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!
Mar. 18, 2014, 9:43 AM
- Popular (BPOP +2.2%) opens with a pop after hot-handed Mark Palmer at BTIG initiates coverage in the Puerto Rican lender with a Buy and $42 price target. "We believe that BPOP’s discount valuation and upcoming catalysts make it a compelling risk/reward proposition."
Jan. 23, 2014, 9:05 AM
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Dec. 13, 2013, 12:58 PM| Comment!
Oct. 23, 2013, 8:20 AM
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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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