Infinity Mortgage
Infinity MortgageMortgage
Source: Popular, Inc.
MARLTON, N.J., Nov. 11 /PRNewswire-FirstCall/ -- Popular, Inc. (Nasdaq: BPOP - News) announced the closing of a transaction to acquire substantially all of the assets of Infinity Mortgage Corporation, located in Parsippany, New Jersey. Infinity Mortgage's operations are now part of Equity One, Inc., a subsidiary of Popular Financial Holdings, Inc., Popular, Inc.'s wholly owned subsidiary based in Marlton, New Jersey.
This transaction further expands Popular, Inc.'s penetration into the U.S. market and will complement the company's existing non-prime mortgage lending business through direct mail. The transaction also allows the company to expand its loan servicing business. The acquisition gives Popular, Inc. and Equity One the opportunity to leverage the unique strengths of the newly acquired Parsippany operations beyond New Jersey, New York, Connecticut, Maryland, Massachusetts and Pennsylvania -- the states served by Infinity.
According to Richard L. Carrion, Chairman of the Board and Chief Executive Officer of Popular, Inc., "We are delighted to have Infinity Mortgage join our company. Infinity shares our commitment to delivering an exceptional customer experience, and we believe the expanded products and services we can provide will be of benefit to customers in their market."
Bill Williams, President of Popular Financial Holdings, said, "The shared values between both companies go a long way to support our mission of being the lender of choice for our customers. We look forward to working together in the days ahead to fulfill that mission."
About Popular, Inc.
Popular, Inc. is a full service financial services provider with operations in Puerto Rico, the United States, the Caribbean and Latin America. As the leading financial institution in Puerto Rico with over 280 branches and offices, the Corporation offers retail and commercial banking services through its banking subsidiary, Banco Popular de Puerto Rico, as well as investment banking, auto and equipment leasing and financing, mortgage loans, consumer lending, insurance and information processing through specialized subsidiaries. In the United States, the Corporation has established the largest Hispanic-owned financial services franchise, providing complete financial solutions to all the communities it serves. Banco Popular North America operates over 135 branches in California, Texas, Illinois, New York, New Jersey and Florida. The Corporation's finance subsidiary in the United States, Popular Financial Holdings, Inc., operates nearly 200 retail lending locations offering mortgage and personal loans, and also maintains a substantial wholesale broker network, a warehouse lending division, loan servicing, and an asset acquisitions unit. The Corporation continues to use its expertise in technology and electronic banking as a competitive advantage in its Caribbean and Latin America expansion, through its financial transaction processing company, EVERTEC. The Corporation is exporting its 112 years of experience through the region while continuing its commitment to meet the needs of retail and business clients through innovation, and to fostering growth in the communities it serves. Popular is ranked among FORTUNE magazine's 2005 100 Best Companies to Work For.
This press release may contain forward-looking statements with respect to the financial condition, results of operation and businesses of Popular and Infinity within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements that relate to future financial performance and condition. These forward-looking statements involve certain risks and uncertainties, many of which are beyond Popular and Infinity's control. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others: (1) the success of Popular at integrating Infinity's assets into its organization; (2) the risk that the cost savings and any revenue synergies from the acquisition of assets may not be fully realized or may take longer to realize than expected; (3) changes in the interest rate environment reducing interest margins or increasing interest rate risk; (4) operating costs and business disruption, including difficulties in maintaining relationships with employees, customers or suppliers, may be greater than expected following the transaction; (5) deterioration in general economic conditions, internationally, nationally or in any particular state; (6) increased competitive pressure among financial services companies; (7) legislative or regulatory changes, or the adoption of new regulations, adversely affecting the businesses in which Popular and/or Infinity engage; (8) the impact of terrorist acts or military actions; (9) the impact of earthquakes, hurricanes or other natural disasters; and (10) other risks detailed in reports filed by Popular with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and Popular disclaims any duty to update any forward-looking statements after the date that such statement is made.
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