Bank sheds some US branches.(PUERTO RICO)

0 Comments | Caribbean Update, July, 2009

Popular Inc, the parent of Banco Popular, said it plans to shed more than 20% of its US branch network, in an effort to focus on more profitable operations, including New York, reports Reuters (May 22, 2009). The San Juan, Puerto Rico-based company said it will close its California in-store branch network, which includes 22 of its 46 branches in that state.

Popular will also sell six New Jersey branches with about US$250 million of deposits to Investors Bancorp Inc, a Short Hills, NJ lender with roughly US$7.4 billion of assets and 53 branches. After these actions, Popular will operate 104 US branches, including 41 in New York and New Jersey, 24 in southern California, 23 in Florida and 16 in Illinois. All of these areas have large Spanishspeaking populations,...