Popular, Inc. and E-LOAN, Inc. Announce Anticipated Closing of Merger
October 27 2005 - 5:05PM
PR Newswire (US)
PLEASANTON, Calif., Oct. 27 /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 that they currently intend
to complete the acquisition of E-LOAN by Popular effective November
1, 2005, prior to the opening of business. 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.
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 112 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.popularinc.com/ Web site: http://www.eloan.com/
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