The Texas Bankers Association has selected the chief executive of Commerce Bank in Laredo to become its new chairman.

Ignacio Urrabazo was inducted on Friday at an event in San Antonio. The nation's biggest state banking association monitors legal and regulatory developments on the state and federal level on behalf of its members, which include representatives from 85% of Texas banks, it said.

Urrabazo joined Commerce Bank, a unit of the $11.9 billion-asset International Bancshares (IOBC), in 1983. He is a former chairman of the National Bankers Association and the Minbanc Foundation, a group supporting minority-owned banks. He recently completed a term on the Federal Deposit Insurance Corp.'s community banking advisory committee.

Urrabazo has held several roles with the Texas Bankers Association over more than a decade, including treasurer, board member and member of the executive committee.

"We are very proud of [Urrabazo]'s new role as chairman of one of the most important banking associations in the nation," Dennis Nixon, International Bancshares' chairman, said in a press release. Urrabazo "has had a consistent history of trade association involvement and political activism which will add great value to his new role as chairman."

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