Financial holding company International Bancshares Corp. said that its audit committee has dismissed KPMG as its auditor and replaced the Big Four firm with McGladrey & Pullen.

The company emphasized the dismissal was not related to any disagreement with KPMG over accounting principles or practices, financial statement disclosures, or auditing scope or procedures. IBC CEO Dennis E. Nixon said in a statement that his board's audit committee believed it would be "better served by using McGladrey to audit the company's financial statements."

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