Form 8-K
POPULAR INC false 0000763901 0000763901 2020-05-27 2020-05-27 0000763901 us-gaap:CommonStockMember 2020-05-27 2020-05-27 0000763901 bpop:M6.70CumulativeMonthlyIncomeTrustPreferredSecuritiesMember 2020-05-27 2020-05-27 0000763901 bpop:M6.125CumulativeMonthlyIncomeTrustPreferredSecuritiesMember 2020-05-27 2020-05-27

 

 

UNITED STATES

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 27, 2020

 

POPULAR, INC.

(Exact name of registrant as specified in its charter)

 

Puerto Rico

 

001-34084

 

66-0667416

(State or other jurisdiction of

incorporation or organization)

 

(Commission

File Number)

 

(IRS Employer

Identification Number)

209 Muñoz Rivera Avenue

Hato Rey, Puerto Rico

 

00918

(Address of principal executive offices)

 

(Zip code)

(787) 765-9800

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

  Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

  Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

  Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock ($0.01 par value)

 

BPOP

 

The NASDAQ Stock Market

6.70% Cumulative Monthly Income Trust Preferred Securities

 

BPOPN

 

The NASDAQ Stock Market

6.125% Cumulative Monthly Income Trust Preferred Securities

 

BPOPM

 

The NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

 


Item 8.01. Other Events.

On May 27, 2020, Popular, Inc. (the “Corporation”) issued a press release announcing that the Corporation has completed its $500 million accelerated share repurchase transaction for 2020 with respect to its common stock.

A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.
         
 

99.1

   

Press release dated May 27, 2020.

         
 

101

   

Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).

         
 

104

   

Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

POPULAR, INC.

(Registrant)

             

Date: May 27, 2020

 

 

By:

 

/s/ Javier D. Ferrer

 

 

 

Javier D. Ferrer

 

 

 

Executive Vice President, Chief Legal Officer and Secretary

EX-99.1

Exhibit 99.1

 

LOGO

Popular Completes $500 Million Accelerated Share Repurchase Transaction

SAN JUAN, Puerto Rico – (BUSINESS WIRE) – May 27, 2020 – Popular, Inc. (“Popular” or the “Corporation”) (NASDAQ: BPOP) announced today that the Corporation has completed its $500 million accelerated share repurchase transaction (“ASR”) for 2020 with respect to its common stock. As previously disclosed, on March 19, 2020 (the “early termination date”), the dealer counterparty to the ASR exercised its right under the ASR agreement to terminate the transaction because the trading price of the Corporation’s common stock fell below a specified level due to the effects of the COVID-19 pandemic on the global markets. As a result of such early termination, the final settlement of the ASR, which was originally expected to occur during the fourth quarter of 2020, occurred during the second quarter of 2020.

Under the ASR, the Corporation prepaid $500 million and received from the dealer counterparty an initial delivery of 7,055,919 shares of common stock on February 3, 2020. The Corporation further received 4,763,216 additional shares of common stock after the early termination date, as part of the final settlement of the ASR, for a combined total of 11,819,135 shares at an average price per share of $42.3043. The Corporation accounted for the ASR as a treasury stock transaction.

About Popular, Inc.

Popular, Inc. (NASDAQ: BPOP) 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.

Contacts

Popular, Inc.

Investor Relations:

Paul J. Cardillo, 212-417-6721

Investor Relations Officer

pcardillo@popular.com

or

Media Relations:

Teruca Rullán, 787-281-5170 or 917-679-3596 (mobile)

Senior Vice President, Corporate Communications

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Document and Entity Information
May 27, 2020
Document And Entity Information [Line Items]  
Entity Registrant Name POPULAR INC
Amendment Flag false
Entity Central Index Key 0000763901
Document Type 8-K
Document Period End Date May 27, 2020
Entity Incorporation State Country Code PR
Entity File Number 001-34084
Entity Tax Identification Number 66-0667416
Entity Address, Address Line One 209 Muñoz Rivera Avenue
Entity Address, City or Town Hato Rey
Entity Address, Country PR
Entity Address, Postal Zip Code 00918
City Area Code (787)
Local Phone Number 765-9800
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Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Common Stock ($0.01 par value)
Trading Symbol BPOP
Security Exchange Name NASDAQ
M 6.70 Cumulative Monthly Income Trust Preferred Securities [Member]  
Document And Entity Information [Line Items]  
Security 12b Title 6.70% Cumulative Monthly Income Trust Preferred Securities
Trading Symbol BPOPN
Security Exchange Name NASDAQ
M 6.125 Cumulative Monthly Income Trust Preferred Securities [Member]  
Document And Entity Information [Line Items]  
Security 12b Title 6.125% Cumulative Monthly Income Trust Preferred Securities
Trading Symbol BPOPM
Security Exchange Name NASDAQ