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

(Print or Type Responses) 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,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(h) of the Investment Company Act of 1940 OMB APPROVAL
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1.	Name and Address of Reporting Person*			2.	Issuer Name and Ticker or Trading Symbol			6.	Relationship of Reporting Person(s) to Issuer (Check all applicable)
	Kavanagh	Frank	A.		Texas Regional Bancshares, Inc.    TRBS				Director	10% Owner
	(Last)	(First)	(Middle)	3.	I.R.S. Identification Number of Reporting Person, if an entity (voluntary)	4.	Statement for Month/Day/Year		Officer         (give title below)	Other         (specify below)
	1600 Palm Valley Dr. East				###-##-####		November 1, 2002
(Street)						5.	If Amendment, Date of Original (Month/Day/Year)	7.	Individual or Joint/Group Filing (Check Applicable Line)     X     Form filed by One Reporting Person              Form filed by More than
	Harlingen	TX	78551						One Reporting Person
	(City)	(State)	(Zip)
				Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.

Title of Security (Instr. 3)

2.

Transaction Date

2A.

Deemed Execution Date, if any

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)

(Month/Day/Year)

(Month/Day/Year)

Code

V

Amount

(A) or (D)

Price

Class A Common Stock

21,646.9200

(I)

By Trustee of ESOP

Class A Common Stock

11/1/02

S

9,680

(D)

33.36

34

(D)

FORM 4 (Continued) 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)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Option (right to buy)

20.5303

1-Jul-1998

1-Jul-2003

Option (right to buy)

20.5303

1-Jul-1999

1-Jul-2003

Option (right to buy)

20.5303

1-Jul-2000

1-Jul-2003

Option (right to buy)

20.5303

1-Jul-2001

1-Jul-2003

Option (right to buy)

22.08666

1-Jul-2001

15-Apr-2011

Option (right to buy)

22.08666

1-Jul-2002

15-Apr-2011

Option (right to buy)

22.08666

1-Jul-2003

15-Apr-2011

Option (right to buy)

22.08666

1-Jul-2004

15-Apr-2011

Option (right to buy)

31.10666

1-Aug-2002

31-May-2012

Option (right to buy)

31.10666

1-Aug-2003

31-May-2012

Option (right to buy)

31.10666

1-Aug-2004

31-May-2012

Option (right to buy)

31.10666

1-Aug-2005

31-May-2012

Option (right to buy)

31.10666

1-Aug-2002

31-May-2012

Option (right to buy)

31.10666

1-Aug-2003

31-May-2012

Option (right to buy)

31.10666

1-Aug-2004

31-May-2012

Option (right to buy)

31.10666

1-Aug-2005

31-May-2012

7.	Title and Amount of Underlying Securities (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 of Derivative Securities: Direct (D) or Indirect (I) (Instr. 4)	11.	Nature of Indirect Beneficial Ownership (Instr. 4)
	Title	Amount or Number of Shares
	Class A Common Stock	1,218		(1)
	Class A Common Stock	1,218		(1)
	Class A Common Stock	1,218		(1)
	Class A Common Stock	1,218		(1)
	Class A Common Stock	1,815		(3)
	Class A Common Stock	1,815		(3)
	Class A Common Stock	1,815		(3)
	Class A Common Stock	1,815		(3)
	Class A Common Stock	563		(3)
	Class A Common Stock	563		(3)
	Class A Common Stock	562		(3)
	Class A Common Stock	562		(3)
	Class A Common Stock	563		(4)
	Class A Common Stock	563		(4)
	Class A Common Stock	562		(4)
	Class A Common Stock	562		(4)		16,632		(D)

Explanation of Responses:

(1) Employee stock option granted under Texas Regional Bancshares, Inc. 1997 Incentive Stock Option Plan.
(3) Employee stock option granted under Texas Regional Bancshares, Inc. 2000 Incentive Stock Option Plan.
(4) Employee stock option granted under Texas Regional Bancshares, Inc. 2002 Nonstatutory Stock Option Plan.

/s/ Frank A. Kavanagh	11/05/02
**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).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

http://www.sec.gov/divisions/corpfin/forms/form4.htm
Last update: 09/05/2002