Popular, Inc. and E-LOAN, Inc. Announce Early Termination of Waiting Period Under HSR Act
September 15 2005 - 7:40PM
PR Newswire (US)
PLEASANTON, Calif., Sept. 15 /PRNewswire-FirstCall/ -- Popular,
Inc. ("Popular") (NASDAQ:BPOP), the leading financial institution
in Puerto Rico, and E-LOAN, Inc. ("E-LOAN") (NASDAQ:EELN), an
online consumer direct lender, today announced the early
termination by the U.S. Federal Trade Commission of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976 for the review of the proposed acquisition by Popular of
E-LOAN. The transaction is subject to customary closing conditions,
including the approval of E-LOAN's stockholders. Popular and E-LOAN
anticipate that the transaction will be completed in the fourth
quarter of 2005. About Popular, Inc. Popular is a full service
financial services provider with operations in Puerto Rico, the
United States, the Caribbean and Latin America. As the leading
financial institution in Puerto Rico with over 280 branches and
offices, Popular offers retail and commercial banking services
through its banking subsidiary, Banco Popular de Puerto Rico, as
well as investment banking, auto and equipment leasing and
financing, mortgage loans, consumer lending, insurance and
information processing through specialized subsidiaries. In the
United States, Popular has established the largest Hispanic-owned
financial services franchise, providing complete financial
solutions to all the communities it serves. Banco Popular North
America operates over 135 branches in California, Texas, Illinois,
New York, New Jersey and Florida, as well as 130 financial services
stores under the name of Popular Cash Express. Popular's finance
subsidiary in the United States, Popular Financial Holdings, Inc.,
operates nearly 200 retail lending locations offering mortgage and
personal loans, and also maintains a substantial wholesale broker
network, a warehouse lending division, loan servicing, and an asset
acquisitions unit. Popular continues to use its expertise in
technology and electronic banking as a competitive advantage in its
Caribbean and Latin America expansion, through its financial
transaction processing company, EVERTEC. Popular is exporting its
111 years of experience through the region while continuing its
commitment to meet the needs of retail and business clients through
innovation, and to fostering growth in the communities it serves.
Popular is ranked among FORTUNE magazine's 2005 100 Best Companies
to Work For. An electronic version of this release can be found at
Popular's website, http://www.popularinc.com/. About E-LOAN
E-LOAN(R) is an online consumer direct lender dedicated to
providing borrowers with a simple, easy and open way to obtain
mortgage, auto and home equity loans. Since its launch in 1997,
E-LOAN has drawn upon its pro consumer values to improve the
lending experience in revolutionary ways. By eliminating the
traditional incentive structure to charge consumers higher rates,
giving consumers free access to credit scores and eliminating
lender fees, E-LOAN is providing a uniquely open, fair and honest
loan process. Protecting consumers' financial privacy is also a
paramount concern, prompting E-LOAN to implement industry leading
privacy practices and advocate strong consumer financial privacy
protection laws. Consumers have recognized E-LOAN's trustworthiness
and respect for customers. An independent study conducted by TRUSTe
and The Ponemon Institute ranked E-LOAN as one of the top 20 most
trusted companies for privacy in America. E-LOAN was the highest
ranked online financial services company to make the top 20. In
another independent study by The Customer Respect Group, E-LOAN
received the overall highest rating in the Online Customer Respect
Study of North America's largest financial services firms. In
connection with the proposed transaction, E-LOAN filed a proxy
statement with the Securities and Exchange Commission on September
14, 2005. Investors are urged to read the proxy statement and other
relevant materials filed by E-LOAN because they will contain
important information regarding E- LOAN and the proposed
transaction. E-LOAN and its officers and directors may be deemed to
be participants in the solicitation of proxies with respect to the
proposed transaction. Information regarding such individuals is
included in E-LOAN's proxy statements and Annual Reports on Form
10-K previously filed with the Securities and Exchange Commission,
and in the proxy statement relating to the merger. Investors may
obtain a free copy of the proxy statement and other relevant
documents when they become available, as well as other materials
filed with the Securities and Exchange Commission concerning E-LOAN
and these individuals, at the Securities and Exchange Commission's
website at http://www.sec.gov/ . These materials and other
documents may also be obtained for free from E-LOAN at E-LOAN's
website at http://www.eloan.com/ , under the heading "About
E-LOAN," "Investor & Media Relations." This press release may
contain forward-looking statements with respect to the financial
condition, results of operation and businesses of Popular and E-
LOAN within the meaning of the Private Securities Litigation Reform
Act of 1995. These include statements that relate to future
financial performance and condition, and pending mergers. These
forward-looking statements, involve certain risks and
uncertainties, many of which are beyond Popular and E-LOAN's
control. Factors that may cause actual results to differ materially
from those contemplated by such forward-looking statements include,
among others: (1) the success of Popular at integrating E-LOAN into
its organization; (2) the risk that the cost savings and any
revenue synergies from the merger may not be fully realized or may
take longer to realize than expected; (3) changes in the interest
rate environment reducing interest margins or increasing interest
rate risk; (4) operating costs and business disruption, including
difficulties in maintaining relationships with employees, customers
or suppliers, may be greater than expected following the
transaction;(5) deterioration in general economic conditions,
internationally, nationally or in any particular State; (6)
increased competitive pressure among financial services companies;
(7) legislative or regulatory changes, or the adoption of new
regulations, adversely affecting the businesses in which Popular
and/or E- LOAN engage; (8) the impact of terrorist acts or military
actions; (9) the impact of earthquakes, hurricanes or other natural
disasters; and (10) other risks detailed in reports filed by each
of Popular and E-LOAN with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date they are made,
and Popular and E-LOAN disclaim any duty to update any
forward-looking statements after the date that such statement is
made. For more information: Teruca Rullan Tiffany Fox Senior Vice
President Communications Director Corporate Communications
Corporate Communications Popular, Inc. E-LOAN, Inc. 1-917-679-3596
1-925-847-6314 DATASOURCE: E-LOAN, Inc. CONTACT: Teruca Rullan,
Senior Vice President, Corporate Communications of Popular, Inc.,
+1-917-679-3596, or ; or Tiffany Fox, Communications Director,
Corporate Communications of E-LOAN, Inc., +1-925-847-6314, or Web
site: http://www.eloan.com/
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