Skip to main content

Popular Inc. and E-LOAN Inc. sign merger agreement

Oct 23, 2005

Popular Inc. and E-LOAN Inc. sign merger agreementMortgagePress.comPopular Inc., E-LOAN Inc., merger Popular Inc. and E-LOAN Inc. have announced the signing of a definitive merger agreement under which Popular will acquire 100 percent of the issued and outstanding shares of common stock and common stock equivalents of E-LOAN Inc. for $4.25 per share in cash, or approximately $300 million. This transaction will further expand Popular's penetration into the U.S. market, complement its existing non-prime and warehouse lending businesses and significantly enhance its technology platform. E-LOAN Inc. stands to benefit from Popular's financial and capital markets, as well as from cross-promotion and integration opportunities. E-LOAN Inc. will maintain its brand identity and become a wholly owned subsidiary of Popular Financial Holdings Inc., operating in Pleasanton, Calif. Mark Lefanowicz, chief executive officer and president of E-LOAN Inc., will continue to serve as president. The transaction, which was unanimously approved by the boards of directors of both companies, is subject to E-LOAN Inc. shareholder approval and is expected to close in the fourth quarter of 2005. San Juan, Puerto Rico-based Popular Inc. is a full service financial services provider. For more information, call (888) 724-3659 or visit www.bancopopular.com. E-LOAN Inc., headquartered in Pleasanton, Calif., is an online consumer direct lender. For more information, call (888) 533-5333 or visit www.eloan.com.
About the author
Published
Oct 23, 2005
Condo Prices, Sales Falling In Florida

New regulations and rising insurance costs hold back buyers in six major metros.

Feb 26, 2024
Rocket Companies Reports Decline in Fourth Quarter Revenue, Projects Optimism for Future Growth

Despite revenue dip, mortgage giant sees increase in market share and advances in AI technology.

Feb 22, 2024
Broker Action Coalition Unveils Inaugural Board Of Directors

Newly formed nonprofit organization BAC announces industry professionals to guide its mission of legislative change and educational initiatives in the mortgage industry.

Feb 21, 2024
GSEs Report Strong Earnings

Robust performance marks growth for both Fannie Mae and Freddie Mac, despite a dip in home purchases.

Feb 15, 2024
Friendly Competition Joins Forces

The merger aims to enhance local fulfillment and sales support, marking Guild’s sixth acquisition since 2021 and expanding its licensed originators to over 2,100 amidst a challenging market.

Feb 14, 2024
Guild Mortgage Announces Acquisition Of Competitor Academy Mortgage, Bolsters National Presence

The strategic move will see Guild Mortgage enhance its market share and become the 8th largest non-bank retail lender in the U.S., welcoming over 600 loan officers from Academy.

Feb 13, 2024