Exhibit 99.1

      Quaker City Announces Stockholder Approval of Merger with
                      Popular and Cash Dividend

    WHITTIER, Calif.--(BUSINESS WIRE)--June 16, 2004--Quaker City
Bancorp, Inc. ("Quaker City") (Nasdaq:QCBC), the holding company for
Quaker City Bank, announced today that it received approval from its
stockholders for the pending merger with Popular Acquisition Corp., an
indirect wholly-owned subsidiary of Popular, Inc. (Nasdaq:BPOP). At a
special meeting held on June 16, 2004, Quaker City's stockholders
adopted and approved the Agreement and Plan of Merger, dated as of
March 18, 2004, as supplemented, pursuant to which, among other
things, Popular Acquisition Corp. would be merged into Quaker City.
    Quaker City and Popular are working to complete the pending merger
as promptly as possible. Completion of the merger is subject to
obtaining banking regulatory approvals and the fulfillment of other
customary closing conditions as set forth in the merger agreement.
Subject to satisfaction of such closing conditions, the pending merger
is expected to be completed in the third calendar quarter of this
year.
    Quaker City also announced today that its Board of Directors, at
their meeting on June 16, 2004, declared a cash dividend of $0.20 per
outstanding share of common stock, payable on July 16, 2004 to
stockholders of record at the close of business on July 1, 2004.

    About Quaker City

    Quaker City operates twenty-seven retail banking branches in Los
Angeles, Orange, Riverside, San Bernardino and San Diego Counties in
southern California, including 16 branches located inside Wal-Mart
stores. At March 31, 2004, Quaker City reported total assets of $1.81
billion and total deposits of $1.14 billion.

    Forward-Looking Statements

    Statements made in this press release, other than statements of
historical fact, are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements, including whether the pending merger will
be completed or, if completed, whether the merger will be completed in
the third calendar quarter of this year, involve certain risks and
uncertainties, many of which are beyond Quaker City's control. Factors
that may cause actual results to differ materially from those
contemplated by such forward-looking statements include, but are not
limited to, risks detailed in reports filed by Quaker City with the
Securities and Exchange Commission. Forward-looking statements speak
only as of the date they are made and Quaker City disclaims any duty
to update any forward-looking statements after the date that such
statement is made.

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    CONTACT: Quaker City Bancorp, Inc.
             Rick McGill, 562-907-2275
             Dwight L. Wilson, 562-907-2241