International Bancshares Corp.(IBOC: Quote) announced that its Board approved the declaration of a $0.20 per share cash dividend for shareholders of record as of the close of business on April 2, 2012, payable on April 20, 2012.
"This cash dividend, which reflects a 5.25% increase of 1 cent per share over IBC's most recent cash dividend, was made possible because of IBC's continuing strong performance during these challenging economic times," said Dennis Nixon, Chairman and President of IBC.
It is the inclination of the Board to continue to declare semiannual cash dividends.
IBC announced the extension of its stock repurchase program. On April 9, 2009, March 9, 2010, and March 10, 2011 the Board authorized the repurchase of up to $40 million of common stock within the next twelve months.
The company said that its board again authorized the repurchase of up to $40 million of its common stock during the twelve month period commencing on April 9, 2012, which repurchase cap the Board is inclined to increase over time.
by RTT Staff Writer
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