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Popular, Inc. Message Board

  • factual_observer factual_observer Mar 1, 2010 6:49 PM Flag

    10-K is out

    The 2009 10-K is out and is posted on the SEC website:

    I haven't digested all of it yet, but two paragraphs jump out:

    "Despite the current challenges, Banco Popular’s ability to generate top line revenue continues to be strong, which bodes well for profitability once credit costs in our home market normalize. With approximately 1.4 million customers, Banco Popular Puerto Rico is by far the strongest player on the island, where 80% of banked individuals have a relationship with Popular. It has three times as many customers, branches, ATMs and share of deposits than its closest competitor in each of these categories. Its powerful brand recognition is substantially greater than that of the next bank and surpasses that of all local brands."
    . . . . .

    "We may have opportunities to acquire the assets and liabilities of failed banks in FDIC-assisted transactions.
    Although these transactions typically provide for FDIC assistance to an acquirer to mitigate certain risks, such as sharing exposure to loan losses and providing indemnification against certain liabilities of the failed institution . . . " The paragraph goes on to talk about the inherent risks, which of course they must mention to comply with full disclosure.

    The first paragraph more or less describes BPOP's strong position on the island, but the second paragraph is significant in terms of possible current events to unfold.

33.94+0.19(+0.56%)Jul 24 4:00 PMEDT

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