Newspaper article THE JOURNAL RECORD

The Journal Record Money Movers: March 15, 2010

Newspaper article THE JOURNAL RECORD

The Journal Record Money Movers: March 15, 2010

Article excerpt

IBC extends stock repurchase program

International Bancshares Corp.'s board of directors has extended a stock repurchase program.

On April 9, 2009, the board authorized the repurchase of up to $40 million of common stock within 12 months. On March 9, the board again authorized the repurchase of up to $40 million of its common stock during the 12 months beginning April 9, 2010. Since April 9, 2009, Laredo-based IBC has repurchased $9.3 million of common stock, representing 700,000 shares of common stock.

Shares repurchased in the program will be held in treasury for reissue for various corporate purposes, including employee stock option plans. On April 7, 2009, IBC gained consent from the U.S. Department of the Treasury to use its regular dividend funds to repurchase common stock.

IBC currently has invested $222.4 million in treasury shares, which has been accumulated since IBC's inception.

IBC's board of directors approved a cash divided of 17 cents per share. The dividend is payable April 19 for shareholders of record April 1.

The board elected Guillermo Trevino to IBC's board to fill a vacancy left by Richard E. Haynes, who died in October. Trevino has served on the board of directors of IBC's subsidiary bank, International Bank of Commerce, Laredo, since February 2008 and is a member of that board's executive committee. Trevino has been president of Southern Distributing, a multi-brand beer and soft drink distributor in Laredo, for more than 10 years.

On March 5, judgment was entered on a jury verdict rendered against IBC in the U.S. District Court for the Western District of Oklahoma. The dispute is related to tax matters inherited by IBC in its 2004 purchase of Local Financial Corp. The dispute involves claims by the former controlling shareholders of Local Federal related to $14 million of tax refunds received by IBC based on deductions taken in 2003 by Local Federal in connection with losses on loans acquired from a failed thrift and a dispute Local Federal had with the FDIC.

While judgment has been entered in the case, additional issues related to fees and other matters are to be determined by the court before the judgment becomes final. …

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