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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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January 22, 2015
08:14 EDTBPOPPopular reports Q4 EPS 50c, consensus 58c
Reports Q4 EPS for continuing operations of 41c and from discontinued operations of 9c. Reports Q4 adjusted net income of $80.8M. Reports Q4 adjusted net interest margin of 4.70% vs. 4.64% in Q3. Reports Common Equity Tier 1 ratio of 15.92% and tangible book value per share of $35.93 at December 31, 2014. Reports Q4 provision for loan losses on non-covered loans of $51.64M and a reversal of provision for loan losses on covered loans of $3.65M.
January 21, 2015
15:27 EDTBPOPNotable companies reporting before tomorrow's open
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January 16, 2015
13:34 EDTBPOPManning & Napier Advisors reports 5.76% passive stake in Popular
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