas

 

000-09439

 

74-2157138

(State or other Jurisdiction

 

(Commission File Number)

 

(I.R.S. Employer

of incorporation or organization)

 

 

 

Identification No.)

 

1200 San Bernardo, Laredo, Texas

 

78040-1359

(Address of principal executive offices)

 

(ZIP Code)

 

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

 

None

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

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below);

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 250.13e-4 (c))

 

 

 


 

Item 8.01 Other Events

 

On March 10, 2011, IBC issued a news release announcing that on March 10, 2011, the IBC Board approved the declaration of a nineteen cent per share cash dividend for all holders of Common Stock, $1.00 par value, of record on March 28, 2011.  The dividend will be payable on April 18, 2011.  The Board also announced the extension of IBC’s stock repurchase program by authorizing the repurchase of up to $40 million of IBC common stock during the twelve month period commencing on April 9, 2011, which repurchase cap the Board is inclined to increase over time.

 

The news release announcing the cash dividend and the extension of IBC’s stock repurchase program, attached hereto and filed herewith as Exhibit 99, is incorporated herein by reference.

 

All of the information furnished in Item 8.01 of this report and the accompanying exhibits are also intended to be included under “Item 7.01 — Regulation Fair Disclosure” and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, is not subject to the liabilities of that section and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended.

 

Item 9.01 Financial Statements and Exhibits.

 

99                                    News Release of International Bancshares Corporation dated March 10, 2011 entitled, “International Bancshares Corporation Announces Cash Dividend and Extension of Stock Repurchase Program.”

 

2


 

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

 

 

Chairman of the Board

 

 

March 10, 2011

 

 

3


 

EXHIBIT INDEX

 

Exhibit Number

 

Description

 

Page
Number

 

 

 

 

 

99

 

News Release of International Bancshares Corporation dated March 10, 2011 entitled, “International Bancshares Corporation Announces Cash Dividend, and Extension of Stock Repurchase Program.”

 

4

 

4

 EX-99 2 a11-7743_1ex99.htm EX-99

EXHIBIT 99

 

FOR IMMEDIATE RELEASE

 

Contact:

 

Judy Wawroski

First Vice President

International Bancshares Corporation

(956) 722-7611 (Laredo)

 

INTERNATIONAL BANCSHARES CORPORATION

ANNOUNCES CASH DIVIDEND AND

 EXTENSION OF STOCK REPURCHASE PROGRAM,

 

LAREDO, TX,  March 10, 2011 - International Bancshares Corporation (“IBC”)  today, announced that on March 10, 2011,  IBC’s Board of Directors approved the declaration of a  19 cents per share cash dividend for shareholders of record as of the close of business on March 28, 2011, payable on April 18, 2011.  “This cash dividend was made possible because of the continuing strong performance of IBC, even in these challenging economic times,” said Dennis E. Nixon, Chairman and President of IBC.   Mr. Nixon further commented that “the Company’s stock repurchase program is a positive use of Company funds providing value to all remaining shareholders”.

 

It is the inclination of the Board to continue to declare semiannual cash dividends.  However, any declaration of future cash dividends will depend upon IBC’s financial position, strategic plans, and general business conditions at the time.

 

On the same day, IBC announced the extension of its stock repurchase program.  On both April 9, 2009, and March 9, 2010, the Board authorized the repurchase of up to $40 million of common stock within the twelve months commencing on April 9 of each respective year.   On March 10, 2011, the Board again authorized the repurchase of up to $40 million of its common stock during the twelve month period commencing on April 9, 2011, which repurchase cap the Board is inclined to increase over time. Since April 9, 2009 until the present, IBC has repurchased approximately $16.2 million of common stock, representing approximately 1,114,440 shares of common stock. IBC currently has invested approximately $250.4 million in treasury shares, which amount has been accumulated since IBC’s inception.  Stock repurchases may be made from time to time, on the open market or through private transactions.  Shares repurchased in this program will be held in treasury for reissue for various corporate purposes, including employee stock option plans.   On April 7, 2009, IBC gained consent from the U.S. Department of the Treasury to use its regular dividend funds to repurchase common stock.

 

IBC (NASDAQ:IBOC - News) is an $11.9 billion multi-bank financial holding company headquartered in Laredo, Texas, with 278 facilities and  440 ATMs serving 107 communities in Texas and Oklahoma.

 

“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 SEC filings site located at http://www.sec.gov/edgar.shtml or IBC’s website at http://www.ibc.com.