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Jul. 3, 2014, 8:01 AM
- "We bring to a close a difficult chapter in our history and we emerge as a stronger and more focused institution," says BPOP CEO Richard Carrion after repurchasing $935M of trust capital securities issued to the Treasury in 2008 in exchange for TARP bailout funds.
- The bank also offers to repurchase the warrant issued to Treasury, representing the right to purchase 2.093M shares of Popular at $67 each.
- Source: Press Release
Jun. 27, 2014, 2:42 PM
- About $400M of the 5-year senior notes with 7% coupon will go towards repaying the government $935M. The other $50M will be for additional liquidity for the holding company.
- Popular's (BPOP +0.4%) nice run continues, with the stock ahead nearly 17% YTD.
- Press release
- Previously: Popular green-lighted to repay TARP funds
Jun. 19, 2014, 7:37 AM
- The catalyst many Popular (BPOP) bulls have been waiting for, the bank announces regulatory approval to repay $935M in TARP bailout money it received. Popular expects to fund the repayment with cash on hand and about a $400M debt issue.
- The bank also intends to repurchase all outstanding warrants (2.09M) issued to Treasury giving the government the right to buy Popular common stock at $67 per share.
- The stock gained 0.2% in after-hours trade following the announcement.
- Press release
Jun. 3, 2014, 1:20 PM
- Popular (BPOP +3.8%) and First Bancorp (FBP +4.5%) are posting strong gains in the wake of fellow Puerto Rico lender Doral Financial's (DRL -17.7%) escalating liquidity issues.
- Both Popular and First Bancorp are no doubt eyeing assets they can maybe pick up on the cheap, and yesterday FBP purchased from Doral servicing rights on mortgages with about $242.1M of UPB.
- Previously: Doral completes sale of mortgages; evaluating strategic alternatives
Apr. 23, 2014, 8:53 AM
- As tipped last night, Popular (BPOP) inks deals to sell its operations in Chicago, Southern California, and Central Florida, leaving the lender to concentrate its U.S. mainland business in New York and South Florida.
- Together the deals include 41 branches, about $1.8B in related loan portfolios, and about $2.1B in deposits. The Chicago buyer is First Midwest Bank (FMBI), the California buyer is Banc of California (BANC), and Florida is Harbor Community Bank.
- The deal will include the closing of Popular's mainland headquarters in Rosemont, IL along with an Orlando office. Off the roughly 550 positions at those locations, 100 will be move to other mainland offices and 200 to Puerto Rico.
- Popular says the sales will results in a net premium of about $25M along with a goodwill writedown of $160M and restructuring charges of $53M.
- Shares +1.9% premarket
- Previously: Popular nears sale of some mainland U.S. branches
Apr. 23, 2014, 7:15 AM
Apr. 23, 2014, 12:05 AM| Comment!
Apr. 22, 2014, 8:36 PM
- A deal for Popular (BPOP) to sell its Chicago and Southern California franchises along with some Florida branches to multiple buyers could be announced as soon as tomorrow, reports the WSJ (the bank reports Q1 earnings before the bell).
- Popular's 12-branch Chicago-area franchise operates as Popular Community Bank, has more than $800M in deposits and $500M in loans, and could fetch $5M-$15M, according to Crain's, which two weeks ago reported the bank had hired RBC to manage the sale. Interested publicly traded parties looking for quick entree to Chicago's Hispanic market might include Wintrust Financial (WTFC), PrivateBancorp (PVTB), and First Midwest Bancorp (FMBI).
- The Southern California branches have a deposit base of $1.2B.
- Hit as hard as the next guy by the U.S. financial panic, Popular has also had to deal with the Puerto Rico's economic crisis in the years since, and has been shrinking mainland U.S. operations to shore up its balance sheet. The bank still owes $935M in bailout funds it received in 2008, and awaits word from the FRBNY over whether its application to repay those monies has been approved.
Apr. 22, 2014, 5:30 PM| Comment!
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BPOP vs. ETF Alternatives
Popular Inc is a publicly owned bank holding company, which offers retail and commercial banking services through its banking subsidiary, Banco Popular de Puerto Rico. The Bank also offers insurance and reinsurance services.
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