Popular, Inc. Completed the Acquisition of Quaker City Bancorp
September 03 2004 - 11:44AM
PR Newswire (US)
Popular, Inc. Completed the Acquisition of Quaker City Bancorp SAN
JUAN, Puerto Rico, Sept. 3 /PRNewswire-FirstCall/ -- On August 31,
2004, Popular, Inc. completed the acquisition of Quaker City
Bancorp. Quaker City is a savings and loan holding company for
Quaker City Bank, based in Whittier, California. Quaker City Bank
operates 27 retail full service branches in Southern California,
including 16 inside Wal-Mart stores. At June 30, 2004, Quaker City
reported total assets of $1.9 billion and total deposits of $1.1
billion. In this transaction Popular, Inc. acquired all of the
common stock of Quaker City at the price of $55 cash per share.
Popular, Inc. is a complete financial services provider with
operations in Puerto Rico, the United States, the Caribbean and
Latin America. With $40 billion in assets, Popular, Inc. ranks
among the 30 largest bank holding companies in the U.S. Banco
Popular North America, the main banking subsidiary of Popular, Inc.
in the U.S. mainland and the country's largest Hispanic-owned
financial institution, operates over 100 full service branches in
six states including California, Texas, Illinois, New York, New
Jersey and Florida. The 27 retail Quaker City locations will begin
operating under the Banco Popular name in 2005 bringing the total
number of Banco Popular branches in the U.S. to 127. As the leading
financial institution in Puerto Rico, Popular, Inc. offers full
retail and commercial banking services through its main 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. The Corporation continues to use its expertise in
technology and electronic banking as a competitive advantage in its
Caribbean and Latin America expansion, and to the region. Popular,
Inc. has always been committed to meeting the needs of retail and
business clients through innovation, and to fostering growth in the
communities it serves. DATASOURCE: Popular, Inc. CONTACT: Teruca
Rullan, Global Communications of Popular, Inc., +1-787-765-9800 or
+1-917- 679-3596 - mobile, ; Frances I. Ryan of Banco Popular North
America, +1-847-994-5972 or +1-847-924-4766 - mobile, Web site:
http://www.popularinc.com/
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