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): November 1, 2012
INTERNATIONAL BANCSHARES CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Texas |
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000-09439 |
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74-2157138 |
(State or other Jurisdiction |
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(Commission File Number) |
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(I.R.S. Employer |
of incorporation or organization) |
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Identification No.) |
1200 San Bernardo, Laredo, Texas |
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78040-1359 |
(Address of principal executive offices) |
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(ZIP Code) |
(Registrants 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 November 2, 2012, International Bancshares Corporation (IBC) issued a news release announcing the completion of its repurchase on November 1, 2012 of an aggregate of $45 million of the remaining $176 million of the $216 million of Fixed Rate Cumulative Perpetual Preferred Stock, Series A that it issued to the U.S. Department of the Treasury as part of the U.S. Treasurys Capital Purchase Program on December 23, 2008.
The news release announcing the repurchase, 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 exhibit 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, are 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 November 2, 2012 entitled, International Bancshares Corporation Announces Completion of Repurchase of $45 Million of TARP Preferred Stock
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.
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INTERNATIONAL BANCSHARES CORPORATION | |
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(Registrant) | |
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By: |
/s/ Dennis E. Nixon |
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Dennis E. Nixon, President and |
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Chairman of the Board |
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November 2, 2012 |
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EXHIBIT 99
FOR IMMEDIATE RELEASE
Contact:
Judy Wawroski
First Vice President
International Bancshares Corporation
(956) 722-7611 (Laredo)
INTERNATIONAL BANCSHARES CORPORATION ANNOUNCES
COMPLETION OF REPURCHASE OF $45 MILLION OF TARP PREFERRED STOCK
LAREDO, TX, November 2, 2012 - International Bancshares Corporation (IBC), today announced that yesterday it completed the repurchase of 45,000 shares of the preferred stock it issued to the U.S. Department of the Treasury under the Troubled Asset Relief Program Capital Purchase Program on December 23, 2008. IBC paid the U.S. Treasury a total of $45 million of the remaining $176 million of the $216 million it received under the Capital Purchase Program, plus an accrued dividend of $475,000.
We are pleased to make this partial repurchase of the TARP preferred stock while still retaining our strong capital position and without issuing any common stock or incurring any Company debt. The Company intends to repurchase the remaining TARP preferred stock on or before June 30, 2013; however, the speed with which the Company retires the remaining shares of the preferred stock will depend upon the Boards view of the present and expected economic conditions, said Dennis E. Nixon, Chairman and President of IBC.
Our pro forma capital ratios following the repurchase of $45 million of the TARP preferred stock continue to significantly exceed the regulatory standards for the Company and each of its subsidiary banks to be categorized as well-capitalized. The following table outlines the Companys reported capital ratios at June 30, 2012 and as adjusted to reflect the partial repurchase of the preferred stock:
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As of June 30, 2012 |
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Actual |
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As Adjusted for |
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Total Capital to Risk Weighted Assets |
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24.29 |
% |
22.92 |
% |
Tier 1 Capital to Risk Weighted Assets |
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23.15 |
% |
21.75 |
% |
Tier 1 Capital to Average Assets |
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12.83 |
% |
12.07 |
% |
The Company has paid a total of $39,646,111 in preferred stock dividends to the U.S. Treasury since December of 2008, when the Company received the funds under the Capital Purchase Program, including the $475,000 dividend payment made yesterday.
IBC (NASDAQ:IBOC - News) is an $11.6 billion multi-bank financial holding company headquartered in Laredo, Texas, with 215 facilities and over 335 ATMs serving 88 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 IBCs filings with the Securities and Exchange Commission.
Copies of IBCs 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 IBCs website at http://www.ibc.com.