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.
