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

National Mortgage Professional
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.
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