Popular, Inc.
Letter to Shareholders
The Corporation (“Popular”) continued to reflect solid operational performance during the quarter ended September 30, 2003, notwithstanding the current economic environment and intense competition. Net income for this quarter reached $130.9 million, an increase of 53%, compared with $85.8 million in the third quarter of 2002. Earnings per common share, basic and diluted, were $0.96 for the quarter ended September 30, 2003, up 48% from $0.65 per common share reported in the same period of 2002. Financial performance for the third quarter of 2003 resulted in a return on average assets (ROA) and a return on average common equity (ROE) of 1.47% and 20.85%, respectively, compared with 1.07% and 16.03%, respectively, for the third quarter of 2002.
Year-to-date net income for 2003 reached $364.6 million, or $2.69 per common share, compared with $271.1 million, or $2.00 per common share, for the same period in 2002. ROA and ROE for the first nine months of 2003 were 1.42% and 20.35%, respectively, compared with 1.16% and 16.92%, respectively, for the first nine months of 2002.
The Corporation’s net income for the third quarter of 2003, when compared with the same period a year ago, reflected higher net interest income by $32.0 million, or 11%, and non-interest income by $54.3 million, or 46%. The provision for loan losses decreased by $2.3 million. These favorable changes were partially offset by a rise in operating expenses of $33.4 million, or 13%, and an increase in income tax of $10.1 million.
The results for the third quarter of 2003 included $39.1 million in gains on sale of securities, mostly marketable equity securities. Moreover, the results of operations for the quarter ended September 30, 2002, included pre-tax derivative losses of $21.7 million related to the interest rate swaps that were canceled in the second quarter of 2003. Furthermore, during the quarter ended September 30, 2003, the Corporation recorded, as part of operating expenses, a $12.1 million charge on the early cancellation of certain long-term borrowings as part of the Corporation’s asset/liability management strategies. These borrowings were restructured at substantially lower costs. Despite the extraordinarily low-interest rate environment, Popular’s net interest margin, on a taxable equivalent basis, reached 4.30% for the third quarter of 2003, compared with 4.26% in the same period of the previous year. The increase in net interest income for the quarter was also associated with the Corporation’s continued ability to grow earning assets.
Popular’s total assets reached $35.8 billion at September 30, 2003, compared with $32.8 billion at September 30, 2002, a 9% growth. Loans totaled $21.7 billion at September 30, 2003, compared with $19.3 billion at the same date in the previous year, an increase of $2.4 billion, or 13%. Mortgage loans continued to account for the largest growth in the portfolio, rising $1.7 billion, or 24%, since September 30, 2002. Asset growth was also associated with an increase in the investment securities and trading portfolio, which reached $11.2 billion at the end of the third quarter of 2003, compared with $10.8 billion at September 30, 2002. Deposits totaled $17.7 billion at September 30, 2003, compared with $17.1 billion at September 30, 2002, an increase of $0.6 billion or 4%. Stockholders’ equity reached $2.8 billion at September 30, 2003, compared with $2.3 billion at the end of the third quarter of 2002.
Popular’s common stock market value was $39.80 per share at September 30, 2003, compared with $31.60 at September 30, 2002, and $38.53 at June 30, 2003. The Corporation had a market capitalization of $5.3 billion at September 30, 2003, compared with $4.2 billion at September 30, 2002. Book value per share of common stock was $19.31 at September 30, 2003, an increase of 10%, compared with $17.52 at September 30, 2002.
During the third quarter of 2003, the Chicago Board Options Exchange (CBOE) began to offer options tied to Popular, Inc.’s common stock under the symbol BQW. The CBOE essentially defines standard listed stock options and establishes fair and orderly markets in stock options trading.
Bernard J. Flaherty was recently appointed President and CEO of Popular Cash Express (PCE). Flaherty has more than 25 years of retail, marketing and operations experience at national companies. PCE caters to the growing unbanked segment of the consumer market with approximately 98% of its stores located in predominantly Hispanic neighborhoods, and is currently the third largest check-cashing operation in the United States.
By the end of September 2003, the Corporation issued $31 million in corporate debt with its yield linked to the Standard & Poor’s 500 index enabling debt holders to benefit from the newly signed tax law that lowers the Puerto Rico tax rate to 10% on investment in corporate debt.
With the goal of providing new alternatives to serve our customers and to promote electronic transactions, Banco Popular de Puerto Rico launched interactive booths that enable its clients to easily and conveniently execute transactions at the branches, through the Internet. These booths allow the customer to access information about services and products and perform transactions online through “Mi Banco Popular”. Currently these booths are located in ten branches and will be expanded to other branches in the near future.
Continuing with our commitment to sports, Popular was one of the major sponsors for two historical sports events in Puerto Rico, the Montreal Expos Series and the Americas Basketball Tournament of 2003. These events offered the people of Puerto Rico the opportunity to watch the nation’s greatest athletes participate in these major events and also reiterate our commitment in the context of our financial role and participation in the development of Puerto Rico.
During the next twelve months, Popular commemorates its 110th Anniversary with a variety of activities, including the new institutional campaign “Somos así y así también”. The new campaign portrays the two principal aspects of the Corporation: its business history and legacy, and its commitment to social and community projects.
The celebration also includes an interactive exhibit-Algo de Valor- scheduled to open in November at the Rafael Carrión Pacheco Exhibition Hall, in the Old San Juan Banco Popular Building. Developed for children as well as an adult audience, this exhibit will display highlights of the origins, history, use and role of money in our society.
In addition, Popular will participate in “Make a Difference Day”, the largest volunteer work day in the United States, on October 25, 2003. The goal of Popular employees is to conduct 110 community activities throughout Puerto Rico.
We will continue to work hard to make Popular stand out as a Corporation that serves and cares for the community.
Richard L. Carrión
Chairman
President
Chief Executive Officer
Popular, Inc.
Financial Highlights
| At September 30, | Average for the nine months | |||||||||||||||||||||||
| Balance Sheet Highlights | 2003 | 2002 | Change | 2003 | 2002 | Change | ||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
| Money market investments | $ | 773,338 | $ | 1,153,079 | $ | (379,741 | ) | $ | 858,873 | $ | 876,401 | $ | (17,528 | ) | ||||||||||
| Investment and trading securities | 11,198,602 | 10,771,435 | 427,167 | 11,307,404 | 10,243,457 | 1,063,947 | ||||||||||||||||||
| Loans | 21,707,755 | 19,263,508 | 2,444,247 | 20,264,238 | 18,517,164 | 1,747,074 | ||||||||||||||||||
| Total assets | 35,777,187 | 32,843,126 | 2,934,061 | 34,290,003 | 31,234,800 | 3,055,203 | ||||||||||||||||||
| Deposits | 17,655,992 | 17,057,856 | 598,136 | 17,724,580 | 16,859,835 | 864,745 | ||||||||||||||||||
| Borrowings | 14,772,202 | 12,832,702 | 1,939,500 | 13,546,829 | 11,768,240 | 1,778,589 | ||||||||||||||||||
| Stockholders’ equity | 2,751,006 | 2,319,012 | 431,994 | 2,492,582 | 2,135,096 | 357,486 | ||||||||||||||||||
| Third quarter | Nine months | |||||||||||||||||||||||
| Operating Highlights | 2003 | 2002 | Change | 2003 | 2002 | Change | ||||||||||||||||||
| (In thousands, except per share information) | ||||||||||||||||||||||||
| Net interest income | $ | 329,017 | $ | 296,955 | $ | 32,062 | $ | 965,925 | $ | 877,048 | $ | 88,877 | ||||||||||||
| Provision for loan losses | 48,668 | 50,992 | (2,324 | ) | 146,202 | 155,521 | (9,319 | ) | ||||||||||||||||
| Fees and other income | 171,835 | 117,494 | 54,341 | 476,167 | 382,890 | 93,277 | ||||||||||||||||||
| Other expenses, net of minority interest | 321,258 | 277,703 | 43,555 | 931,268 | 833,314 | 97,954 | ||||||||||||||||||
| Net income | $ | 130,926 | $ | 85,754 | $ | 45,172 | $ | 364,622 | $ | 271,103 | $ | 93,519 | ||||||||||||
| Net income applicable to common stock | $ | 127,947 | $ | 85,754 | $ | 42,193 | $ | 357,681 | $ | 268,593 | $ | 89,088 | ||||||||||||
| Earnings per common share | $ | 0.96 | $ | 0.65 | $ | 0.31 | $ | 2.69 | $ | 2.00 | $ | 0.69 | ||||||||||||
| Third quarter | Nine months | ||||||||||||||||
| Selected Statistical Information | 2003 | 2002 | 2003 | 2002 | |||||||||||||
| Common Stock Data | |||||||||||||||||
| Market price | |||||||||||||||||
| High | $ | 41.17 | $ | 35.85 | $ | 41.17 | $ | 35.85 | |||||||||
| Low | 36.65 | 30.11 | 31.95 | 27.50 | |||||||||||||
| End | 39.80 | 31.60 | 39.80 | 31.60 | |||||||||||||
| Book value at period end | 19.31 | 17.52 | 19.31 | 17.52 | |||||||||||||
| Dividends declared | 0.27 | 0.20 | 0.74 | 0.60 | |||||||||||||
| Dividend payout ratio | 27.89 | % | 30.85 | % | 24.87 | % | 30.10 | % | |||||||||
| Price/earnings ratio | 12.06 | x | 12.44 | x | 12.06 | x | 12.44 | x | |||||||||
| Profitability Ratios | |||||||||||||||||
| Return on assets | 1.47 | % | 1.07 | % | 1.42 | % | 1.16 | % | |||||||||
| Return on common equity | 20.85 | 16.03 | 20.35 | 16.92 | |||||||||||||
| Net interest spread (taxable equivalent) | 3.95 | 3.81 | 3.96 | 3.81 | |||||||||||||
| Net interest yield (taxable equivalent) | 4.30 | 4.26 | 4.34 | 4.29 | |||||||||||||
| Effective tax rate | 20.50 | 21.65 | 21.62 | 24.17 | |||||||||||||
| Overhead ratio | 35.08 | 45.92 | 36.65 | 41.48 | |||||||||||||
| Efficiency ratio | 61.63 | 58.60 | 59.76 | 58.30 | |||||||||||||
| Capitalization Ratios | |||||||||||||||||
| Equity to assets | 7.43 | % | 6.66 | % | 7.27 | % | 6.84 | % | |||||||||
| Tangible equity to assets | 6.86 | 6.03 | 6.68 | 6.19 | |||||||||||||
| Equity to loans | 12.46 | 11.14 | 12.30 | 11.53 | |||||||||||||
| Internal capital generation | 14.08 | 11.18 | 13.85 | 11.80 | |||||||||||||
| Tier I capital to risk-adjusted assets | 11.14 | 9.93 | 11.14 | 9.93 | |||||||||||||
| Total capital to risk-adjusted assets | 12.76 | 11.70 | 12.76 | 11.70 | |||||||||||||
| Leverage ratio | 7.02 | 6.36 | 7.02 | 6.36 | |||||||||||||
| Credit Quality Ratios | |||||||||||||||||
| Allowance for losses to loans | 1.84 | % | 1.84 | % | 1.84 | % | 1.84 | % | |||||||||
| Allowance to non-performing assets | 63.44 | 67.24 | 63.44 | 67.24 | |||||||||||||
| Allowance to non-performing loans | 69.43 | 71.84 | 69.43 | 71.84 | |||||||||||||
| Non-performing assets to loans | 2.89 | 2.74 | 2.89 | 2.74 | |||||||||||||
| Non-performing assets to total assets | 1.76 | 1.60 | 1.76 | 1.60 | |||||||||||||
| Net charge-offs to average loans | 0.94 | 0.93 | 0.83 | 1.01 | |||||||||||||
| Provision to net charge-offs | 0.98 | x | 1.15 | x | 1.16 | x | 1.11 | x | |||||||||
| Net charge-offs earnings coverage | 4.32 | 3.62 | 4.86 | 3.67 | |||||||||||||
Popular, Inc.
Consolidated Statements of Condition
| September 30, | |||||||||||
| In thousands | 2003 | 2002 | |||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | 762,912 | $ | 574,282 | |||||||
| Money market investments: | |||||||||||
| Federal funds sold and securities purchased under agreements to resell | 764,019 | 1,149,346 | |||||||||
| Time deposits with other banks | 9,157 | 3,056 | |||||||||
| Bankers’ acceptances | 162 | 677 | |||||||||
| 773,338 | 1,153,079 | ||||||||||
| Investment securities available-for-sale, at market value | 10,437,673 | 9,653,348 | |||||||||
| Investment securities held-to-maturity, at amortized cost | 192,757 | 644,685 | |||||||||
| Trading account securities, at market value | 568,172 | 473,402 | |||||||||
| Loans held-for-sale, at lower of cost or market | 366,723 | 870,607 | |||||||||
| Loans | 21,614,568 | 18,693,021 | |||||||||
| Less – Unearned income | 273,536 | 300,120 | |||||||||
| Allowance for loan losses | 398,578 | 354,282 | |||||||||
| 20,942,454 | 18,038,619 | ||||||||||
| Premises and equipment | 477,318 | 446,161 | |||||||||
| Other real estate | 54,201 | 33,713 | |||||||||
| Accrued income receivable | 209,273 | 194,500 | |||||||||
| Other assets | 773,095 | 546,388 | |||||||||
| Goodwill | 190,655 | 180,337 | |||||||||
| Other intangible assets | 28,616 | 34,005 | |||||||||
| $ | 35,777,187 | $ | 32,843,126 | ||||||||
Liabilities and Stockholders’ Equity | |||||||||||
| Liabilities: | |||||||||||
| Deposits: | |||||||||||
| Non-interest bearing | $ | 3,556,269 | $ | 3,274,152 | |||||||
| Interest bearing | 14,099,723 | 13,783,704 | |||||||||
| 17,655,992 | 17,057,856 | ||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 6,796,169 | 5,887,739 | |||||||||
| Other short-term borrowings | 2,178,756 | 2,046,679 | |||||||||
| Notes payable | 5,528,277 | 4,629,284 | |||||||||
| 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 | |||||||||
| Other liabilities | 596,405 | 632,476 | |||||||||
| 33,024,599 | 30,523,034 | ||||||||||
| Minority interest in consolidated subsidiaries | 1,582 | 1,080 | |||||||||
| Stockholders’ equity: | |||||||||||
| Preferred stock | 186,875 | — | |||||||||
| Common stock | 836,872 | 834,170 | |||||||||
| Surplus | 285,591 | 275,443 | |||||||||
| Retained earnings | 1,559,925 | 1,246,098 | |||||||||
| Treasury stock, at cost | (205,527 | ) | (205,210 | ) | |||||||
| Accumulated other comprehensive income, net of tax | 87,270 | 168,511 | |||||||||
| 2,751,006 | 2,319,012 | ||||||||||
| $ | 35,777,187 | $ | 32,843,126 | ||||||||
Popular, Inc.
Consolidated Statements of Income
| Quarter ended | Nine months ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| Dollars in thousands, except per share information | 2003 | 2002 | 2003 | 2002 | |||||||||||||
| Interest Income: | |||||||||||||||||
| Loans | $ | 389,028 | $ | 391,499 | $ | 1,152,508 | $ | 1,143,887 | |||||||||
| Money market investments | 6,119 | 7,716 | 19,936 | 22,871 | |||||||||||||
| Investment securities | 104,717 | 105,125 | 325,208 | 332,813 | |||||||||||||
| Trading account securities | 9,535 | 3,770 | 26,688 | 10,357 | |||||||||||||
| 509,399 | 508,110 | 1,524,340 | 1,509,928 | ||||||||||||||
| Interest Expense: | |||||||||||||||||
| Deposits | 83,147 | 106,063 | 262,963 | 329,349 | |||||||||||||
| Short-term borrowings | 36,201 | 46,185 | 114,794 | 135,902 | |||||||||||||
| Long-term debt | 61,034 | 58,907 | 180,658 | 167,629 | |||||||||||||
| 180,382 | 211,155 | 558,415 | 632,880 | ||||||||||||||
| Net interest income | 329,017 | 296,955 | 965,925 | 877,048 | |||||||||||||
| Provision for loan losses | 48,668 | 50,992 | 146,202 | 155,521 | |||||||||||||
| Net interest income after provision for loan losses | 280,349 | 245,963 | 819,723 | 721,527 | |||||||||||||
| Service charges on deposit accounts | 41,162 | 39,484 | 120,670 | 117,964 | |||||||||||||
| Other service fees | 69,154 | 63,941 | 204,596 | 191,666 | |||||||||||||
| Gain (loss) on sale of securities | 39,109 | 1,251 | 70,398 | (2,674 | ) | ||||||||||||
| Trading account (loss) profit | (4,599 | ) | 1,247 | (9,779 | ) | (142 | ) | ||||||||||
| Derivatives gains (losses) | 282 | (21,759 | ) | (7,825 | ) | (22,103 | ) | ||||||||||
| Gain on sale of loans | 13,412 | 14,960 | 48,295 | 44,502 | |||||||||||||
| Other operating income | 13,315 | 18,370 | 49,812 | 53,677 | |||||||||||||
| 452,184 | 363,457 | 1,295,890 | 1,104,417 | ||||||||||||||
| Operating Expenses: | |||||||||||||||||
| Personnel costs: | |||||||||||||||||
| Salaries | 98,732 | 92,704 | 289,101 | 272,011 | |||||||||||||
| Profit sharing | 3,834 | 5,646 | 14,997 | 15,954 | |||||||||||||
| Pension and other benefits | 29,647 | 25,163 | 90,232 | 78,433 | |||||||||||||
| 132,213 | 123,513 | 394,330 | 366,398 | ||||||||||||||
| Net occupancy expenses | 21,428 | 19,581 | 62,630 | 58,659 | |||||||||||||
| Equipment expenses | 26,892 | 24,469 | 79,298 | 73,610 | |||||||||||||
| Other taxes | 9,493 | 9,115 | 28,347 | 27,948 | |||||||||||||
| Professional fees | 21,002 | 22,503 | 59,891 | 59,734 | |||||||||||||
| Communications | 14,922 | 13,907 | 43,931 | 40,292 | |||||||||||||
| Business promotion | 18,087 | 15,588 | 51,067 | 45,786 | |||||||||||||
| Printing and supplies | 4,474 | 4,754 | 14,221 | 14,341 | |||||||||||||
| Other operating expenses | 36,767 | 18,489 | 90,428 | 52,871 | |||||||||||||
| Amortization of intangibles | 1,978 | 1,938 | 6,033 | 7,037 | |||||||||||||
| 287,256 | 253,857 | 830,176 | 746,676 | ||||||||||||||
| Income before income tax and minority interest | 164,928 | 109,600 | 465,714 | 357,741 | |||||||||||||
| Income tax | 33,818 | 23,730 | 100,667 | 86,472 | |||||||||||||
| Net gain of minority interest | (184 | ) | (116 | ) | (425 | ) | (166 | ) | |||||||||
| Net Income | $ | 130,926 | $ | 85,754 | $ | 364,622 | $ | 271,103 | |||||||||
| Net Income Applicable to Common Stock | $ | 127,947 | $ | 85,754 | $ | 357,681 | $ | 268,593 | |||||||||
| Earnings Per Common Share (Basic and Diluted) | $ | 0.96 | $ | 0.65 | $ | 2.69 | $ | 2.00 | |||||||||
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 atwww.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, accross 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