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

National Mortgage Professional

Link copied

Published

Oct 23, 2005

Analysis and Data

Home Sales Rise — Along With Prices And Inventory

February saw a 4.2% increase in home sales nationally, NAR data show

Existing-home sales rebounded in February, offering a glimmer of momentum in a housing market still grappling with affordability pressures and high mortgage rates. Sales rose 4.2% from January to a seasonally adjusted annual rate of 4.26 million, according to the latest data...

Analysis and Data

Half Of Renters Give Up On Buying

Nearly half of renters polled say they don't see homeownership as possible — ever

Nearly half of all renters responding to a new survey said the roadblocks in their way of buying a house — high prices, high loan costs, and a tight inventory of homes for sale — are just too great to overcome. Indeed, 48% of the 4,400 renters polled by NeighborWorks Amer...