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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): May 8, 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
On May 8, 1997, the Board of Directors of Popular, Inc. (the
"Corporation"), authorized the repurchase of up to 3 million shares of the
outstanding common stock of the Corporation.
The repurchase program is being implemented to offset the issuance of
shares in the Corporation's acquisitions of Roig Commercial Bank in Puerto Rico
and National Bancorp, Inc., the parent of America Midwest Bank in Illinois.
This new authorization for repurchase of shares replaces an
authorization announced on December 15, 1994. The Corporation did not
repurchase any shares under prior authorization.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99(a) News release, dated May 8, 1997, announcing the Corporation's
Board of Directors authorization to repurchase up to 3 million shares of common
stock.
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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: May 8, 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) News release, dated May 08, 1997
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EXHIBIT 99(a)
[POPULAR, INC. LETTERHEAD]
PO Box 362708
San Juan, Puerto Rico 00936-2708
Telephone (787) 765-9800
For additional information, please contact:
Mr. Jorge A. Junquera
Senior Executive Vice President
(787) 754-1685
May 8, 1997
POPULAR, INC. AUTHORIZED TO REPURCHASE UP TO 3 MILLION SHARES OF COMMON STOCK
Mr. Richard L. Carrion, Chairman of the Board, President and Chief
Executive Officer of Popular Inc., announced today that the Corporation's Board
of Directors has authorized the Corporation's repurchase of up to 3 million
shares of the outstanding common stock of the Corporation.
Mr. Carrion explained that the repurchase program is being implemented to
offset the issuance of shares in the Corporation's acquisitions of Roig
Commercial Bank in Puerto Rico and National Bancorp, Inc., the parent of
American Midwest Bank in Illinois.
The new authorization for repurchase of shares replaces an authorization
announced on December 15, 1994. The Corporation did not repurchase any shares
under the prior authorization.
Repurchases may be made in the open market, through one or more brokers or
dealers, or in negotiated transactions.
The 3 million shares authorized to be repurchased constitute 4.53% of the
66,153,776 shares of Popular, Inc. common stock currently outstanding.
As of March 31, 1997, Popular, Inc. Tier 1 Capital Ratio was 13.35%. Total
Capital Ration was 15.90% and its Leverage Ratio was 7.71%. Assuming that 3
million shares of common stock of the Corporation were repurchased at the
closing price, on May 7, 1997, of $33.875, these ratios would have been as
follows as of March 31, 1997: the Tier 1 Capital Ratio would have been 12.43%,
the Total Capital Ratio would have been 15.00% and the Leverage Ratio would
have been 7.14%.
For further information, please contact Mr. Jorge A. Junquera, Senior
Executive Vice President, at telephone (787) 754-1685.
