Exhibit 99
CONTACT:
Rosanne Palacios
Vice President of Marketing
International Bancshares Corporation
(956) 726-6636
Judith Wawroski
Vice President
International Bancshares Corporation
(956) 722-7611
FOR IMMEDIATE RELEASE:
Laredo, Texas—(BUSINESS WIRE)—-November 8, 2002—International Bancshares Corporation (NASDAQ:IBOC) announced that on November 6, 2002, its board of directors expanded its stock repurchase program. The Company is now authorized to repurchase up to $140 million of its common stock through December 2003, compared to the prior authorization of $120 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 November 7, 2002, a total of 2,443,592 shares had been repurchased under this program at a total cost of approximately $99 million, which shares are now reflected as 3,380,874 shares of treasury stock as adjusted for stock dividends. The Company currently has invested approximately $120 million in treasury shares, which amount has been accumulated since the inception of the Company.
IBC is a $6.5 billion multi-bank financial holding company headquartered in Laredo, Texas, with more than 100 facilities and more than 190 ATMs serving over 35 communities including Houston, San Antonio, Corpus Christi, McAllen, Brownsville, Port Lavaca, Zapata, Eagle Pass and several others in the central, southern and Gulf Coast regions of Texas.
“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.
