International Bancshares (IBOC) in Laredo, Texas, has completed the repurchase of its remaining 131,000 shares of preferred stock issued under the Troubled Asset Relief Program.
It paid the Treasury Department $131 million for the shares plus an accrued dividend of roughly $236,500, International said Wednesday. It had received $216 million in December 2008 under Tarp.
"We are pleased to make this final repurchase of the Tarp preferred stock while still retaining our strong capital position and without issuing any common stock or incurring any company debt," Dennis E. Nixon, the chairman and president of International, said in a news release.
International, which has assets of $12.1 billion, had made partial repayments of its Tarp funds in July 2011 and earlier this month. After the final share repurchase, International's total capital to risk-weighted assets fell from 22.93% to 20.22% as of Sept. 30.