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June 18, 2014
17:43 EDTBPOPPopular receives regulatory approval to repay $935M in TARP funds
Popular announced today that it has received regulatory approval to repay $935M in TARP Capital Purchase Program funds to the U.S. Treasury. Popular intends to redeem its junior subordinated debentures held by Popular Capital Trust III, at a redemption price of 100% of the principal amount outstanding, plus accrued and unpaid interest. The Trust will in turn redeem the $935M of its trust capital securities held by the U.S. Treasury. The trust capital securities were issued to the U.S. Treasury in August 2009 in exchange for the 935,000 shares of Popularís Series C preferred stock initially issued in December 2008 to the U.S. Treasury under the TARP Capital Purchase Program. Popular intends to fund the repayment of the TARP funds from a combination of internal liquidity and an issuance of approximately $400M of debt securities, subject to market conditions. Popular does not intend to issue any equity in connection with the redemption. After the redemption, Popular intends to repurchase the outstanding warrant initially issued to the U.S. Treasury under the TARP Capital Purchase Program in 2008. The warrant represents the right to purchase 2,093,284 shares of Popularís common stock at an exercise price of $67 per share with an original term of 10 years. Popular has notified the U.S. Treasury of its intention to redeem the trust capital securities and repurchase the warrant, both of which are subject to the authorization of the U.S. Treasury. Upon redemption of the junior subordinated debentures, Popular expects to record a non-cash charge to earnings for the unamortized portion of the discount associated with the junior subordinated debentures, which at March 31 had a balance of $414.3M.
News For BPOP From The Last 14 Days
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March 2, 2015
08:09 EDTBPOPPopular awarded MSR portfolios by FDIC as receiver for Doral Bank
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February 27, 2015
17:19 EDTBPOPPopular acquires certain assets of Doral Bank from FDIC
Popular (BPOP) announced that Banco Popular de Puerto Rico, its Puerto Rico banking subsidiary, acquired certain assets and all deposits of Doral Bank (DRL) from the FDIC as receiver, in alliance with other co-bidders, including its U.S. mainland banking subsidiary, Banco Popular North America, doing business as Popular Community Bank. Under the FDICís bidding format, BPPR was the lead bidder and party to the purchase and assumption agreement with the FDIC covering all assets and deposits to be acquired by it and its alliance co-bidders. BPPR entered into back to back purchase and assumption agreements with each alliance co-bidder for the transferred assets and deposits. The other bidders that formed part of the alliance were FirstBank Puerto Rico, Centennial Bank and an affiliate of JC Flowers III L.P. As part of the transaction, BPPR assumed approximately $1B in deposits that reside in eight of the 18 Puerto Rico branches of Doral Bank and in its online deposit platform. In addition, BPPR acquired $848M in Puerto Rico performing residential and commercial loans. PCB assumed approximately $1.3B in deposits in three New York branches, and acquired $931M in performing commercial loans primarily in the New York metropolitan area. There is no loss-sharing arrangement with the FDIC in the acquired assets.
17:02 EDTBPOPHome Bancshares subsidiary to acquire Doral Florida operations
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16:07 EDTBPOPPopular to acquire Doral Financial operations, Bloomberg reports

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