SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8–K
CURRENT REPORT
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Pursuant to Section 13 or 15 (d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 8, 2002
INTERNATIONAL BANCSHARES CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Commission File Number 0–9439
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Texas |
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74-2157138 |
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(State or other Jurisdiction |
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(I.R.S. Employer |
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of incorporation or organization) |
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Identification No.) |
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1200 San Bernardo, Laredo, Texas |
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78040-1359 |
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(Address of principal executive offices) |
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(ZIP Code) |
(Registrant’s telephone number, including area code) (956) 722–7611
None
(Former name or former address, if changed since last report)
Item 5. Other Events
On November 8, 2002, International Bancshares Corporation (“IBC”) issued a news release announcing that on November 6, 2002, its board of directors authorized IBC to expand its stock repurchase program. IBC is now authorized to repurchase up to $140 million of its common stock through December 2003, compared to the prior authorization of $120 million through December 2002. Common stock repurchases may be made from time to time, on the open market or through private transactions. Common stock repurchased in this program will be held in treasury for reissue for various corporate purposes, including employee stock option plans. As of November 7, 2002, a total of 2,443,592 shares of common stock had been repurchased under this program at a total cost of approximately $99 million, which shares are now reflected as 3,380,874 shares of treasury stock as adjusted for stock dividends. The Company currently has invested approximately $120 million in treasury shares, which amount has been accumulated since the inception of the Company.
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Item 7. |
Financial Statements and Exhibits |
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c. |
Exhibits |
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The following exhibit is filed as part of this report: |
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(99) |
News release of International Bancshares Corporation dated November 8, 2002. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
INTERNATIONAL BANCSHARES CORPORATION |
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(Registrant) |
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By |
/s/ DENNIS E. NIXON |
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DENNIS E. NIXON, President, |
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and Chief Executive Officer |
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Date: November 8, 2002
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EXHIBIT INDEX
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Exhibit |
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Page Number |
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Number |
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Description |
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99 |
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News Release of International Bancshares Corporation dated November 8, 2002 |
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