FORM 4 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 *    Pigott, Jr.            R.                        T. (Last)            (First)              (Middle)

320 West Condor Avenue

(Street)

McAllen    TX           78504

(City)       (State)          (Zip)

   2. Issuer Name and Ticker
    or Trading Symbol

Texas Regional Bancshares, Inc.    TRBS  3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)

###-##-####

 4. Statement for
 (Month/Day/Year)

February 12, 2003

 5. If Amendment, Date of
   Original (Month/Day/Year)

 6. Relationship of Reporting Person(s) to Issuer (Check all applicable)

  Director   10% Owner  [X] Officer (give title below)         Executive VP & Chief Financial Officer       Other (specify below)


 7. Individual or Joint/Group
     Filing (Check Applicable Line)

 [X] Form filed by One Reporting Person

      Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/ Year)	2A. Deemed Execution Date, if any (Month/Day/ Year)	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)
			Code	V	Amount	(A) or (D)	Price
Class A Voting Common	1/22/03		A	V	73.3498	(A)	*
Class A Voting Common	2/7/03		A	V	12.7499	(A)	*	1,638.9502	(I)	By Trustee of ESOP
Class A Voting Common								4,125	(I)	By Trust for self IRA

* 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").

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).

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)

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)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option (right to buy)

22.08666

1 - Jul 2001

15 - Apr 2011

Class A Common Stock

1,815

(3)

Option (right to buy)

22.08666

1 - Jul 2002

15 - Apr 2011

Class A Common Stock

1,815

(3)

Option (right to buy)

22.08666

1 - Jul 2003

15 - Apr 2011

Class A Common Stock

1,815

(3)

Option (right to buy)

22.08666

1 - Jul 2004

15 - Apr 2011

Class A Common Stock

1,815

(3)

Option (right to buy)

31.10666

1 - Aug 2002

31 - May 2012

Class A Common Stock

563

(4)

Option (right to buy)

31.10666

1 - Aug 2003

31 - May 2012

Class A Common Stock

563

(4)

Option (right to buy)

31.10666

1 - Aug 2004

31 - May 2012

Class A Common Stock

562

(4)

Option (right to buy)

31.10666

1 - Aug 2005

31 - May 2012

Class A Common Stock

562

(4)

Option (right to buy)

31.10666

1 - Aug 2002

31 - May 2012

Class A Common Stock

563

(5)

Option (right to buy)

31.10666

1 - Aug 2003

31 - May 2012

Class A Common Stock

563

(5)

Option (right to buy)

31.10666

1 - Aug 2004

31 - May 2012

Class A Common Stock

562

(5)

Option (right to buy)

31.10666

1 - Aug 2005

31 - May 2012

Class A Common Stock

562

(5)

11,760

(D)

Explanation of Responses:
(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/ R. T. Pigott, Jr. ** Signature of Reporting Person February 12, 2003 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. 78f(a).

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

http://www.sec.gov/divisions/corpfin/forms/form4.htm

Last update: 09/05/2002