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Popular, Inc. Announces Redemption of 6.70% Cumulative Monthly Income Trust Preferred Securities
SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- Popular, Inc. (“Popular”) (NASDAQ: BPOP) announced today that it has sent a redemption notice to The Bank of New
About this update from Popular, Inc.
[{"type":"text","content":" SAN JUAN, Puerto Rico--(BUSINESS WIRE)--\nPopular, Inc. (“Popular”) (NASDAQ: BPOP) announced today that it has sent a redemption notice to The Bank of New York Mellon, the Property Trustee for Popular Capital Trust I (the “Trust”), to redeem, on November 1, 2021, all outstanding 6.70% Cumulative Monthly Income Trust Preferred Securities (the “Capital Securities”) issued by the Trust (liquidation amount of $25 per security and amounting to $186,663,800 (or $181,063,250 after excluding Popular’s participation in the Trust of $5,600,550) in the aggregate). The redemption price for the Capital Securities will be equal to $25 per security plus accrued and unpaid distributions up to and excluding the redemption date in the amount of $0.139583 per security, for a total payment per security in the amount of $25.139583. Upon redemption, Popular intends to apply for delisting of the Popular Capital Trust I (NASDAQ: BPOPN) from the Nasdaq Global Select Market.\n\nThe Capital Securities are held only in book-entry form through The Depository Trust Corporation (“DTC”). DTC will redeem the Capital Securities in accordance with its procedures and notify the holders. Holders of the Capital Securities need not take any action to receive payment of the redemption price.\n\nAbout Popular, Inc.\n\nPopular is the leading financial institution in Puerto Rico, by both assets and deposits, and ranks among the top 50 U.S. bank holding companies by assets. Founded in 1893, Banco Popular de Puerto Rico, Popular’s principal subsidiary, provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands. Popular also offers in Puerto Rico auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including without limitation those about Popular’s business, financial condition, results of operations, plans, objectives, and future perform...