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 11, 2019
INTERNATIONAL BANCSHARES CORPORATION
(Exact Name of Registrant as Specified in its Charter)
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Texas |
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000‑09439 |
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74‑2157138 |
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(State or other Jurisdiction |
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(Commission File Number) |
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(I.R.S. Employer |
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of incorporation or organization) |
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Identification No.) |
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1200 San Bernardo, Laredo, Texas |
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78040‑1359 |
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(Address of principal executive offices) |
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(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):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)
☐ Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))
☐ Pre-commencement communications pursuant to Rule 13e‑4 (c) under the Exchange Act (17 CFR 250.13e‑4 (c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b‑2 of the Securities Exchange Act of 1934 (§240.12b‑2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On March 28, 2019, International Bancshares Corporation (“IBC”) issued a news release announcing that on March 11, 2019, the IBC Board approved the extension and increase of IBC’s stock repurchase program by authorizing the repurchase of up to $50 million of IBC common stock during the twelve month period commencing on April 9, 2019.
The news release announcing the extension and increase 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 exhibit is 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 28, 2019 entitled, “International Bancshares Corporation Announces Extension and Increase of Stock Repurchase Program.”
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EXHIBIT INDEX
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Exhibit Number |
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Description |
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Page |
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99 |
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5 |
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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.
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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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March 28, 2019 |
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EXHIBIT 99
FOR IMMEDIATE RELEASE
Contact:
Judy Wawroski
Treasurer and Principal Financial Officer
International Bancshares Corporation
(956) 722-7611 (Laredo)
INTERNATIONAL BANCSHARES CORPORATION
ANNOUNCES EXTENSION AND INCREASE OF STOCK REPURCHASE PROGRAM
LAREDO, TX, March 28, 2019 - International Bancshares Corporation (“IBC”) today, announced that on March 11, 2019, IBC’s Board of Directors approved the extension and increase of its stock repurchase program. Since April 9, 2009, in March or April of each year, the Board has authorized the repurchase of up to $40 million of common stock within the next twelve months beginning on April 9 of that year. On March 11, 2019, the Board authorized the extension and increase of the repurchase of up to $50 million of its common stock during the twelve month period commencing on April 9, 2019. Since April 9, 2009 until the present, IBC has repurchased approximately $290.3 million of common stock, representing approximately 9,800,256 shares of common stock. IBC currently has invested approximately $311.3 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.
IBC (NASDAQ:IBOC - News) is a multi-bank financial holding company headquartered in Laredo, Texas, with over $11.9 billion in total assets and 189 facilities and 287 ATMs serving 89 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.