Eloan. Popular, Inc. and E-LOAN, Inc. Complete Merger Transaction; Partnership to bolster Both Companies
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Teruca RullÃ¡n Senior Vice President Business Communications Popular, Inc. 1-917-679-3596
FOR IMMEDIATE RELEASE
Marlton, nj-new jersey, November 1, 2005â€¦Popular, Inc. (Nasdaq: BPOP), the key institution that is financial Puerto Rico, and E-LOAN, Inc., an internet consumer direct loan provider, today finished the merger transaction involving the two companies, the definitive contract which is why was established on August 3, 2005. Under regards to the merger, Popular, Inc. acquired 100percent regarding the given and outstanding stocks of typical stock and stock that is common of E-LOAN, Inc. for $4.25 per share in money, or around $300 million.
Headquartered in Pleasanton, Ca, E-LOAN will manage its brand identity and turn a subsidiary that is wholly-owned of Financial Holdings, Inc. (PFH), in change a wholly-owned subsidiary of Popular, Inc. its anticipated that the deal will complement Popularâ€™s existing non-prime, and loan servicing companies, and enhance its technology significantly platform.
â€œThis transaction further expands Popular, Inc.â€™s penetration to the U.S. market,â€ said Richard L. CarriÃ³n, Chairman associated with Board and ceo of Popular, Inc. â€œThe E-LOAN brand name is well known and respected. We think we could assist simply just take E-LOAN to your next level by incorporating economic power and new services to further enhance its brand name.â€
Bill Williams, President of PFH, stated, â€œWe view this deal being a partnership. Our objective would be to study on one another and also to gain and develop through the strengths, guidelines, people and methods of each and every continuing business device to be able to strengthen both PFH and E-LOAN, and fundamentally Popular, Inc.â€
Mark Lefanowicz, ceo and President of E-LOAN continues to act as President.