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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 27, 1997
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Popular, Inc.
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(Exact name of registrant as specified in its charter)
COMMONWEALTH OF PUERTO RICO NO. 0-13818 NO. 66-0416582
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
209 MUNOZ RIVERA AVENUE
HATO REY, PUERTO RICO 00918
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (787) 765-9800
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(Former name or former address, if changed since last report)
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Item 5. Other Events
Merger agreement between Popular, Inc. and Roig Commercial Bank
On June 27, 1997, Popular, Inc.'s management announced that under the terms of
the merger agreement between Popular, Inc. and Roig Commercial Bank, Roig's
shareholders will receive for each Roig common share either 5.14695 shares of
the Corporation's common stock or $208.12987, depending on shareholders
elections which deadline was June 30, 1997.
In addition management announced that the average daily closing price of the
Corporation's common stock amounted to $40.4375 for the specified period from
June 13, 1997 to June 26, 1997.
On June 30, 1997, Management announced that the effective date of the merger
between Banco Popular de Puerto Rico ("Banco Popular") and Roig was June 30th,
1997. As part of the business transaction between the merged entities, the
employees of the Roig are now part of Banco Popular's human resources. The
clients of the Roig and Banco Popular will continue conducting all bank
transactions in their respective banks until September 12, when the system
conversion will be concluded.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(c) Exhibits
99(a) Press release, dated June 27, 1997, announcing the average daily
closing price of Popular, Inc. common stock for the specified period and other
information under the terms of the merger agreement.
99(b) Press release, dated June 30, 1997, announcing the effective date
of the merger and other pertinent information.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
POPULAR, INC.
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(Registrant)
Date: July 1, 1997 By: /s/ Amilcar L. Jordan
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Name : Amilcar L. Jordan, Esq.
Title : Senior Vice President and
Comptroller
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EXHIBIT INDEX
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EXHIBIT NUMBER DESCRIPTION
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99(a) Press release, dated June 27, 1997
99(b) Press release, dated June 30, 1997
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[POPULAR, INC. LETTERHEAD]
Exhibit 99(a)
June 27, 1997
PRESS RELEASE
The average daily closing price of Popular, Inc. common stock for the period
from June 13, 1997 to June 26, 1997 was $40.4375.
Under the terms of the merger agreement between Popular, Inc. and Roig
Commercial Bank, Roig shareholders will receive for each Roig common share
either 5.14695 shares of Popular, Inc. common stock or $208.12987, depending on
shareholder elections.
The election deadline for Roig shareholders is June 30, 1997.
Questions regarding the exchange process should be directed to Mr. Amilcar L.
Jordan at (787) 764-1893.
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[BANCO POPULAR LETTERHEAD]
NEWS RELEASE
Exhibit 99(b)
BANCO POPULAR AND ROIG COMMERCIAL BANK MERGER TAKES PLACE
The merger between Banco Popular and the Roig Commercial Bank is
effective today, June 30th, 1997.
As part of the business transaction between the merged entities, the
employees of the Roig Commercial Bank are now part of Banco Popular's human
resources.
The clients of the Roig Commercial Bank and Banco Popular will continue
conducting all bank transactions in their respective banks until September 12,
when the system conversion will be concluded.
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