CONTACT:
DENNIS E. NIXON
CHAIRMAN & CEO
INTERNATIONAL BANCSHARES CORPORATION
(956) 722-7611
KATIE BRICKMAN HARVEY
TAYLOR WEST ADVERTISING
(210) 826-8899
FOR IMMEDIATE RELEASE:
INTERNATIONAL BANCSHARES CORPORATION EXPANDS STOCK REPURCHASE PROGRAM
LAREDO, TEXAS--(BUSINESS WIRE)--DECEMBER 21, 2000--INTERNATIONAL BANCSHARES
CORPORATION (NASDAQ:IBOC) ANNOUNCED THAT ITS BOARD OF DIRECTORS EXPANDED ITS
STOCK REPURCHASE PROGRAM. THE COMPANY IS NOW AUTHORIZED TO REPURCHASE UP TO $45
MILLION OF ITS COMMON STOCK THROUGH DECEMBER 2001, COMPARED TO THE PRIOR
AUTHORIZATION OF $35 MILLION THROUGH DECEMBER 2000. 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
DECEMBER 20, 2000, A TOTAL OF 729,731 SHARES WERE REPURCHASED UNDER THIS PROGRAM
AT A TOTAL COST OF APPROXIMATELY $30 MILLION. THE COMPANY CURRENTLY HAS
APPROXIMATELY $51 MILLION INVESTED IN TREASURY SHARES, WHICH AMOUNT HAS BEEN
ACCUMULATED SINCE THE INCEPTION OF THE COMPANY.
IBC IS A $5.8 BILLION MULTI-BANK FINANCIAL HOLDING COMPANY HEADQUARTERED IN
LAREDO, TEXAS, WITH 100 FACILITIES AND 204 ATM'S SERVING 28 COMMUNITIES
INCLUDING HOUSTON, SAN ANTONIO, CORPUS CHRISTI, MCALLEN, BROWNSVILLE, PORT
LAVACA, ZAPATA AND OTHER COMMUNITIES THROUGHOUT THE RIO GRANDE VALLEY AND THE
TEXAS GULF COAST.
"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 INTERNET AT NO CHARGE FROM FREEEDGAR, A REAL-TIME ACCESS TO
SEC FILINGS SITE LOCATED AT HTTP://WWW.FREEEDGAR.COM.
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