Prepared by MERRILL CORPORATION

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

 

 

FORM 8–K

 

CURRENT REPORT

 

 

 

Pursuant to Section 13 or 15 (d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 28, 2002

 

 

INTERNATIONAL BANCSHARES CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

 

Commission File Number 0–9439

 

 

Texas

 

74-2157138

(State or other Jurisdiction

 

(I.R.S. Employer

of incorporation or organization)

 

Identification No.)

 

 

 

 

 

 
1200 San Bernardo, Laredo, Texas

 

78040-1359

(Address of principal executive offices)

 

(ZIP Code)

 

 

 

(Registrant's telephone number, including area code)  (956) 722–7611

 

 

 

None

(Former name or former address, if changed since last report)

 

 

 

 

Item 5.                    Other Events

 

 

On January 28, 2002, International Bancshares Corporation (“IBC”) issued a news release announcing that its board of directors authorized IBC to expand its stock repurchase program.  IBC is now authorized to repurchase up to $80 million of its common stock through December 2002, compared to the prior authorization of $60 million through December 2002.  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.  As of January 25, 2002, a total of 1,334,034 shares had been repurchased under this program at a total cost of approximately $54 million, which shares are now reflected as 1,711,070 shares of treasury stock as adjusted for stock dividends.  The Company currently has invested approximately $75 million in treasury shares, which amount has been accumulated since the inception of the Company.

 

Item 7.                    Financial Statements and Exhibits

 

 

c.             Exhibits

 

The following exhibit is filed as part of this report:

 

(99)         News release of International Bancshares Corporation dated January 28, 2002.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

INTERNATIONAL BANCSHARES CORPORATION

(Registrant)

 

 

 

 

By:

 

/s/ DENNIS E. NIXON

 

 

DENNIS E. NIXON, President,

 

and Chief Executive Officer

 

Date: January 28, 2002

 

 

EXHIBIT INDEX

 

 

 

Exhibit
Number

 

Description

 

 

 

 

 

99

 

News Release of International Bancshares Corporation dated January 28, 2002