Popular, Inc. Announces Closing of Infinity Mortgage Asset Acquisition Transaction
November 11 2005 - 9:38AM
PR Newswire (US)
MARLTON, N.J., Nov. 11 /PRNewswire-FirstCall/ -- Popular, Inc.
(NASDAQ:BPOP) announced the closing of a transaction to acquire
substantially all of the assets of Infinity Mortgage Corporation,
located in Parsippany, New Jersey. Infinity Mortgage's operations
are now part of Equity One, Inc., a subsidiary of Popular Financial
Holdings, Inc., Popular, Inc.'s wholly owned subsidiary based in
Marlton, New Jersey. This transaction further expands Popular,
Inc.'s penetration into the U.S. market and will complement the
company's existing non-prime mortgage lending business through
direct mail. The transaction also allows the company to expand its
loan servicing business. The acquisition gives Popular, Inc. and
Equity One the opportunity to leverage the unique strengths of the
newly acquired Parsippany operations beyond New Jersey, New York,
Connecticut, Maryland, Massachusetts and Pennsylvania -- the states
served by Infinity. According to Richard L. Carrion, Chairman of
the Board and Chief Executive Officer of Popular, Inc., "We are
delighted to have Infinity Mortgage join our company. Infinity
shares our commitment to delivering an exceptional customer
experience, and we believe the expanded products and services we
can provide will be of benefit to customers in their market." Bill
Williams, President of Popular Financial Holdings, said, "The
shared values between both companies go a long way to support our
mission of being the lender of choice for our customers. We look
forward to working together in the days ahead to fulfill that
mission." About Popular, Inc. Popular, Inc. is a full service
financial services provider with operations in Puerto Rico, the
United States, the Caribbean and Latin America. As the leading
financial institution in Puerto Rico with over 280 branches and
offices, the Corporation offers retail and commercial banking
services through its banking subsidiary, Banco Popular de Puerto
Rico, as well as investment banking, auto and equipment leasing and
financing, mortgage loans, consumer lending, insurance and
information processing through specialized subsidiaries. In the
United States, the Corporation has established the largest
Hispanic-owned financial services franchise, providing complete
financial solutions to all the communities it serves. Banco Popular
North America operates over 135 branches in California, Texas,
Illinois, New York, New Jersey and Florida. The Corporation's
finance subsidiary in the United States, Popular Financial
Holdings, Inc., operates nearly 200 retail lending locations
offering mortgage and personal loans, and also maintains a
substantial wholesale broker network, a warehouse lending division,
loan servicing, and an asset acquisitions unit. The Corporation
continues to use its expertise in technology and electronic banking
as a competitive advantage in its Caribbean and Latin America
expansion, through its financial transaction processing company,
EVERTEC. The Corporation is exporting its 112 years of experience
through the region while continuing its commitment to meet the
needs of retail and business clients through innovation, and to
fostering growth in the communities it serves. Popular is ranked
among FORTUNE magazine's 2005 100 Best Companies to Work For. This
press release may contain forward-looking statements with respect
to the financial condition, results of operation and businesses of
Popular and Infinity within the meaning of the Private Securities
Litigation Reform Act of 1995. These include statements that relate
to future financial performance and condition. These
forward-looking statements involve certain risks and uncertainties,
many of which are beyond Popular and Infinity's control. Factors
that may cause actual results to differ materially from those
contemplated by such forward-looking statements include, among
others: (1) the success of Popular at integrating Infinity's assets
into its organization; (2) the risk that the cost savings and any
revenue synergies from the acquisition of assets may not be fully
realized or may take longer to realize than expected; (3) changes
in the interest rate environment reducing interest margins or
increasing interest rate risk; (4) operating costs and business
disruption, including difficulties in maintaining relationships
with employees, customers or suppliers, may be greater than
expected following the transaction; (5) deterioration in general
economic conditions, internationally, nationally or in any
particular state; (6) increased competitive pressure among
financial services companies; (7) legislative or regulatory
changes, or the adoption of new regulations, adversely affecting
the businesses in which Popular and/or Infinity engage; (8) the
impact of terrorist acts or military actions; (9) the impact of
earthquakes, hurricanes or other natural disasters; and (10) other
risks detailed in reports filed by Popular with the Securities and
Exchange Commission. Forward-looking statements speak only as of
the date they are made, and Popular disclaims any duty to update
any forward-looking statements after the date that such statement
is made. DATASOURCE: Popular, Inc. CONTACT: Investor relations,
Jorge A. Junquera, Chief Financial Officer, Senior Executive Vice
President, +1-787-754-1685, or media relations, Teruca Rullan,
Senior Vice President, Corporate Communications, +1-787-281-5170,
or mobile, +1-917-679-3596, both of Popular Web site:
http://www.popularinc.com/
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