Popular, Inc.
Letter to Shareholders
The past months could certainly be classified as one of the toughest and uncertain economic times the United States has faced in many years. Yet in this challenging environment, we are pleased with the Corporation’s results for the second quarter of 2003. Net income for this quarter totaled $134.6 million, an increase of 40%, compared with $96.3 million in the second quarter of 2002. Earnings per common share, basic and diluted, were $0.99 for the quarter ended June 30, 2003, an increase of 38% from $0.72 per common share reported in the same period of 2002. Financial performance for the second quarter of 2003 resulted in a return on average assets (ROA) and a return on average common equity(ROE) of 1.58% and 22.63%, respectively, compared with 1.23% and 18.14%, respectively, for the quarter ended June 30, 2002.
The quarterly results for the second quarter of 2003 were affected by the occurrence of certain transactions, which are listed in the reconciliation below, and which are later described in this letter:
| Quarter ended | |||||||
| June 30, 2003 | |||||||
| Net income as reported | $ | 134.6 | million | ||||
| Less: Gains on the sale of marketable equity securities, net of tax | (25.7 | ) | million | ||||
| Less: Derivative gains, net of tax | (1.7 | ) | million | ||||
| Plus: Losses related to credit cards external fraud, net of tax and profit sharing | 7.8 | million | |||||
| Non-GAAP net income (excludes particular items) | $ | 115.0 | million | ||||
If we isolate these items from our quarterly net earnings, as their exclusion gives a clearer indication of the Corporation’s financial performance, our net income would have amounted to approximately $115.0 million for the quarter ended June 30, 2003, a 19% growth compared with the reported net income of the second quarter in 2002.
For the six months ended June 30, 2003, net income reached $233.7 million, or $1.73 per common share, compared with $185.3 million, or $1.35 per common share, for the same period in 2002. ROA and ROE for the first six months of 2003 were 1.40% and 20.09%, respectively, compared with 1.21% and 17.43%, respectively, for the first six months of 2002.
The Corporation’s net interest income for the quarter ended June 30, 2003, increased 11% or $32.5 million, compared with the second quarter of 2002. Also, despite the current interest rate scenario, the Corporation’s net interest margin, on a taxable equivalent basis, improved to 4.42% for the second quarter of 2003, from 4.28% in the same period of 2002. Non-interest income reached $172.2 million for the quarter ended June 30, 2003, an increase of $37.2 million, or 28%, compared with the amount reported in the same quarter of 2002. This increase was mostly associated with higher gains on the sale of securities, particularly marketable equity securities, which totaled $29.9 million for the second quarter of 2003. Other contributors to the rise in non-interest income were higher gains realized on the sale of mortgage loans, derivatives loans and increases in insurance agency commissions, debit card and check cashing fees, among others. For the second quarter of 2003, operating expenses were $279.3 million, an increase of $28.6 million, or 11%, compared with the same period in 2002. Personnel costs increased $7.2 million, mostly related to higher salaries, pension and incentive compensation. Other operating expenses, excluding personnel costs, increased $21.4 million, or 17%. This increase was triggered mostly by the recognition of approximately $15 million in losses that resulted from unauthorized credit card transactions realized by external parties on credit cards issued by Banco Popular de Puerto Rico. The Bank took remedial action to prevent further losses from this external fraud scheme.
Total assets reached $36.1 billion at June 30, 2003, compared with $32.7 billion at June 30, 2002. Loans totaled $20.9 billion at June 30, 2003, compared with $18.9 billion at the same date in the previous year, an increase of $2.0 billion, or 10%. Residential mortgage lending continued to be one of the principal contributors to the Corporation’s asset growth. Mortgage loans accounted for 62% of the rise in the total loan portfolio, increasing $1.2 billion, or 17%, since June 30, 2002. Asset growth was also associated with an increase in the investment securities and trading portfolios, which rose $1.6 billion, or 15%, reaching $12.3 billion at the end of the second quarter of 2003. The increase in assets since June 30, 2002 was funded mostly with higher deposit levels, capital raised through the recent issuance of preferred stock, and additional borrowings, including the issuance of $500 million in medium-term notes during the second quarter of 2003. Stockholders’ equity reached $2.8 billion at June 30, 2003, compared with $2.2 billion at the end of the second quarter of 2002.
Popular, Inc.’s common stock market value was $38.53 per share at June 30, 2003, compared with $33.68 at June 30, 2002, and $33.99 at March 31, 2003. The Corporation had a market capitalization of $5.1 billion at June 30, 2003, compared with $4.5 billion at June 30, 2002. Book value per share of common stock was $19.80 at June 30, 2003, an increase of 19% from June 30, 2002.
Reinforcing Popular, Inc.’s expansion efforts in Central America and supporting its technology-oriented initiatives, in June 2003, the Corporation acquired a 31.11% interest in Servicios Financieros, S.A. de C.V. (Serfinsa), located in El Salvador. Serfinsa offers services associated with electronic payment systems, currently managing over 500 ATM’s and 3,200 POS terminals in El Salvador. Furthermore, on June 30, 2003, the Corporation completed the acquisition of Mediawire Communications Inc., a company that provides Internet services in Puerto Rico, including the design, development and hosting of web pages.
During this quarter, Banco Popular North America (BPNA) inaugurated its new headquarters offices in Rosemont, Illinois, allowing the centralization of its support areas and back office services. Also, BPNA signed a long-term deal with Metavante Corporation, a technology company specialized in banking data. Metavante will provide BPNA with equipment and software that integrate banking processes, which will enable BPNA to offer more efficiently a wider range of financial services to its clients.
On April 30, 2003, the Board of Directors declared a cash dividend of $0.27 per common share for the second quarter of 2003, representing a 35% increase over the $0.20 per common share paid in previous quarterly cash dividends.
During the Annual Stockholders Meeting of Popular, Inc., held in April 2003, all five directors nominated for election were elected. We are pleased to welcome Frederic V. Salerno, former Vice Chairman and Chief Financial Officer of Verizon Communications, Inc., to Popular, Inc.’s Board of Directors. The Corporation will certainly benefit from his expertise and with the significant contributions he will make in the years to come.
In an effort to increase consumer spending and business investment, in June 2003, the Federal Reserve Bank lowered the federal funds interest rate an additional 25 basis points, reaching 1%, its lowest level in 45 years. Moreover, in recent months, the Bush Administration signed the Jobs and Growth Tax Relief Reconciliation Act of 2003, which should deliver substantial tax relief to American taxpayers. The bill allows for dividend income to be taxed at a lower rate, and also reduces the capital gains tax rate for individuals. The benefits of the new tax bill will also extend to you, our investors.
Richard L. Carrión
Chairman
President
Chief Executive Officer
Popular, Inc.
Financial Highlights
| At June 30, | Average for the six months | |||||||||||||||||||||||
| BALANCE SHEET HIGHLIGHTS | 2003 | 2002 | Change | 2003 | 2002 | Change | ||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
| Money market investments | $ | 783,278 | $ | 1,071,658 | ($288,380 | ) | $ | 893,847 | $ | 876,091 | $ | 17,756 | ||||||||||||
| Investment and trading securities | 12,258,683 | 10,651,135 | 1,607,548 | 11,168,137 | 10,200,184 | 967,953 | ||||||||||||||||||
| Loans | 20,872,076 | 18,901,142 | 1,970,934 | 19,832,452 | 18,249,592 | 1,582,860 | ||||||||||||||||||
| Total assets | 36,073,554 | 32,740,722 | 3,332,832 | 33,712,699 | 30,915,430 | 2,797,269 | ||||||||||||||||||
| Deposits | 18,275,423 | 17,829,287 | 446,136 | 17,669,845 | 16,807,732 | 862,113 | ||||||||||||||||||
| Borrowings | 14,371,249 | 12,178,407 | 2,192,842 | 13,099,270 | 11,507,639 | 1,591,631 | ||||||||||||||||||
| Stockholders’ equity | 2,812,871 | 2,207,617 | 605,254 | 2,422,320 | 2,141,750 | 280,570 | ||||||||||||||||||
| Second quarter | Six months | |||||||||||||||||||||||
| OPERATING HIGHLIGHTS | 2003 | 2002 | Change | 2003 | 2002 | Change | ||||||||||||||||||
| (In thousands, except per share information) | ||||||||||||||||||||||||
| Net interest income | $ | 327,147 | $ | 294,678 | $ | 32,469 | $ | 636,908 | $ | 580,093 | $ | 56,815 | ||||||||||||
| Provision for loan losses | 49,325 | 50,075 | (750 | ) | 97,534 | 104,529 | (6,995 | ) | ||||||||||||||||
| Fees and other income | 172,172 | 134,988 | 37,184 | 304,332 | 265,396 | 38,936 | ||||||||||||||||||
| Other expenses, net of minority interest | 315,387 | 283,286 | 32,101 | 610,010 | 555,611 | 54,399 | ||||||||||||||||||
| Net income | $ | 134,607 | $ | 96,305 | $ | 38,302 | $ | 233,696 | $ | 185,349 | $ | 48,347 | ||||||||||||
| Net income applicable to common stock | $ | 131,594 | $ | 96,305 | $ | 35,289 | $ | 229,734 | $ | 182,839 | $ | 46,895 | ||||||||||||
| Earnings per common share | $ | 0.99 | $ | 0.72 | $ | 0.27 | $ | 1.73 | $ | 1.35 | $ | 0.38 | ||||||||||||
| Second quarter | Six months | ||||||||||||||||
| SELECTED STATISTICAL INFORMATION | 2003 | 2002 | 2003 | 2002 | |||||||||||||
COMMON STOCK DATA | |||||||||||||||||
| Market price | |||||||||||||||||
| High | $ | 40.82 | $ | 33.68 | $ | 40.82 | $ | 33.68 | |||||||||
| Low | 34.16 | 28.60 | 31.95 | 27.50 | |||||||||||||
| End | 38.53 | 33.68 | 38.53 | 33.68 | |||||||||||||
| Book value at period end | 19.80 | 16.69 | 19.80 | 16.69 | |||||||||||||
| Dividends declared | 0.27 | 0.20 | 0.47 | 0.40 | |||||||||||||
| Dividend payout ratio | 20.07 | % | 28.34 | % | 23.17 | % | 29.64 | % | |||||||||
| Price/earnings ratio | 12.89 | x | 13.80 | x | 12.89 | x | 13.80 | x | |||||||||
PROFITABILITY RATIOS | |||||||||||||||||
| Return on assets | 1.58 | % | 1.23 | % | 1.40 | % | 1.21 | % | |||||||||
| Return on common equity | 22.63 | 18.14 | 20.09 | 17.43 | |||||||||||||
| Net interest spread (taxable equivalent) | 4.04 | 3.81 | 3.97 | 3.80 | |||||||||||||
| Net interest yield (taxable equivalent) | 4.42 | 4.28 | 4.36 | 4.29 | |||||||||||||
| Effective tax rate | 21.06 | 25.28 | 22.22 | 25.28 | |||||||||||||
| Overhead ratio | 32.74 | 39.25 | 37.46 | 39.20 | |||||||||||||
| Efficiency ratio | 59.28 | 58.69 | 58.81 | 58.15 | |||||||||||||
CAPITALIZATION RATIOS | |||||||||||||||||
| Equity to assets | 7.38 | % | 6.78 | % | 7.19 | % | 6.93 | % | |||||||||
| Tangible equity to assets | 6.79 | 6.14 | 6.59 | 6.27 | |||||||||||||
| Equity to loans | 12.55 | 11.55 | 12.21 | 11.74 | |||||||||||||
| Internal capital generation | 15.23 | 13.12 | 13.74 | 12.17 | |||||||||||||
| Tier I capital to risk-adjusted assets | 10.88 | 9.36 | 10.88 | 9.36 | |||||||||||||
| Total capital to risk-adjusted assets | 12.56 | 11.13 | 12.56 | 11.13 | |||||||||||||
| Leverage ratio | 7.01 | 5.99 | 7.01 | 5.99 | |||||||||||||
CREDIT QUALITY RATIOS | |||||||||||||||||
| Allowance for losses to loans | 1.90 | % | 1.84 | % | 1.90 | % | 1.84 | % | |||||||||
| Allowance to non-performing assets | 64.41 | 69.11 | 64.41 | 69.11 | |||||||||||||
| Allowance to non-performing loans | 69.83 | 74.31 | 69.83 | 74.31 | |||||||||||||
| Non-performing assets to loans | 2.96 | 2.66 | 2.96 | 2.66 | |||||||||||||
| Non-performing assets to total assets | 1.71 | 1.53 | 1.71 | 1.53 | |||||||||||||
| Net charge-offs to average loans | 0.76 | 0.99 | 0.77 | 1.05 | |||||||||||||
| Provision to net charge-offs | 1.30 | x | 1.09 | x | 1.27 | x | 1.10 | x | |||||||||
| Net charge-offs earnings coverage | 5.78 | 3.91 | 5.21 | 3.69 | |||||||||||||
Popular, Inc.
Consolidated Statements of Condition
| June 30, | |||||||||||
| In thousands | 2003 | 2002 | |||||||||
ASSETS | |||||||||||
| Cash and due from banks | $ | 905,412 | $ | 1,102,933 | |||||||
| Money market investments: | |||||||||||
| Federal funds sold and securities purchased under agreements to resell | 779,076 | 1,067,764 | |||||||||
| Time deposits with other banks | 4,190 | 3,056 | |||||||||
| Bankers’ acceptances | 12 | 838 | |||||||||
| 783,278 | 1,071,658 | ||||||||||
| Investment securities available-for-sale, at market value | 11,413,964 | 10,118,219 | |||||||||
| Investment securities held-to-maturity, at amortized cost | 194,266 | 225,070 | |||||||||
| Trading account securities, at market value | 650,453 | 307,846 | |||||||||
| Loans held-for-sale, at lower of cost or market | 333,334 | 910,006 | |||||||||
| Loans | 20,818,644 | 18,302,714 | |||||||||
| Less – Unearned income | 279,902 | 311,578 | |||||||||
| Allowance for loan losses | 397,503 | 347,230 | |||||||||
| 20,141,239 | 17,643,906 | ||||||||||
| Premises and equipment | 473,520 | 404,382 | |||||||||
| Other real estate | 47,863 | 35,193 | |||||||||
| Accrued income receivable | 182,349 | 190,612 | |||||||||
| Other assets | 728,973 | 516,726 | |||||||||
| Goodwill | 188,310 | 178,739 | |||||||||
| Other intangible assets | 30,593 | 35,432 | |||||||||
| $ | 36,073,554 | $ | 32,740,722 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
LIABILITIES: | |||||||||||
| Deposits: | |||||||||||
| Non-interest bearing | $ | 4,216,227 | $ | 4,012,168 | |||||||
| Interest bearing | 14,059,196 | 13,817,119 | |||||||||
| 18,275,423 | 17,829,287 | ||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 7,655,105 | 5,829,016 | |||||||||
| Other short-term borrowings | 1,171,063 | 1,944,642 | |||||||||
| Notes payable | 5,276,081 | 4,135,749 | |||||||||
| Other liabilities | 612,610 | 524,447 | |||||||||
| 32,990,282 | 30,263,141 | ||||||||||
| Subordinated notes | 125,000 | 125,000 | |||||||||
| Preferred beneficial interest in Popular North America’s junior subordinated deferrable interest debentures guaranteed by the Corporation | 144,000 | 144,000 | |||||||||
| Minority interest in consolidated subsidiaries | 1,401 | 964 | |||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
| Preferred stock | 186,875 | — | |||||||||
| Common stock | 836,134 | 833,672 | |||||||||
| Surplus | 280,526 | 272,761 | |||||||||
| Retained earnings | 1,467,833 | 1,186,814 | |||||||||
| Treasury stock, at cost | (205,527 | ) | (205,210 | ) | |||||||
| Accumulated other comprehensive income, net of tax | 247,030 | 119,580 | |||||||||
| 2,812,871 | 2,207,617 | ||||||||||
| $ | 36,073,554 | $ | 32,740,722 | ||||||||
Popular, Inc.
Consolidated Statements of Income
| Quarter ended | Six months ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| Dollars in thousands, except per share information | 2003 | 2002 | 2003 | 2002 | |||||||||||||
INTEREST INCOME: | |||||||||||||||||
| Loans | $ | 385,547 | $ | 380,166 | $ | 763,480 | $ | 752,388 | |||||||||
| Money market investments | 6,455 | 7,370 | 13,817 | 15,155 | |||||||||||||
| Investment securities | 110,689 | 115,377 | 220,490 | 227,688 | |||||||||||||
| Trading account securities | 8,968 | 3,086 | 17,153 | 6,587 | |||||||||||||
| 511,659 | 505,999 | 1,014,940 | 1,001,818 | ||||||||||||||
INTEREST EXPENSE: | |||||||||||||||||
| Deposits | 85,621 | 110,356 | 179,816 | 223,286 | |||||||||||||
| Short-term borrowings | 37,804 | 45,274 | 78,593 | 89,718 | |||||||||||||
| Long-term debt | 61,087 | 55,691 | 119,623 | 108,721 | |||||||||||||
| 184,512 | 211,321 | 378,032 | 421,725 | ||||||||||||||
| Net interest income | 327,147 | 294,678 | 636,908 | 580,093 | |||||||||||||
| Provision for loan losses | 49,325 | 50,075 | 97,534 | 104,529 | |||||||||||||
| Net interest income after provision for loan losses | 277,822 | 244,603 | 539,374 | 475,564 | |||||||||||||
| Service charges on deposit accounts | 39,669 | 39,507 | 79,508 | 78,480 | |||||||||||||
| Other service fees | 69,016 | 66,037 | 135,442 | 127,724 | |||||||||||||
| Gain (loss) on sale of securities | 29,875 | 85 | 31,289 | (3,925 | ) | ||||||||||||
| Trading account loss | (4,243 | ) | (359 | ) | (5,180 | ) | (1,389 | ) | |||||||||
| Derivatives gains(losses) | 2,548 | (855 | ) | (8,107 | ) | (344 | ) | ||||||||||
| Gain on sale of loans | 15,367 | 11,599 | 34,883 | 29,543 | |||||||||||||
| Other operating income | 19,940 | 18,974 | 36,497 | 35,307 | |||||||||||||
| 449,994 | 379,591 | 843,706 | 740,960 | ||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||
| Personnel costs: | |||||||||||||||||
| Salaries | 94,333 | 90,746 | 190,369 | 179,307 | |||||||||||||
| Profit sharing | 4,918 | 5,368 | 11,163 | 10,308 | |||||||||||||
| Pension and other benefits | 30,517 | 26,469 | 60,585 | 53,270 | |||||||||||||
| 129,768 | 122,583 | 262,117 | 242,885 | ||||||||||||||
| Net occupancy expenses | 20,742 | 20,048 | 41,202 | 39,078 | |||||||||||||
| Equipment expenses | 26,056 | 24,376 | 52,406 | 49,141 | |||||||||||||
| Other taxes | 9,302 | 9,285 | 18,854 | 18,833 | |||||||||||||
| Professional fees | 20,113 | 19,724 | 38,889 | 37,231 | |||||||||||||
| Communications | 14,312 | 13,111 | 29,009 | 26,384 | |||||||||||||
| Business promotion | 17,010 | 16,831 | 32,980 | 30,199 | |||||||||||||
| Printing and supplies | 5,004 | 5,078 | 9,747 | 9,587 | |||||||||||||
| Other operating expenses | 34,943 | 17,061 | 53,661 | 34,382 | |||||||||||||
| Amortization of intangibles | 2,028 | 2,556 | 4,055 | 5,099 | |||||||||||||
| 279,278 | 250,653 | 542,920 | 492,819 | ||||||||||||||
| Income before income tax and minority interest | 170,716 | 128,938 | 300,786 | 248,141 | |||||||||||||
| Income tax | 35,946 | 32,594 | 66,849 | 62,742 | |||||||||||||
| Net gain of minority interest | (163 | ) | (39 | ) | (241 | ) | (50 | ) | |||||||||
NET INCOME | $ | 134,607 | $ | 96,305 | $ | 233,696 | $ | 185,349 | |||||||||
NET INCOME APPLICABLE TO COMMON STOCK | $ | 131,594 | $ | 96,305 | $ | 229,734 | $ | 182,839 | |||||||||
EARNINGS PER COMMON SHARE (BASIC AND DILUTED) | $ | 0.99 | $ | 0.72 | $ | 1.73 | $ | 1.35 | |||||||||
Additional Information
Board of Directors
| Richard L. Carrión, Chairman Antonio Luis Ferré, Vice Chairman ** Juan A. Albors Hernández * José A. Bechara Bravo * Juan J. Bermúdez Francisco J. Carreras * José B. Carrión Jr. David H. Chafey Jr. María Luisa Ferré * Héctor R. González Jorge A. Junquera Guillermo L. Martínez * Manuel Morales Jr. Alberto M. Paracchini * Francisco M. Rexach Jr. Frederic V. Salerno ** Félix J. Serrallés Nevares Jr. Jon E. Slater * Julio E. Vizcarrondo Jr. Samuel T. Céspedes, Secretary * Director of Banco Popular de Puerto Rico only ** Director of Popular, Inc. only |
Executive Officers
| Richard L. Carrión, Chairman of the Board, President and Chief Executive Officer David H. Chafey Jr., Senior Executive Vice President Jorge A. Junquera, Senior Executive Vice President María Isabel P. de Burckhart, Executive Vice President Carlos Colino, Executive Vice President Roberto R. Herencia, Executive Vice President Tere Loubriel, Executive Vice President Emilio E. Piñero, Executive Vice President Brunilda Santos de Álvarez, Executive Vice President Carlos J. Vázquez, Executive Vice President Félix M. Villamil, Executive Vice President |
Shareholders’ Information
Shareholders’ Assistance:Shareholders requiring a change of address, records or information about lost certificates, dividend checks or dividend reinvestment should contact:
| Banco Popular de Puerto Rico Popular Center Building – 11th Floor, Office 1111 Trust Division (724) 209 Muñoz Rivera Ave. Hato Rey, Puerto Rico 00918 |
Publications:For printed material (annual and quarterly reports, 10- K and 10-Q reports), contact Mr. Amílcar L. Jordán at the Comptroller’s Division at (787) 765-9800 ext. 6101, or visit our web site at www.popularinc.com.
Dividend Reinvestment Plan:The Corporation has a dividend reinvestment plan that provides the shareholder a simple, convenient and cost-effective way to acquire Popular, Inc. common stock.
| • | Dividends can be automatically reinvested in additional shares at 95% of the Average Market Price. |
| • | Participants may make optional cash payments of at least $25 and not more than $10,000 per calendar month for investment in additional shares. |
| • | No brokerage commissions are charged on purchases under this plan. |
| • | Participant’s funds will be fully invested, because the plan permits fractions of shares to be credited to a participant’s account. |
If you would like more information on this plan, please contact our Trust Division at (787) 764-1893 or (787) 765-9800 exts. 5637, 5525, 6108 and 6112.
Subsidiaries
| Central Office Popular Center 209 Muñoz Rivera Avenue San Juan, Puerto Rico 00918 Telephone: (787) 765-9800 Banco Popular de Puerto Rico Puerto Rico Office Popular Center 209 Muñoz Rivera Avenue San Juan, Puerto Rico 00918 Telephone: (787) 765-9800 Virgin Islands Office 193 Estate Altona & Welgunst St. Thomas, Virgin Islands 00802 Telephone: (340) 693-2777 Banco Popular North America 9600 West Bryn Mawr Suite 400 Rosemont, Illinois 60018 Telephone: (847) 994-5800 Banco Popular, National Association 8523 Commodity Circle Suite 100 Orlando, Florida 32819 Telephone: (407) 370-7800 ATH Costa Rica / CreST, S.A. Tournón Neighborhood, across to newspaper La República, ATH Building San José, Costa Rica Telephone: (011) 506-211-4500 GM Group, Inc. 1590 Ponce de León Avenue GM Group Plaza Bldg., Suite 400 San Juan, Puerto Rico 00926 Telephone: (787) 751-4343 Equity One, Inc. 301 Lippincott Drive Marlton, New Jersey 08053 Telephone: (856) 396-2600 Popular Mortgage, Inc. 268 Ponce de León Avenue San Juan, Puerto Rico 00918 Telephone: (787) 753-0245 Levitt Mortgage Galería San Patricio B-5 Tabonuco Street Suite 207 Guaynabo, Puerto Rico 00968 Telephone: (787) 749-8787 | Popular Auto, Inc. M-1061 Federico Costa Street Tres Monjitas Industrial Development San Juan, Puerto Rico 00918 Telephone: (787) 751-4848 Popular Leasing, USA 16280 Westwood Business Park Drive Ellisville, Missouri 63021 Telephone: (636) 391-0777 Popular Finance, Inc. 1326 Salud Street Suite 613 Ponce, Puerto Rico 00716-1687 Telephone: (787) 844-2760 Popular Cash Express, Inc. 9600 West Bryn Mawr First floor Rosemont, Illinois 60018 Telephone: (847) 994-5973 Popular Securities, Inc. Popular Center 209 Muñoz Rivera Avenue Suite 1020 San Juan, Puerto Rico 00918 Telephone: (787) 766-4200 Popular Insurance, Inc. 9 Pedro Márquez Street Culebra, Puerto Rico 00735 Telephone: (787) 742-0255 Popular Insurance Agency, USA 9600 West Bryn Mawr First Floor Rosemont, Illinois 60018 Telephone: (847) 994-6580 Popular Insurance, V.I., Inc. 193 Estate Altona & Welgunst St. Thomas, Virgin Islands 00802 Telephone: (340) 693-2850 |