Popular Announces Termination of Negotiations to Sell Portfolio of Non-performing Construction and Commercial Real Estate Loans
May 19 2011 - 5:08PM
Business Wire
Popular, Inc. (Nasdaq:BPOP) (the “Corporation”) announced today
that Banco Popular de Puerto Rico (“BPPR”), its principal banking
subsidiary, and a financial group led by an unrelated real estate
investment and asset management firm had terminated negotiations
regarding the sale by BPPR of a portfolio of non-performing
construction and commercial real estate loans to a new joint
venture entity to be sponsored by the financial group. The
negotiations were terminated as a result of the parties being
unable to agree on the final terms and conditions of the definitive
documentation. On January 31, 2011, the Corporation had announced
the execution of a non-binding letter of intent regarding this
transaction.
Mr. Carrion, Chairman of the Board and Chief Executive Officer
of the Corporation stated: “After careful consideration and a
review of final terms and conditions proposed by the financial
group, which differ in various key respects from those outlined in
the letter of intent, we have decided not to proceed with this
transaction. Although we are disappointed that we were unable to
complete the transaction as originally envisioned, we believe that
this is the best decision for the Corporation and its
shareholders.
“We will continue to explore other opportunities to sell these
assets in one or more transactions, as well as internal strategies
to maximize our recoveries,” Mr. Carrión added.
Founded in 1893, Popular, Inc. is the leading banking
institution by both assets and deposits in Puerto Rico and ranks
35th by assets among U.S. banks. 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, Illinois, Florida and California.
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