International Bancshares Corporation Announces Completion of Repurchase of All Remaining TARP Preferred Stock
LAREDO, Texas--(BUSINESS WIRE)-- International Bancshares Corporation (IBOC) (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 Companys 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||%||20.22||%|
|Tier 1 Capital to Risk Weighted Assets||21.77||%||19.05||%|
|Tier 1 Capital to Average Assets||12.79||%||11.19||%|
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 IBCs filings with the Securities and Exchange Commission.
International Bancshares Corporation
Judy Wawroski, 956-722-7611 (Laredo)
First Vice President
Source: International Bancshares CorporationCopyright Business Wire 2012