loniee
16 years ago
Hey there!!cheak this out..first page in the proxy statement.
- Proxy Statement - Notice of Shareholders Meeting (preliminary) (PRE 14A)
International Bancshares
Corporation
April 18, 2009
Dear Shareholder:
Once again, we are preparing for our Annual Shareholders' Meeting on Monday, May 18, 2009, at 2:00 PM . We encourage everyone to arrive no later than 1:30 p.m. to avoid delays.
The meeting will be held at IBC's newest location, the IBC Annex Building at 2416 Jacaman Rd. Laredo, Texas 78041, across from the Laredo Entertainment Center .
In preparation for the meeting, I'm enclosing the Annual Report to Shareholders containing financial statements audited by McGladrey & Pullen, LLP, as well as the formal Notice of Annual Meeting of Shareholders, Proxy Statement and a Proxy Card. The Proxy Card has been provided for the purpose of voting for the election of Directors and other issues to be presented at the meeting.
In order to have a quorum at the meeting, I urge you to complete and sign the Proxy Card and return it in the enclosed self-addressed envelope .
I'm happy with the results for 2008 considering the challenges we faced during these economic times. IBC has continued to grow total assets and earnings in the face of these many challenges. A great deal of emphasis has been placed on building retail banking through our expanded branch system. I'm happy to report that these efforts are really beginning to bear fruit. As you can see from the summary of financial data, IBC improved total results for 2008. Although these results were good, your management team is clearly focused on improving this performance.
2007 2008
Net Profits After Taxes
$ 121,312,000 $ 132,112,000
Total Assets
$ 11,167,161,000 $ 12,439,341,000
Return on Your Shareholders' Equity
13.73 % 13.34 %
Book Value of Each of Your Common Shares
$ 14.54 $ 16.25
Basic Earnings per Share—Adjusted for Dividends
$ 1.76 $ 1.93
Over the last two years, IBC has opened 70 new branches, including locations in Beeville and Sinton. These new locations, coupled with IBC's aggressive organic growth program give IBC more than 265 branches in 101 communities throughout Texas and Oklahoma. This initiative is very aggressive, but in line with IBC's expansion strategy. IBC is totally committed to meeting the needs of our customers and these new branches are being positioned to expand existing relationships as well as attract new customers. This aggressive branch expansion program is expensive, but it is a cost that needs to be borne in order to assure IBC's ability to compete in the twenty-first century. Your management is pleased with the progress of this strategy and believes these branches will produce positive results as each branch matures.
This is my 34 th year of service to IBC. It has been a real joy leading a company that has been built around successful people ready to meet all the challenges we face in the industry. I'm looking forward to sharing our success story at the annual meeting, so please make a special effort to attend, but in any event, please return your Proxy Card as soon as possible in order that we may have the necessary votes recorded at the meeting .
We will have a social time immediately following our business session to provide you an opportunity to visit with your staff and enjoy the afternoon. Just one last reminder, the time of the meeting has been changed to 2:00 pm and it will be held at the IBC Annex Building on Jacaman Rd .
Sincerely yours,
Dennis E. Nixon
President
--------------------------------------------------------------------------------
INTERNATIONAL BANCSHARES CORPORATION
Post Office Drawer 1359
Laredo, Texas 78042-1359
BleeckerStreet
16 years ago
Insider Transaction History
Transaction Date Name/
Position Transaction Type Current Average
6 Month Return Market Value Shares Price Range Total Holdings
March 6, 2009 Sanchez, Antonio R Jr
Directors Sale +0.16% $3.6M 424,600.00 $8.13 - 8.65 11,262,800.00
March 5, 2009 Sanchez, Antonio R Jr
Directors Planned Sale -- $7.2M 800,000.00 -- - -- --
March 5, 2009 Santig, Ltd
Affiliates Planned Sale -- $2.3M 250,000.00 -- - -- --
March 4, 2009 Newman, Peggy J
Directors Purchase +0.21% $10.5K 1,100.00 $9.59 - 9.59 18,116.00
March 2, 2009 Hastings, Daniel B Jr
Directors Purchase +0.11% $148.6K 15,000.00 $9.70 - 9.93 174,018.00
February 24, 2009 Nixon, Dennis E
Officers Stock Gift -- $0.0 1,204.00 $0.00 - 0.00 2,576,430.00
January 13, 2009 Nixon, Dennis E
Officers Stock Gift -- $0.0 9,716.00 $0.00 - 0.00 2,576,430.00
January 12, 2009 Greenblum, Irving
Directors Stock Gift -- $0.0 9,600.00 $0.00 - 0.00 624,884.00
loniee
16 years ago
IBC Comments on Stock Price
Wednesday 03/25/2009 11:07 AM ET - Businesswire
Related Companies
Symbol Last %Chg
IBOC 8.24 5.37%
As of 4:00 PM ET 4/2/09
International Bancshares Corporation (NASDAQ:IBOC) today reported that management of the Company does not believe the current common stock price reflects the strengths of the Company. The Company continues to maintain strong levels of capital and earnings continue to be good as reflected by the Company's annual net income for 2008 of $132.1 million or $1.93 per share - basic ($1.92 per share-diluted). This solid level of performance reflects IBC's commitment to credit quality and superior earnings even during these difficult economic times.
From an economic perspective, IBC operates in perhaps the best geographic area in the nation, with lower unemployment and a stronger basic economy then most regions. In addition, IBC has historically performed above peer group averages in virtually all performance measures used to evaluate the success of a financial institution. In fact, IBC was recently recognized by Bank Director as the 18th best performing bank.
Management of the Company believes the Company's low current stock price has been negatively affected by short-selling. Short-selling occurs when investors borrow shares and sell them hoping the stock will fall and they can buy the shares at a lower price. In recent months, short-selling has been blamed in the media for driving down shares of financial stocks. As a Company that participated in the U.S. Treasury Department's Capital Purchase Program, the Company is particularly vulnerable to the harmful practices of short-traders because under the CPP, the Company is prohibited from repurchasing its common stock.
The Securities and Exchange Commission is expected to consider a proposal to combat abusive short selling in April, which proposal may include restoring the "uptick rule," that prevents traders from initiating a short-sale unless the price of a stock in its most recent trade was at or higher than the previous price.
The Company chose to participate in the CPP program even though the Company was well capitalized. Since the CPP program was designed to only be offered to sound financial institutions with solid regulatory ratings and was encouraged by the Treasury, the Company deemed it prudent to participate and issued $216 million of preferred stock to the U.S. Department of the Treasury. The CPP is not a bank bailout program and it is totally distinct from the extraordinary assistance the government has provided to certain large troubled financial institutions.
Total assets at December 31, 2008 were $12.4 billion compared to $11.2 billion at December 31, 2007. Total net loans were $5.8 billion at December 31, 2008 compared to $5.5 billion at December 31, 2007. Deposits were $6.9 billion at December 31, 2008 compared to $7.2 billion at December 31, 2007.
IBC is a multi-bank financial holding company headquartered in Laredo, Texas, with 265 facilities and more than 420 ATMs serving 101 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.
SOURCE: International Bancshares Corporation
International Bancshares Corporation
Judy Wawroski, 956-722-7611 (Laredo)
Vice President