International Bancshares Corporation Announces Cash Dividend

Rhea-AI Summary

International Bancshares Corporation (IBOC) announced an early cash dividend of $.55 per share for shareholders of record on Feb. 5, 2021, payable on Feb. 17, 2021. This exceptional dividend reflects IBC's strong financial performance and robust capital position, attributed in part to the 2017 Tax Cut and Jobs Act. IBC manages approximately $13.6 billion in total assets and operates across 88 communities in Texas and Oklahoma.

Positive

• Early declaration of a cash dividend of $.55 per share.
• Strong financial performance supports dividend issuance.
• Robust capital position due to tax reform benefits.

Negative

• None.

International Bancshares Corporation (“IBC”) announced today that on Jan. 22, 2021, IBC’s Board of Directors approved the early declaration of a .55 cents per share cash dividend for shareholders of record of Common Stock, $1.00 par value, as of the close of business on Feb. 5, 2021, payable on Feb. 17, 2021, in lieu of the discretionary dividend that IBC has historically paid in April. “This discretionary cash dividend was made possible because of our Company’s historically strong financial performance, augmented by the benefits of the 2017 Tax Cut and Jobs Act, and our exceptionally strong capital position,” said Dennis E. Nixon, president and CEO of IBC.

IBC (NASDAQ:IBOC) is a multi-bank financial holding company headquartered in Laredo, Texas, with approximately $13.6 billion in total assets and 187 facilities and 281 ATMs serving 88 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 or IBC’s website at http://www.ibc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210125005643/en/

FAQ

What is the dividend amount announced by IBC?

International Bancshares Corporation announced a dividend of $.55 per share.

When is the dividend payable to shareholders?

The dividend is payable on February 17, 2021.

Who are the shareholders of record for the IBC dividend?

Shareholders of record are those holding shares as of February 5, 2021.

What financial impact does the 2017 Tax Cut and Jobs Act have on IBC?

The tax cut has contributed positively to IBC's strong financial performance.