LAREDO, Texas--(BUSINESS WIRE)--International Bancshares Corporation (“IBC”) today announced that on March 11, 2016, IBC’s Board of Directors approved the extension of its stock repurchase program. On each of April 9, 2009, March 9, 2010, March 10, 2011, March 22, 2012, March 4, 2013, March 7, 2014 and March 6, 2015, the Board authorized the repurchase of up to $40 million of common stock within the next twelve months beginning on April 9 of that year. On March 11, 2016, the Board again authorized the repurchase of up to $40 million of its common stock during the twelve-month period commencing on April 9, 2016, which repurchase cap the Board is inclined to increase over time. Since April 9, 2009 until the present, IBC has repurchased approximately $57.9 million of common stock, representing approximately 3,032,897 shares of common stock. IBC currently has invested approximately $292.1 million in treasury shares, which amount has been accumulated since IBC’s inception. Stock repurchases may be made from time to time, on the open market or through private transactions. Shares repurchased in this program will be held in treasury for reissue for various corporate purposes, including employee stock option plans.
IBC (NASDAQ:IBOC) is a multi-bank financial holding company headquartered in Laredo, Texas, with over $11.8 billion in total assets and 207 facilities and 322 ATMs serving 87 communities in Texas and Oklahoma.
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts contain forward-looking information with respect to plans, projections or future performance of IBC and its subsidiaries, the occurrence of which involve certain risks and uncertainties detailed in IBC’s filings with the Securities and Exchange Commission.