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
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
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.