IBC completes $216M sale of stock

[douglas9]

International Bancshares Corp. on Tuesday completed the issuance and sale of $216 million of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, to the U.S. Treasury.

It's part of the government's Capital Purchase Program, a voluntary initiative for U.S. financial institutions designed to support the economy by increasing financing to businesses and consumers.

IBC's preliminary approval to participate in this program was announced on Nov. 20.

IBC's Series A Preferred Stock will pay a cumulative annual dividend rate of 5 percent for the first five years and will reset to an annual rate of 9 percent after year five.

The Series A Preferred Stock is callable by IBC, in whole or in part, at par after three years.

http://www.lmtonline.com/articles/2008/12/24/news/doc495237da6c480046704315.prt

Bailout for IBC?

[WolverineDG]

1. They bought Inscorp with their bailout bucks

It was all over the front page of the local rage like it was good news (of course, the owner of the paper is a Republican).

dg