Popular Reports Adverse Arbitration Award in FDIC Dispute
October 04 2016 - 6:54PM
Business Wire
As previously disclosed, disputes between Banco Popular de
Puerto Rico (“BPPR”) and the Federal Deposit Insurance Corporation,
as receiver, under the commercial loss share agreement entered into
in connection with the Westernbank FDIC-assisted transaction are
subject to arbitration before a review board. Popular, Inc.
(NASDAQ:BPOP) announced today that the review board hearing one of
the claims submitted by BPPR issued a final arbitration award
denying BPPR’s request for reimbursement of approximately $55
million in shared loss claims. As a result, for the quarter ended
September 30, 2016, Popular expects to recognize a pre-tax charge
of approximately $55 million and a corresponding reduction to its
FDIC indemnification asset.
Mr. Richard L. Carrión, Chairman of the Board and Chief
Executive Officer, said: “While we are very disappointed with this
result, we will continue to actively assert our rights under the
commercial loss share agreement for the benefit of our
shareholders.”
About Popular, Inc.
Founded in 1893, Popular, Inc. is the leading banking
institution by both assets and deposits in Puerto Rico and ranks
among the top 50 U.S. banks by assets. Popular provides retail,
mortgage and commercial banking services through its principal
banking subsidiary, Banco Popular de Puerto Rico, as well as auto
and equipment leasing and financing, investment banking,
broker-dealer and insurance services through specialized
subsidiaries. In the United States, Popular has established a
community-banking franchise providing a broad range of financial
services and products with branches in New York, New Jersey and
Florida under the name of Popular Community Bank.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161004006662/en/
Popular, Inc.Investor Relations:Brett Scheiner,
212-417-6721Investor Relations OfficerorMedia
Relations:Teruca Rullán, 787-281-5170 or 917-679-3596
(mobile)
Popular (NASDAQ:BPOP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Popular (NASDAQ:BPOP)
Historical Stock Chart
From Sep 2023 to Sep 2024