UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of report (Date of earliest event reported):
August
11, 2014
POPULAR,
INC.
(Exact
name of registrant as specified in its charter)
|
Puerto Rico
(State or other jurisdiction of incorporation) |
001-34084
(Commission File Number) |
66-0667416
(I.R.S. Employer
|
|
209 Munoz Rivera Avenue Hato Rey, Puerto Rico (Address of principal executive offices) |
(Zip Code) |
|
(787) 765-9800 |
|
(Registrant's telephone number, including area code) |
|
Not Applicable |
|
|
|
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item 8.01. |
Other Events. |
On August 11, 2014, Popular, Inc. (the “Corporation”) issued a press release announcing that Popular Community Bank, its U.S. banking subsidiary, had completed the previously announced sale of its Illinois regional operations to First Midwest Bank, the wholly-owned subsidiary of First Midwest Bancorp, Inc.
A copy of the press release is attached hereto as Exhibit 99.1.
|
Item 9.01 |
Financial Statements and Exhibits. |
|
(d) |
Exhibits |
| 99.1 | Press release dated August 11, 2014 |
Exhibit 99.1 shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any of the Corporation’s filings under the Securities Act of 1933, as amended, unless otherwise expressly stated in such filing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
POPULAR, INC. |
|||
|
(Registrant) |
|||
|
Date: |
August 11, 2014 |
By: |
/s/ Jorge J. García |
|
Name: Jorge J. García |
|||
|
Title: Senior Vice President and |
Exhibit 99.1
Popular Community Bank Completes the Sale of its Illinois Regional Operations
SAN JUAN, Puerto Rico--(BUSINESS WIRE)--August 11, 2014--Popular, Inc. (NASDAQ:BPOP) today announced that Popular Community Bank (“PCB”), its U.S. banking subsidiary, completed the previously announced sale of its Illinois regional operations to First Midwest Bank, the wholly – owned subsidiary of First Midwest Bancorp, Inc. (NASDAQ:FMBI).
As part of the transaction, PCB sold its 12 branches in the Chicago metropolitan area, including $562 million in loans and $726 million in deposits, each as of July 31, 2014.
The transaction is expected to result in a net premium of approximately $18.4 million, before customary transaction related costs.
This transaction is part of the previously announced strategic reorganization of Popular, Inc.’s U.S. operations, which includes the sale of PCB’s regional operations in California, Illinois and Central Florida and the centralization of certain back office operations in Puerto Rico and New York. The sales of the Central Florida and California regional operations are expected to close prior to the end of 2014.
RBC Capital Markets, LLC acted as financial advisor to Popular. Sullivan & Cromwell LLP, New York, NY, and Chuhak & Tecson, P.C., Chicago, IL, acted as legal counsels to Popular.
Founded in 1893, Popular, Inc. is the leading banking institution by both assets and deposits in Puerto Rico and ranks 37th by assets among U.S. banks.
For more information, visit http://www.popular.com
CONTACT:
Popular, Inc.
Investor Relations:
Brett Scheiner,
212-417-6721
Investor Relations Officer
or
Media Relations:
Teruca
Rullán, 787-281-5170 or 917-679-3596(mobile)
Senior Vice
President, Corporate Communications