International Bancshares (IBOC) in Laredo, Texas, has repurchased $40 million of preferred stock that it issued to the Treasury Department under the Troubled Asset Relief Program.

The $11.9 billion-asset company completed the repayment without issuing common stock or increasing debt, Dennis E. Nixon, International's chairman and president, said in a press release. International also paid the Treasury about $310,000 in accrued dividends.

The company, which received $216 million under Tarp in December 2008, plans to buy back its remaining shares by the end of June 2013.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.