Laredo, Texas-based International Bancshares declares dividend, to

Journal Record, The (Oklahoma City), Apr 28, 2009

International Bancshares Corp.'s board of directors has approved a cash dividend of 17 cents per share.

The dividend is payable May 11 to shareholders of record on April 27.

The directors also approved the repurchase of up to $40 million of common stock within the year.

"Based on current market prices, we believe our common stock is undervalued and that the stock offers a tremendous investment opportunity that will greatly enhance shareholder value," said Dennis E. Nixon, chairman and president of Laredo-based IBC.

IBC terminated a stock repurchase program on Dec. 19 in connection with participating in the Treasury Department's Capital Purchase Program. On April 7, IBC received consent from the Treasury Department to pay quarterly dividends and to use the regular dividend funds to repurchase common stock.

IBC has more than 265 bank facilities and 420 ATMs in Texas and Oklahoma.