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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001104659-02-000140.txt : 20020414
<SEC-HEADER>0001104659-02-000140.hdr.sgml : 20020414
ACCESSION NUMBER:		0001104659-02-000140
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20020128
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20020130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL BANCSHARES CORP
		CENTRAL INDEX KEY:			0000315709
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				742157138
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-09439
		FILM NUMBER:		02521689

	BUSINESS ADDRESS:	
		STREET 1:		12OO SAN BERNARDO AVE
		STREET 2:		PO BOX 1359
		CITY:			LAREDO
		STATE:			TX
		ZIP:			78040-1359
		BUSINESS PHONE:		9567227611

	MAIL ADDRESS:	
		STREET 1:		P O BOX 1359
		STREET 2:		1200 SAN BERNARDO
		CITY:			LAREDO
		STATE:			TX
		ZIP:			78040
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>j2697_8k.htm
<DESCRIPTION>8-K
<TEXT>
<html>



<head>



<title>Prepared by MERRILL CORPORATION</title>



</head>



<body style="text-justify-trim:punctuation;">



<div style="font-family:Arial;">



<div style="border:none;border-top:double windowtext 9.0pt;padding:0in 0in 0in 0in;">



<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;text-autospace:none;"><font size="5" face="Times New Roman" style="font-size:18.0pt;">&nbsp;</font></p>



</div>



<h5 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></h5>



<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Washington, D.C.&#160; 20549</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<h5 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM 8&#150;K</font></b></h5>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<h2 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">CURRENT REPORT</font></b></h2>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>





<div align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">



<hr size="1" width="25%" noshade color="black" align="center">



</font></div>





<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<h2 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant to Section 13 or 15 (d) of</font></b></h2>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">The Securities Exchange Act of 1934</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>



<h6 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report

(Date of earliest event reported): January 28, 2002</font></b></h6>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<h5 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">INTERNATIONAL BANCSHARES CORPORATION</font></b></h5>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant as Specified in its

Charter)</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<h2 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commission File Number 0&#150;9439</font></b></h2>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<div align="center">



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.08%;">

  <h6 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Texas</font></b></font></h6>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.82%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">74-2157138</font></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.08%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State

  or other Jurisdiction</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.82%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S.

  Employer</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.08%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">of

  incorporation or organization)</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.82%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification

  No.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.08%;">

  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.08%;">

  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.82%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.08%;">

  <h6 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1200 San Bernardo, Laredo, Texas</font></b></font></h6>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.82%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">78040-1359</font></b></font></p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.08%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address

  of principal executive offices)</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.82%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="padding:0in .7pt .7pt .7pt;width:49.1%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ZIP

  Code)</font></font></p>

  </td>

 </tr>

</table>



</div>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant's telephone number, including

area code)<b><font style="font-weight:bold;">&#160;

(956) 722&#150;7611</font></b></font></font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h6 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></b></font></h6>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former name or former address, if changed

since last report)</font></font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></font></p>



<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">



<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;text-autospace:none;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></font></p>



</div>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></font></p>



<font><font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.</font></u></b><b><font face="Times New Roman" style="font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Other Events</u></font></b></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>



<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;text-align:left;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">On

January 28, 2002, International Bancshares Corporation (&#147;IBC&#148;) issued a news

release announcing that its board of directors authorized IBC to expand its

stock repurchase program.&#160; IBC is now

authorized to repurchase up to $80 million of its common stock through December

2002, compared to the prior authorization of $60 million through December

2002.&#160; Stock repurchases may be made

from time to time, on the open market or through private transactions.&#160; Shares repurchased in this program will be

held in treasury for reissue for various corporate purposes, including employee

stock option plans.&#160; As of January 25,

2002, a total of 1,334,034 shares had been repurchased under this program at a

total cost of approximately $54 million, which shares are now reflected as 1,711,070

shares of treasury stock as adjusted for stock dividends.&#160; The Company currently has invested

approximately $75 million in treasury shares, which amount has been accumulated

since the inception of the Company.</font></b></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.</font></u></b><b><font face="Times New Roman" style="font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Financial

Statements and Exhibits</u></font></b></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">c.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibits</font></b></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 1.5in;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The following exhibit

is filed as part of this report:</font></b></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



<p style="margin:0in 0in .0001pt 1.5in;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(99)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; News release of International

Bancshares Corporation dated January 28, 2002.</font></b></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></font></p>



<font><b><font size="2" face="Arial" style="font-family:Arial;font-size:10.0pt;font-weight:bold;">
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>



<h6 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></b></font></h6>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Pursuant to the

requirements of the Securities Exchange Act of 1934, the registrant has duly

caused this report to be signed on its behalf by the undersigned hereunto duly

authorized.</font></b></font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="45%" style="border-collapse:collapse;margin-left:2.5in;width:45.88%;">

 <tr>

  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:100.0%;">

  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INTERNATIONAL BANCSHARES CORPORATION</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt .7pt .7pt;width:100.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Registrant)</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:14.34%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="85%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:85.66%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

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  <td width="14%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:14.34%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="85%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:85.66%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

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  <td width="8%" valign="top" style="padding:0in .7pt .7pt .7pt;width:8.2%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">By:</font></b></p>

  </td>

  <td width="6%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:6.14%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>

  </td>

  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:40.82%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">/s/ DENNIS E. NIXON</font></b></p>

  </td>

  <td width="44%" valign="top" style="padding:0in .7pt .7pt .7pt;width:44.82%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:14.34%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="85%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:85.66%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DENNIS E. NIXON, President,</font></b></p>

  </td>

 </tr>

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  <td width="14%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:14.34%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="85%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:85.66%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">and Chief Executive Officer</font></b></p>

  </td>

 </tr>

 <tr height="0">

  <td width="27" style="border:none;"></td>

  <td width="20" style="border:none;"></td>

  <td width="133" style="border:none;"></td>

  <td width="147" style="border:none;"></td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Date: January 28, 2002</font></b></font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></font></p>



<font><font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="font-family:'Times New Roman';font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;">&nbsp;</p>



<p align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT INDEX</font></b></font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;margin-left:1.5in;width:80.2%;">

 <tr>

  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:10.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit<br>

  Number</font></b></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:9.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.84%;">

  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-decoration:underline;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-decoration:none;">Description</font></b></p>

  </td>

  <td width="67%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:67.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="10%" valign="top" style="padding:0in .7pt .7pt .7pt;width:10.5%;">

  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:9.32%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="font-family:'Times New Roman';padding:0in .7pt .7pt .7pt;width:12.84%;">

  <p style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-decoration:underline;">&nbsp;</p>

  </td>

  <td width="67%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:67.34%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="10%" valign="top" style="padding:0in .7pt .7pt .7pt;width:10.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">99</font></b></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:9.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="80%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:80.18%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">News Release of International Bancshares

  Corporation dated January 28, 2002</font></b></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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<head>



<title>Prepared by MERRILL CORPORATION</title>



</head>



<body>



<div>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="margin:0in 0in .0001pt;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONTACT:</font></font></p>



<p style="margin:0in 0in .0001pt;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rosanne

Palacios</font></font></p>



<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-autospace:none;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President of Marketing</font></font></h4>



<p style="margin:0in 0in .0001pt;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">International

Bancshares Corporation</font></font></p>



<p style="margin:0in 0in .0001pt;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">(956) 726-6636</font></font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Elizabeth

Marshall or</font></font></p>



<p style="margin:0in 0in .0001pt;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brian Dwyer</font></font></p>



<p style="margin:0in 0in .0001pt;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">KGB Texas,

Inc.</font></font></p>



<p style="margin:0in 0in .0001pt;"><font><font size="2" face="Times New Roman" style="font-size:10.0pt;">(210) 826-8899</font></font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-autospace:ideograph-numeric ideograph-other;"><font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">FOR IMMEDIATE RELEASE:</font></b></font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;text-decoration:underline;"><font><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">International Bancshares

Corporation expands Stock Repurchase Program</font></u></b></font></h1>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Laredo, Texas&#151;(BUSINESS

WIRE)&#151;January 28, 2002--International Bancshares Corporation (NASDAQ:IBOC)

announced that its board of directors expanded its stock repurchase

program.&#160; The Company is now authorized

to repurchase up to $80 million of its common stock through December 2002,

compared to the prior authorization of $60 million through December 2002.&#160; Stock repurchases may be made from time to

time, on the open market or through private transactions.&#160; Shares repurchased in this program will be

held in treasury for reissue for various corporate purposes, including employee

stock option plans.&#160; As of January 25,

2002, a total of 1,334,034 shares had been repurchased under this program at a

total cost of approximately $54 million, which shares are now reflected as

1,711,070 shares of treasury stock as adjusted for stock dividends.&#160; The Company currently has invested

approximately $75 million in treasury shares, which amount has been accumulated

since the inception of the Company.</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">IBC is a $6.3 billion multi-bank financial holding company

headquartered in Laredo, Texas, with 126 facilities and 238 ATM&#146;s serving 40

communities, with facilities in Houston, San Antonio, McAllen, Brownsville,

Corpus Christi, Eagle Pass, Zapata, Port Lavaca, Victoria and many other

communities in the central, south and Gulf Coast regions of Texas.</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Safe Harbor&#148; 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&#146;s filings with the Securities and Exchange Commission.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Copies of IBC&#146;s SEC filings and Annual Report

(as an exhibit to the 10-K) may be downloaded from the SEC filings site located

at <u>http://www.sec.gov/edgar.shtml</u>.</font></p>



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