International Bancshares Corporation Announces Extension of Stock Repurchase Program
March 15 2016 - 12:10PM
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.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160315006326/en/
International Bancshares CorporationJudith Wawroski,
956-722-7611Senior Vice President
International Bancshares (NASDAQ:IBOC)
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