Popular Completes Acquisition of Wells Fargos Auto Finance Business in Puerto Rico

Popular, Inc. (“Popular”) (NASDAQ: BPOP) announced that Popular Auto,
LLC (“Popular Auto”), Banco Popular de Puerto Rico’s auto finance
subsidiary, completed today the acquisition of certain assets and the
assumption of certain liabilities related to Wells Fargo & Company’s
(“Wells Fargo”) (NYSE: WFC) auto finance business in Puerto Rico

Popular Auto acquired approximately $1.6 billion in retail auto loans
and $360 million in primarily auto-related commercial loans. Reliable
will continue operating as a Division of Popular Auto in parallel with
Popular Auto’s existing operations for a period of time after closing to
provide continuity of service to Reliable customers while allowing
Popular to assess best practices before completing the integration of
the two operations. Substantially all Reliable employees have received
and accepted offers of employment from Popular Auto.

Wells Fargo retained approximately $385 million in retail auto loans as
part of the transaction and has entered into a loan servicing agreement
with Popular Auto with respect to such loans.

“We are pleased to welcome Reliable’s customers, and we have put in
place a plan to ensure that they will continue to receive the quality of
service and customer experience to which they are accustomed,” said
Ignacio Alvarez, CEO of Popular. “We are also pleased to welcome over
400 Reliable employees, who are now part of the Popular family. This
transaction reaffirms our commitment to Puerto Rico and our confidence
in the future. We are convinced that the union of Reliable and Popular
Auto will be of great benefit for both organizations, for the retail
auto industry on the island and for our commercial and retail customers.”

Popular expects this transaction, which was funded with available cash,
to contribute approximately $36 million of net income for the first 12
months after closing, excluding transaction costs and servicing income.

About Popular, Inc.

Popular, Inc. is the leading financial institution in Puerto Rico, by
both assets and deposits, and ranks among the top 50 U.S. bank holding
companies by assets. Founded in 1893, Banco Popular de Puerto Rico,
Popular’s principal subsidiary, provides retail, mortgage and commercial
banking services in Puerto Rico and the U.S. Virgin Islands. Popular
also offers in Puerto Rico auto and equipment leasing and financing,
investment banking, broker-dealer and insurance services through
specialized subsidiaries. In the mainland United States, Popular
provides retail, mortgage and commercial banking services through its
New York-chartered banking subsidiary, Popular Bank, which has branches
located in New York, New Jersey and Florida.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995,
including without limitation those about Popular’s business, financial
condition, results of operations, plans, objectives, and future
performance. These statements are not guarantees of future performance,
are based on management’s current expectations and, by their nature,
involve risks, uncertainties, estimates and assumptions. Potential
factors, some of which are beyond the Corporation’s control, could cause
actual results to differ materially from those expressed in, or implied
by, such forward-looking statements. Risks and uncertainties include
without limitation the effect of competitive and economic factors, and
our reaction to those factors, the adequacy of the allowance for loan
losses, delinquency trends, market risk and the impact of interest rate
changes, capital market conditions, capital adequacy and liquidity, the
effect of legal proceedings and new accounting standards on the
Corporation’s financial condition and results of operations, the impact
of Hurricanes Irma and Maria on us, our ability to successfully
integrate the auto finance business acquired from Wells Fargo, as well
as the unexpected costs, including, without limitation, costs due to
exposure to any unrecorded liabilities or issues not identified during
the due diligence investigation of the business or that are not subject
to indemnification or reimbursement, and risks that the business may
suffer as a result of the transaction, including due to adverse effects
on relationships with customers, employees and service providers. All
statements contained herein that are not clearly historical in nature,
are forward-looking, and the words “anticipate,” “believe,” “continues,”
“expect,” “estimate,” “intend,” “project” and similar expressions, and
future or conditional verbs such as “will,” “would,” “should,” “could,”
“might,” “can,” “may” or similar expressions, are generally intended to
identify forward-looking statements.

More information on the risks and important factors that could affect
the Corporation’s future results and financial condition is included in
our Annual Report on Form 10-K for the year ended December 31, 2017, the
Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 and
in our Form 10-Q for the quarter ended June 30, 2018 to be filed with
the SEC. Our filings are available on the Corporation’s website (www.popular.com)
and on the Securities and Exchange Commission website (www.sec.gov).
The Corporation assumes no obligation to update or revise any
forward-looking statements or information which speak as of their
respective dates.

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