Posts

Showing posts with the label Banco Popular

Minority Banks Receiving TARP Capital - Update

We have updated our listing of minority banks receiving TARP funding:

11/14/2008
UCBH Holdings, Inc. (Asian)
San Francisco CA
Purchase
Preferred Stock w/Warrants
$298,737,000
Par

11/14/2008
Broadway Financial Corporation (Black)
Los Angeles CA
Purchase
Preferred Stock w/Warrants
$9,000,000 Par

12/5/2008
East West Bancorp (Asian)
Pasadena CA
Purchase
Preferred Stock w/Warrants
$306,546,000 Par

12/5/2008
Cathay General Bancorp (Asian)
Los Angeles CA
Purchase
Preferred Stock w/Warrants
$258,000,000
Par

12/5/2008
Popular, Inc. (Hispanic)
San Juan PR
Purchase
Preferred Stock w/Warrants
$935,000,000
Par

Total to minority banks: $ 1,807,283,000
Total to all banks: $165,306,798,000
Percentage: 1%

Banco Popular de Puerto Rico Upgraded

Following a reduction in subprime market exposure, ratings for the holding company that owns one of the largest Hispanic banks were upgraded today. Moody's "changed the rating outlook on Popular Inc. (BPOP) and its units to stable from negative. The company is rated A3 for senior debt and its unit, Banco Popular de Puerto Rico, is rated C+ for bank financial strength and A2 for deposits.The outlook change follows Popular's sale of a significant portion of its Equity One mortgage and consumer loan portfolio to American International Group Inc. The outlook was downgraded to negative Dec. 24, 2007.

Moody's said the transaction will reduce the company's exposure to U.S. subprime mortgages and significantly strengthen its holding company liquidity position since Popular has largely financed its U.S. consumer finance business with short- and medium-term wholesale borrowings at the parent company level."

Of course, we still have issues with AIG, Popular, and the ratin…