LAREDO, Texas -- (Business Wire)
International Bancshares Corporation (“IBC”), today announced that
yesterday it completed the repurchase of 45,000 shares of the preferred
stock it issued to the U.S. Department of the Treasury under the
Troubled Asset Relief Program Capital Purchase Program on December 23,
2008. IBC paid the U.S. Treasury a total of $45 million of the remaining
$176 million of the $216 million it received under the Capital Purchase
Program, plus an accrued dividend of $475,000.
“We are pleased to make this partial repurchase of the TARP preferred
stock while still retaining our strong capital position and without
issuing any common stock or incurring any Company debt. The Company
intends to repurchase the remaining TARP preferred stock on or before
June 30, 2013; however, the speed with which the Company retires the
remaining shares of the preferred stock will depend upon the Board’s
view of the present and expected economic conditions,” said Dennis E.
Nixon, Chairman and President of IBC.
Our pro forma capital ratios following the repurchase of $45 million of
the TARP preferred stock continue to significantly exceed the regulatory
standards for the Company and each of its subsidiary banks to be
categorized as well-capitalized. The following table outlines the
Company’s reported capital ratios at June 30, 2012 and as adjusted to
reflect the partial repurchase of the preferred stock:
As of June 30, 2012
As Adjusted for
|Total Capital to Risk Weighted Assets||24.29||
|Tier 1 Capital to Risk Weighted Assets||23.15||
|Tier 1 Capital to Average Assets||12.83||
The Company has paid a total of $39,646,111 in preferred stock dividends
to the U.S. Treasury since December of 2008, when the Company received
the funds under the Capital Purchase Program, including the $475,000
dividend payment made yesterday.
IBC (NASDAQ:IBOC) is an $11.6 billion multi-bank financial holding
company headquartered in Laredo, Texas, with 215 facilities and over 335
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 Corporation
Judy Wawroski, 956-722-7611
First Vice President
Source: International Bancshares Corporation
© 2018 Canjex Publishing Ltd. All rights reserved.