International Bancshares Corporation Announces Extension of Stock Repurchase Program
March 10 2014 - 1:25PM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC) today
announced that on March 7, 2014, its 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 and March 4,
2013, 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 7, 2014, the Board again authorized the
repurchase of up to $40 million of its common stock during the
twelve month period commencing on April 9, 2014, which repurchase
cap the Board is inclined to increase over time. Since April 9,
2009 until the present, IBC has repurchased approximately $30.1
million of common stock, representing approximately 1,885,770
shares of common stock. IBC currently has invested approximately
$264.3 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 is a multi-bank financial holding company headquartered in
Laredo, Texas, with $12.1 billion in total assets, 211 facilities
and over 321 ATMs serving 88 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.
Copies of IBC’s SEC filings and Annual Report (as an exhibit to
the 10-K) may be downloaded from the SEC filings site located at
http://www.sec.gov/edgar.shtml or IBC’s website at
http://www.ibc.com.
International Bancshares CorporationJudy Wawroski, 956-722-7611
(Laredo)First Vice President
International Bancshares (NASDAQ:IBOC)
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