FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

GUERRA R DAVID
2. Issuer Name and Ticker or Trading Symbol

INTERNATIONAL BANCSHARES CORP [ IBOC ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
VICE PRESIDENT
(Last)          (First)          (Middle)

P.O. BOX 1359
3. Date of Earliest Transaction (MM/DD/YYYY)

3/15/2017
(Street)

LAREDO, TX 78040
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
COMMON STOCK   3/15/2017     M    1875   A $14.73   6875   D    
COMMON STOCK   3/15/2017     S    2500   D $37.469   4375   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
EMPLOYEE STOCK OPTION (RIGHT TO BUY)   $14.73   3/15/2017     M         1875    10/7/2012   (1) 10/7/2019   COMMON STOCK   1875   $0   0   D    
EMPLOYEE STOCK OPTION (RIGHT TO BUY)   $14.73                      (1) 10/7/2019   COMMON STOCK   625     625   D    
EMPLOYEE STOCK OPTION (RIGHT TO BUY)   $24.42                      (2) 2/19/2024   COMMON STOCK   4250     4250   D    

Explanation of Responses:
( 1)  GRANTED 10/7/11 8 YEAR VESTING SCHEDULE 1ST YR 5%, 2ND YR 10%, 3RD YR 15%, 4TH YR 20%, 5TH YR 25%, 6TH YR 25%
( 2)  GRANTED 2/19/14 10 YEAR VESTING SCHEDULE 2ND YR 5%, 3RD YR 10%, 4TH YR 15%, 5TH YR 20%, 6TH YR 25%, 7TH YR 25%

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
GUERRA R DAVID
P.O. BOX 1359
LAREDO, TX 78040
X
VICE PRESIDENT

Signatures
/S/R. DAVID GUERRA 3/16/2017
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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