Popular, Inc. provides various financial products and services, with a presence in the United States, the Caribbean, and Latin America. Markets The company operates in two principal markets, Puerto Rico and Mainland United States. Puerto Rico Business The company provides retail, mortgage, and commercial banking services through its principal banking subsidiary, Banco Popular de Puerto Rico (BPPR), as well as auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. BPPR has the major retail franchise in Puerto Rico, with 168 branches and 602 automated teller machines (ATMs) as of December 31, 2015. BPPR also operates eight branches in the U.S. Virgin Islands, one branch in the British Virgin Islands, and one branch in New York. In the Virgin Islands, BPPR had 21 ATMs as of December 31, 2015. BPPR’s deposits are insured under the Deposit Insurance Fund (DIF) of the Federal Deposit Insurance Corporation (FDIC). The company’s Puerto Rico operations include those of Popular Auto, LLC, a wholly owned subsidiary of BPPR, a vehicle and equipment financing, leasing and daily rental company. The residential mortgages originations business is conducted by Popular Mortgage, a division of BPPR. In Puerto Rico, the company also offers financial advisory, investment and securities brokerage services for institutional and retail customers through its securities broker-dealer, Popular Securities, LLC, a wholly-owned subsidiary of the company. In addition, BPPR has various special purpose vehicles holding specific assets acquired in satisfaction of loans for real estate development projects and commercial loans. The company offers insurance and reinsurance services through Popular Insurance, LLC, a general insurance agency; and Popular Life RE, a reinsurance company. The company also owns Popular Risk Services, LLC, an insurance broker; and Popular Insurance V.I., Inc., an insurance agency operating in the Virgin Islands. Lending Activities The company concentrates its lending activities in the following areas: Commercial: Commercial loans included commercial and industrial (C&I) loans to commercial customers for use in normal business operations, finance, working capital needs, equipment purchases or other projects; and commercial real estate (CRE) loans (excluding construction loans) for income producing real estate properties, as well as owner occupied properties. C&I loans are underwritten individually and usually secured with the assets of the company and the personal guarantees of the business owners. CRE loans consist of loans for income producing real estate properties and real estate developers and the financing of owner-occupied facilities. Non-owner-occupied CRE loans are generally made to finance office and industrial buildings and retail shopping centers, and are repaid through cash flows related to the operation, sale or refinancing of the property. Construction: Construction loans are CRE loans to companies or developers used for the construction of a commercial or residential property for which repayment would be generated by the sale or permanent financing of the property. The company’s construction loan portfolio primarily consists of retail, residential (land and condominiums), office and warehouse product types. BPPR is originating a limited amount of new construction loans. Lease Financings: Lease financings primarily include automobile loans/leases made through automotive dealerships and equipment lease financings. Residential Mortgage: Mortgage loans include residential mortgage loans to consumers for the purchase or refinancing of a residence and also include residential construction loans made to individuals for the construction or refurbishment of their residence. The majority of these loans are financed over a 15 to 30 year amortization term, and in most cases, the loans are extended to borrowers to finance their primary residence. In some cases, government agencies or private mortgage insurers guarantee the loan. The company’s general practice is to sell a majority of its originations in the second
popular inc (BPOP:NASDAQ GS)
209 Munoz Rivera Avenue
Hato Rey, PR 00918
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