LAREDO, Texas -- (Business Wire)
International Bancshares Corporation (“IBC”), today announced that it
has completed the repurchase of all of the remaining 131,000 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 $131 million of
the $216 million it received under the Capital Purchase Program, plus an
accrued dividend of $236,527.78.
“We are pleased to make this final repurchase of the TARP preferred
stock while still retaining our strong capital position and without
issuing any common stock or incurring any Company debt,” said Dennis E.
Nixon, Chairman and President of IBC.
Our pro forma capital ratios following the repurchase of $131 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 September 30, 2012 and as adjusted
to reflect the final repurchase of the preferred stock:
||As of September 30, 2012|
As Adjusted for
|Total Capital to Risk Weighted Assets||22.93||
|Tier 1 Capital to Risk Weighted Assets||21.77||
|Tier 1 Capital to Average Assets||12.79||
The Company has paid a total of $41,520,139 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 $236,527.78
dividend payment today.
IBC (NASDAQ:IBOC) is an $12.1 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