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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001179110-06-021442.txt : 20061113
<SEC-HEADER>0001179110-06-021442.hdr.sgml : 20061110
<ACCEPTANCE-DATETIME>20061113114051
ACCESSION NUMBER:		0001179110-06-021442
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061106
FILED AS OF DATE:		20061113
DATE AS OF CHANGE:		20061113

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEXAS REGIONAL BANCSHARES INC
		CENTRAL INDEX KEY:			0000787648
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				742294235
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3700 N TENTH STE 301
		STREET 2:		PO BOX 5910
		CITY:			MCALLEN
		STATE:			TX
		ZIP:			78501
		BUSINESS PHONE:		9566315400

	MAIL ADDRESS:	
		STREET 1:		P O BOX 5910
		STREET 2:		P O BOX 5910
		CITY:			MCALLEN
		STATE:			TX
		ZIP:			78501-5910

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MOXLEY PAUL S
		CENTRAL INDEX KEY:			0001198652

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14517
		FILM NUMBER:		061206689

	MAIL ADDRESS:	
		STREET 1:		605 XANTHISMA
		CITY:			MCALLEN
		STATE:			TX
		ZIP:			78504
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-11-06</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0000787648</issuerCik>
        <issuerName>TEXAS REGIONAL BANCSHARES INC</issuerName>
        <issuerTradingSymbol>TRBS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001198652</rptOwnerCik>
            <rptOwnerName>MOXLEY PAUL S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>605 XANTHISMA</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MCALLEN</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78504</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Senior EVP</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
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            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionDate>
                <value>2006-11-06</value>
            </transactionDate>
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                <transactionFormType>5</transactionFormType>
                <transactionCode>A</transactionCode>
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            <transactionAmounts>
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                <transactionPricePerShare>
                    <value>37.6287</value>
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                <transactionAcquiredDisposedCode>
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            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>89743.2432</value>
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            <ownershipNature>
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                    <value>I</value>
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            <transactionAmounts>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>By Wife</value>
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        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Incentive Stock Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>12.1690</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-11-10</value>
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            <transactionAmounts>
                <transactionShares>
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                <transactionPricePerShare>
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                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            </transactionAmounts>
            <exerciseDate>
                <value>2001-07-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2011-04-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5989</value>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
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        <derivativeTransaction>
            <securityTitle>
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            </securityTitle>
            <conversionOrExercisePrice>
                <value>12.1690</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-11-10</value>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
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            <transactionAmounts>
                <transactionShares>
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                    <footnoteId id="F3"/>
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                <transactionAcquiredDisposedCode>
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            <exerciseDate>
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            <securityTitle>
                <value>Incentive Stock Options (right to buy)</value>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
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            <transactionAmounts>
                <transactionShares>
                    <value>2622</value>
                    <footnoteId id="F3"/>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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            <exerciseDate>
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            <expirationDate>
                <value>2012-05-31</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                    <footnoteId id="F3"/>
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                <directOrIndirectOwnership>
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                </directOrIndirectOwnership>
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        <derivativeTransaction>
            <securityTitle>
                <value>Nonstatutory Stock Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>17.1386</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-11-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
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                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>38.90</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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            <exerciseDate>
                <value>2002-08-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-05-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
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                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Nonstatutory Stock Options (right to buy)</value>
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            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-11-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
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                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
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                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2003-08-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-05-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
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                </directOrIndirectOwnership>
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        <derivativeTransaction>
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                <value>Nonstatutory Stock Options (right to buy)</value>
            </securityTitle>
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            </transactionDate>
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                <transactionFormType>4</transactionFormType>
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                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
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                    <footnoteId id="F3"/>
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                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <value>2004-08-01</value>
            </exerciseDate>
            <expirationDate>
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            </expirationDate>
            <underlyingSecurity>
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                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
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                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                    <value>D</value>
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        <derivativeTransaction>
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            <transactionDate>
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            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
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                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
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                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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            <exerciseDate>
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            <expirationDate>
                <value>2012-05-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
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                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                    <value>0</value>
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                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Nonstatutory Stock Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>21.5455</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-11-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1237</value>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>38.90</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2003-08-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-05-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
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        <derivativeTransaction>
            <securityTitle>
                <value>Nonstatutory Stock Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-11-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
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                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
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                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-08-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-05-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>0</value>
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                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Nonstatutory Stock Options (right to buy)</value>
            </securityTitle>
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            <transactionDate>
                <value>2006-11-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1237</value>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>38.90</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-08-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-05-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1237</value>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Nonstatutory Stock Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>21.5455</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-11-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1238</value>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>38.90</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-08-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-05-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1238</value>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The amount represents shares allocated to my account as a participant in the Texas Regional Bancshares, Inc. Employee Stock Ownership Plan (the ESOP) since the last required filing.</footnote>
        <footnote id="F2">The amount represents disposition of shares previously held in my ESOP account as a result of the merger between Texas Regional Bancshares,Inc. (TRBS) and Banco Bilbao Vizcaya Argentina, S.A. (BBVA).  The shares were distributed shortly before consummation of the merger transaction and were exchanged directly in the merger.</footnote>
        <footnote id="F3">These options (whether vested or unvested) were exchanged for cash on the effective date of the merger in an amount equal to the excess of $38.90 per share over the strike price per share as contemplated by the Agreement and Plan of Merger dated June 12, 2006 between TRBS and BBVA.</footnote>
    </footnotes>

    <remarks>This Form 4 represents part 1 of 2.</remarks>

    <ownerSignature>
        <signatureName>/s/ Paul S. Moxley</signatureName>
        <signatureDate>2006-11-13</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----