International Bancshares Corporation announced on 6 October that it will transfer the primary listing of its common stock from Nasdaq to the Texas Stock Exchange. Trading on TXSE is expected to begin at the open on October 19 under the existing ticker, IBOC. Nasdaq trading ends at the close on October 16. Shareholders will not be affected.
The company is one of the largest independent bank holding companies in Texas. It is headquartered in Laredo, where its flagship bank was founded in 1966 with less than $1 million in assets. It has grown into an institution of about $17 billion, serving 75 communities across Texas and Oklahoma through five subsidiary banks. Dennis E. Nixon, chairman and chief executive, said the move brings the listing to the state where the business has prospered for 60 years. He said Texas has long been a place where free enterprise principles have allowed businesses to build, grow and lead, and that the firm is confident TXSE will create new opportunities for the business and its investors.
James H. Lee, chairman and chief executive of TXSE, called IBC one of the great franchises in Texas banking and said the exchange was built to power American success stories like it. The company has said the transfer aligns its roots in the state with its long-term focus on delivering value to shareholders, and that TXSE will be a catalyst for capital formation and market innovation.
This is not the first primary listing TXSE has taken. Disruption Banking reported in September that Energy Transfer and three affiliates plan to move their primary listings from the New York Stock Exchange, taking nearly $100 billion of listing value out of New York. Texas Capital is bringing its own corporate listing home. Schwab has added a secondary listing while keeping its primary on the NYSE. Index providers have updated their methodologies so that a primary listing on TXSE does not drop a company out of the major indices. That removed the practical barrier that would otherwise have kept a Texas issuer on Nasdaq or the NYSE.
IBC is smaller than some of the earlier companies that have listed. However, it is also the clearest case of a Texas operating company that has no reason to stay on Nasdaq. Its customers, its branches and its history are in the state. The listing is following them. Whether other regional banks with the same footprint do the same is the open question.
See Also:
Schwab Initiates Secondary Listing on the Texas Stock Exchange | Disruption Banking
Texas Capital to Bring Corporate Listing Home to the Texas Stock Exchange | Disruption Banking
