International Bancshares Corp. Announces Cash Dividend, Extension of Stock Repurchase Program, Appointment of New Director & ...
12 3월 2010 - 7:05AM
Business Wire
International Bancshares Corporation (“IBC”) today, announced
that on March 9, 2010, IBC’s Board of Directors approved the
declaration of a 17 cents per share cash dividend for
shareholders of record as of the close of business on April 1,
2010, payable on April 19, 2010. “This cash dividend was made
possible because of the continuing strong performance of IBC, even
in these challenging economic times,” said Dennis E. Nixon,
Chairman and President of IBC.
It is the inclination of the Board to continue to declare
semiannual cash dividends. However, any declaration of future cash
dividends will depend upon IBC’s financial position, acquisition
opportunities, and general business conditions at the time.
On the same day, IBC announced the extension of its stock
repurchase program. On April 9, 2009, the Board authorized the
repurchase of up to $40 million of common stock within the next
twelve months. On March 9, 2010, the Board again authorized the
repurchase of up to $40 million of its common stock during the
twelve month period commencing on April 9, 2010, which repurchase
cap the Board is inclined to increase over time. Since April 9,
2009 until the present, IBC has repurchased approximately $9.3
million of common stock, representing approximately 700,000 shares
of common stock. IBC currently has invested approximately $222.4
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. On April 7, 2009, IBC gained consent from the U.S.
Department of the Treasury to use its regular dividend funds to
repurchase common stock.
The Board also announced today that it has elected Guillermo
Trevino to IBC’s Board. The Board unanimously voted to appoint Mr.
Trevino to fill the vacancy left by Mr. Richard E. Haynes, who
passed away in October 2009. Mr. Trevino has served on the Board of
Directors of IBC’s subsidiary bank, International Bank of Commerce,
Laredo, Texas, since February 2008 and is a member of that board’s
Executive Committee. Mr. Trevino will serve on two committees of
the Board, including the Audit Committee and Asset/Liability,
Investment, Balance Sheet-Management, Funds
Management/Liquidity/Interest Rate Risk Committee. Mr. Trevino has
been the President of Southern Distributing, a multi-brand beer and
soft drink distributor in Laredo, Texas, for more than ten
years.
On March 5, 2010, judgment was entered on a jury verdict
rendered against IBC in the United States District Court for the
Western District of Oklahoma (the “Court”) in a jury trial that
commenced on February 8, 2010. The dispute related to certain tax
matters that were inherited by IBC in its 2004 acquisition of Local
Financial Corporation (“LFIN”). The dispute involves claims by the
former controlling shareholders of LFIN related to approximately
$14 million of tax refunds received by IBC based on deductions
taken in 2003 by LFIN in connection with losses on loans acquired
from a failed thrift and a dispute LFIN had with the FDIC regarding
the tax benefits related to the failed thrift acquisition which
originated in 1988. Other than the tax refunds that are in dispute,
IBC does not have any other disputes regarding tax refunds received
by IBC in connection with the LFIN acquisition. While judgment has
been entered in the case, certain additional issues related to fees
and other matters are to be determined by the Court in the future
prior to the judgment becoming final and appealable. IBC management
is currently reviewing the judgment, its implications and IBC’s
intention to appeal as well as take other paths of action to
mitigate the impact of the judgment. IBC is disappointed with the
judgment but believes it has a number of valid grounds for appeal
which it intends to pursue. Management is currently analyzing the
amount to be reserved in connection with this dispute. At this
time, management believes the reserve addition related to this
matter will be approximately $21.8 million based on management’s
judgment of IBC’s current exposure. Management will continue to
review the developments in this dispute and make appropriate
adjustments to the amount reserved if necessary.
IBC (NASDAQ:IBOC) is an $11.8 billion multi-bank financial
holding company headquartered in Laredo, Texas, with 280 facilities
and over 435 ATMs serving 104 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 (NASDAQ:IBOC)
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