SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
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PURSUANT TO SECTION 13 OR 15 (D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 23, 2000
INTERNATIONAL BANCSHARES CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Commission File Number 0-9439
TEXAS 74-2157138
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(State or other Jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
1200 SAN BERNARDO, LAREDO, TEXAS 78040-1359
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(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)
<PAGE>
ITEM 5. OTHER EVENTS
On March 23, 2000, International Bancshares Corporation issued a news
release announcing the election to become a Financial Holding Company, attached
hereto and filed herewith as Exhibit 99 and is incorporated herein by reference.
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
March 23, 2000.
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<PAGE>
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
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DENNIS E. NIXON, President,
and Chief Executive Officer
Date: March 23, 2000
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<PAGE>
EXHIBIT INDEX
EXHIBIT PAGE
NUMBER DESCRIPTION NUMBER
99 News Release of International 5
Bancshares Corporation dated
March 23, 2000.
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EXHIBIT 99.1
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 ELECTS TO BECOME A FINANCIAL HOLDING
COMPANY
LAREDO, Texas--(BUSINESS WIRE)--March 23, 2000--International Bancshares
Corporation (NASDAQ:IBOC) today announced that the Company has elected to become
a financial holding company. On November 12, 1999, President Clinton signed into
law the Gramm-Leach-Bliley Act ("GLBA"). This comprehensive legislation
eliminates the barriers to affiliations among banks, securities firms, insurance
companies and other financial service providers. GLBA provides for a new type of
financial holding company structure under which affiliations among these
entities may occur. Under GLBA, a financial holding company may engage in a
broad list of financial activities and any non-financial activity that the FRB
determines is complementary to a financial activity and poses no substantial
risk to the safety and soundness of depository institutions or the financial
system.
Under GLBA, a bank holding company may become certified as a financial
holding company by filing a declaration with the FRB, together with a
certification that each of its subsidiary banks is well capitalized, is well
managed, and has at least a satisfactory rating under the Community Reinvestment
Act of 1977 ("CRA"). The Company has elected to become a financial holding
company under GLBA and the election was made effective by the Federal Reserve
Board as of March 13, 2000. To date, the Company has not engaged in any
additional financial activities permitted by GLBA.
Dennis E. Nixon, Chairman and Chief Executive Officer, commented that IBC
chose to make this important election to position the Company to take advantage
of the opportunities afforded by this historic banking bill. "I believe this new
legislation will give IBC the opportunity to compete on a level playing field
with all the other financial providers that have eroded banking's market share
over the last several decades," he said.
IBC is a $5.4 billion multi-bank holding company headquartered in Laredo,
Texas, with over 90 facilities and 176 ATM's serving 28 communities including
Houston, San Antonio, Corpus Christi, McAllen, Brownsville, Port Lavaca, Zapata
and 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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