FORM 4
o 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)
	Moxley	Paul	S.		Texas Regional Bancshares, Inc. TRBS				Director	10% Owner
	(Last)	(First)	(Middle)	3.	I.R.S. Identification Number of Reporting Person (voluntary)	4.	Statement for Month/Day/Year		X   Officer (give title below)	Other (specify below)
	605 Xanthisma				###-##-####		January 17, 2003		Senior Executive Vice President
(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
	McAllen	TX	78504						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)

6.

Ownership Form: Direct (D) or Indirect (I) (Instr. 4)

7.

Nature of Indirect Beneficial Ownership (Instr. 4)

(Month/Day/Year)

(Month/Day/Year)

(Instr. 3 and 4)

Code

V

Amount

(A) or (D)

Price

Class A Voting Common

1/10/03

1/15/03

A

V

217.2683

(A)

*

Class A Voting Common

1/14/03

1/15/03

A

V

3.9395

(A)

*

45,567.1717

(I)

By Trustee of ESOP

Class A Voting Common

26,167

(D)

Class A Voting Common

1,003

(I)

By Wife

*

The amount represents shares allocated to my account as a participant in the Texas Regional Bancshares, Inc. Amended & Restated Employee Stock Ownership Plan, (the "ESOP").

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)

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	2,908		(2)
	Class A Common Stock	2,908		(2)
	Class A Common Stock	2,907		(2)
	Class A Common Stock	2,907		(2)
	Class A Common Stock	3,300		(3)
	Class A Common Stock	3,300		(3)
	Class A Common Stock	3,300		(3)
	Class A Common Stock	3,300		(3)
	Class A Common Stock	871		(4)
	Class A Common Stock	871		(4)
	Class A Common Stock	871		(4)
	Class A Common Stock	1,887		(4)
	Class A Common Stock	1,125		(5)
	Class A Common Stock	1,125		(5)
	Class A Common Stock	1,125		(5)
	Class A Common Stock	1,125		(5)		38,702		(D)

Explanation of Responses:

(1)

Employee stock option granted under Texas Regional Bancshares, Inc. 1997 Incentive Stock Option Plan.

(2)

Employee stock option granted under Texas Regional Bancshares, Inc. 1997 Nonstatutory 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 Incentive Stock Option Plan.

(5)

Employee stock option granted under Texas Regional Bancshares, Inc. 2002 Nonstatutory Stock Option Plan.

/s/ Paul S. Moxley **Signature of Reporting Person 1-17-03 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.

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