CHICAGO, Jan. 4 /PRNewswire/ -- Popular, Inc. (the "Corporation",
"Popular") announced the completion of its acquisition of Kislak Financial
Corporation and its wholly owned subsidiary, Kislak National Bank, a Miami,
Florida based commercial bank.
Established in 1963, Kislak National Bank has $1,008 million in total
assets, $679 million in total deposits and $569 million in loans as of
September 30, 2004. Kislak operates eight full service bank facilities in the
metropolitan Miami - Dade, Boward County and Palm Beach counties. Kislak
National Bank is one of the nation's largest lenders to homeowner
associations.
"We welcome Kislak National Bank customers and employees to the Popular
Family," said Richard L. Carrion, Chairman of the Board and CEO of the
Corporation. "Kislak has a long-standing history of serving with excellence
the communities in South Florida. We look forward to combining the strengths
of both of our organizations to better meet the needs of both retail and
business clients and the communities we will serve. We could have not chosen
better partners for our expansion in South Florida."
In the United States, Banco Popular North America (BPNA) operates 128 full
service branches in six states, including nine branches in Central Florida and
one in South Florida. BPNA reported over $9.9 billion in assets as of
September 30, 2004. In addition, Popular operates 130 financial services
stores under the name of Popular Cash Express, 14 of which are located in the
Miami area.
"This acquisition marks an important step in our commitment to expand
BPNA's presence in the markets we currently serve as we continue our journey
to become the premier community bank," said Roberto R. Herencia, President,
Banco Popular North America. "In addition, it brings us closer to our goal of
better servicing the South Florida market by adding convenient locations and
easier access to Popular financial and personalized services," stated
Herencia.
With this acquisition, BPNA will operate 18 branches in the Florida market
with consolidated assets of approximately $1.5 billion. According to Jonathan
Kislak, President of Kislak Financial Corporation, "It's a wining combination,
as South Florida will benefit from Popular's emphasis on community banking and
a wider array of services."
Popular, Inc. 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, the Corporation offers
retail and commercial banking services through its banking subsidiary, Banco
Popular, 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, the
Corporation has established the largest Hispanic-owned financial services
franchise, providing complete financial solutions to all the communities it
serves. Popular Inc.'s finance subsidiary in the United States, Popular
Financial Holdings, operates nearly 200 retail lending locations offering
mortgage and personal loans, and also maintains a substantial wholesale broker
network, a warehouse lending division, and an asset acquisitions unit. The
Corporation continues to use its expertise in technology and electronic
banking as a competitive advantage in its Caribbean and Latin America
expansion, and is exporting its 111 years of experience through the region.
Popular, Inc. has always been committed to meeting the needs of retail and
business clients through innovation, and to fostering growth in the
communities it serves.
Forward Looking Statements
This press release contains forward-looking statements with respect to the
financial condition, results of operation and businesses of Popular and Kislak
Financial Corporation 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
the Company'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 Kislak 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 the State of Florida; (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 Kislak engage; (8) the impact of
terrorist acts or military actions; and (9) other risks detailed in reports
filed by Popular with the Securities and Exchange Commission ("SEC").
Forward-looking statements speak only as of the date they are made, and
Popular and Kislak disclaim any duty to update any forward-looking statements
after the date that such statement is made.
An electronic version of this release can be found at the Corporation
website, http://www.popularinc.com.
SOURCE Popular, Inc.
-0- 01/04/2005
/CONTACT: Teruca Rullan, Senior Vice President, Global Communications of
Popular, Inc., +1-787-281-5170, Mobile: +1-917-679-3596, trullan@bppr.com; or
Fran del Valle of Euro RSCG Magnet, +1-212-367-6859, Mobile: +1-917-922-5653,
frances.delvalle@eurorscg.com, for Popular, Inc./
/Web site: http://www.popularinc.com /
(BPOP)
CO: Popular, Inc.; Kislak Financial Corporation; Kislak National Bank;
Banco Popular
ST: Illinois, Puerto Rico, Florida
IN: FIN
SU: TNM HSP
WR
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