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News Breaks | | | | March 1, 2013 | | 07:03 EDT |  | BPOP | Popular to sell $568M of non-performing loans, other real estate owned
Popular announced that Banco Popular de Puerto Rici, its principal banking subsidiary, has entered into a definitive agreement to sell a portfolio of non-performing commercial and construction loans, and commercial and single-family real estate owned, with a combined unpaid principal balance on loans and appraised value of other real estate owned of $1.02B and book value of $568M, to an entity majority owned by a joint venture between Caribbean Property Group LLC and certain affiliated funds of Perella Weinberg Partners Asset Based Value Strategy. As a result of the sale, Popular will reduce its non-performing assets by approximately 28%, or $568M. This transaction will decrease (i) commercial non-performing loans by approximately 57%, or $392M, (ii) construction non-performing loans by approximately 45%, or $55M, and (iii) other real estate owned by approximately 45%, or $121M. Popular’s pro-forma non-performing assets NPA ratio as of December 31, 2012 decreases from 5.48% to 3.95%. The assets subject to the transaction are part of Popular’s non-covered portfolio in Puerto Rico and are not subject to the loss sharing agreements with the FDIC. The transaction is expected to result in an after-tax loss of approximately $185M, which will be recognized in the first quarter of 2013. | |
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| June 5, 2013 | | 07:29 EDT |  | BPOP | Deutsche Bank to host a conference
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