<SEC-DOCUMENT>0001157523-18-002594.txt : 20181217
<SEC-HEADER>0001157523-18-002594.hdr.sgml : 20181217
<ACCEPTANCE-DATETIME>20181217151650
ACCESSION NUMBER:		0001157523-18-002594
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181213
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181217
DATE AS OF CHANGE:		20181217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POPULAR INC
		CENTRAL INDEX KEY:			0000763901
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				660667416
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34084
		FILM NUMBER:		181237952

	BUSINESS ADDRESS:	
		STREET 1:		209 MUNOZ RIVERA AVE
		STREET 2:		POPULAR CENTER BUILDING
		CITY:			HATO REY
		STATE:			PR
		ZIP:			00918
		BUSINESS PHONE:		7877659800

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 362708
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00936-2708

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANPONCE CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51915435.htm
<DESCRIPTION>POPULAR, INC. 8-K
<TEXT>
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      <font style="font-size: 18pt"><b>UNITED STATES </b></font><br><font style="font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION </b></font><br>Washington, D.C. 20549<b> </b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>Form 8-K </b></font>
    </p>
    <p style="text-align: center">
      <b>CURRENT REPORT </b><br><b>Pursuant to Section 13 or 15(d) of the
      Securities Exchange Act of 1934 </b>
    </p>
    <p style="text-align: center">
      <b>Date of Report&#160;(Date of earliest event reported): <font style="font-family: Times New Roman; font-size: 10pt">December
      13, 2018</font></b><br><b> </b>
    </p>
    <p style="text-align: center">
      <u><font style="font-size: 24pt"><b>POPULAR, INC.</b></font></u><b><font style="font-size: 24pt">
      </font></b><br><i>(Exact name of registrant as specified in its charter)</i>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="border-bottom-style: solid; border-bottom-color: black; width: 33%; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>Puerto Rico</b>
        </td>
        <td valign="bottom" style="width: 1%; text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-color: black; width: 32%; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>001-34084</b>
        </td>
        <td valign="bottom" style="width: 1%; text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-color: black; width: 33%; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>66-0667416</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(State or other jurisdiction of</i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>incorporation&#160;or organization)</i>
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 32%; text-align: center; padding-left: 0.0px">
          <i>(Commission File Number)</i>
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(IRS Employer Identification </i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Number)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="border-bottom-style: solid; border-bottom-color: black; width: 50%; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>209 Mu&#241;oz Rivera Avenue</b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Hato Rey, Puerto Rico</b>
          </p>
        </td>
        <td valign="bottom" style="width: 1%; text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-color: black; width: 49%; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>00918</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 50%; text-align: center; padding-left: 0.0px">
          <i>(Address of principal executive offices)</i>
        </td>
        <td valign="bottom" style="width: 1%; text-align: left; padding-left: 0.0px">

        </td>
        <td valign="top" style="width: 49%; text-align: center; padding-left: 0.0px">
          <i>(Zip code)</i>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>(787) 765-9800</b>
    </p>
    <hr style="height: 2.0 pt; width: 100%; text-align: center; color: #000000">


    <p style="text-align: center">
      <i>(Registrant&#8217;s telephone number, including area code)</i>
    </p>
    <p style="text-align: center">
      <b>NOT APPLICABLE</b>
    </p>
    <hr style="height: 2.0 pt; width: 100%; text-align: center; color: #000000">


    <p style="text-align: center">
      <i>(Former name, former address and former fiscal year,&#160;if changed since
      last report)</i><b> </b>
    </p>
    <p>
      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 (<i>see</i> General Instruction A.2. below):
    </p>
    <p style="font-size: 10pt; margin-left: 30.0px">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p style="text-align: justify">
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).
    </p>
    <p>
      Emerging growth company <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p>
      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.&#160;&#160;<font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><br>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <b>Item&#160;5.02. Departure of Directors or Certain Officers; Election of
      Directors; Appointment of Certain Officers; Compensatory Arrangements of
      Certain Officers.</b>
    </p>
    <p style="text-align: justify">
      On December 13, 2018, the Board of Directors (the &#8220;Board&#8221;) of Popular,
      Inc. (the &#8220;Corporation&#8221;) elected Robert Carrady to serve as an
      independent director of the Corporation. The Board appointed Mr. Carrady
      as a member of the Risk Management Committee of the Board. Mr. Carrady&#8217;s
      election to the Board and appointment to the Risk Management Committee
      will become effective as of January 1, 2019.
    </p>
    <p style="text-align: justify">
      Mr. Carrady is the President of Caribbean Cinemas, a family-owned
      business and the largest movie theater chain in the Caribbean, with
      approximately 570 screens in 68 locations across Puerto Rico, the
      Dominican Republic and several other Caribbean islands, as well as in
      Guyana, Panama and Bolivia. Caribbean Cinemas, through its affiliates,
      manages theatre operations, as well as related film buying, screen
      advertising and food and game room concessions. It also engages in the
      construction of certain of the sites in which it operates and leases
      real estate to third parties as part of its real estate leasing and
      property management business.&#160;&#160;Mr. Carrady has been President of
      Caribbean Cinemas since 2006.
    </p>
    <p style="text-align: justify">
      Banco Popular de Puerto Rico (the &#8220;Bank&#8221;), the Corporation&#8217;s Puerto
      Rico-based banking subsidiary, has several outstanding loan transactions
      with Mr. Carrady, his immediate family and entities controlled by them.
      The Bank proposes to continue such transactions in the ordinary course
      of its business, on substantially the same terms, including interest
      rates and collateral, as those prevailing for comparable loan
      transactions with third parties. Such transactions have not involved and
      do not currently involve more than normal risks of collection or present
      other unfavorable features.
    </p>
    <p style="text-align: justify">
      The Bank also has entered, as lessee, into various lease agreements with
      affiliates of Caribbean Cinemas.&#160;&#160;One of such agreements leases to the
      Bank five sites in which it operates automated teller machines
      (&#8220;ATMs&#8221;).&#160;&#160;This lease agreement currently provides for an aggregate
      annual payment of approximately $36,000 and an additional monthly fee
      based on the number of transactions. It expires on June 2019 and is
      renewable at the Bank&#8217;s option for an additional five-year term. The
      Bank also leases from a separate Caribbean Cinema affiliate the premises
      on which it currently operates its St. Croix branch. This lease
      agreement provides for an annual base rent payment of approximately
      $176,000. It will expire the earlier of February 2020 and the completion
      of the building to which the Bank plans to relocate this branch pursuant
      to a land lease agreement between the parties.&#160;&#160;Separately, a third
      Caribbean Cinemas affiliate rents from the Bank a property in which it
      operates a movie theater. This 20-year lease agreement was entered into
      on September 2006, has two five-year renewal options and provides for an
      annual base rent payment which currently is $155,000 plus overage
      charges.
    </p>
    <p style="text-align: justify">
      Mr. Carrady will receive compensation as a non-employee director in
      accordance with the Corporation&#8217;s non-employee director compensation
      practices as in effect from time to time.
    </p>
    <p style="text-align: justify">
      There are no arrangements or understandings between Mr. Carrady and any
      other person under which Mr. Carrady was appointed as a director of the
      Corporation.
    </p>
    <p style="text-align: justify">
      <b>Item 8.01. Other Events. </b>
    </p>
    <p style="text-align: justify">
      On December 17, 2018, the Corporation issued a press release announcing
      the election of Robert Carrady as a director of the Corporation. A copy
      of the press release is attached to this Current Report on Form 8-K as
      Exhibit 99.1.
    </p>
    <p style="text-align: justify">
      <b>Item 9.01. Financial Statements and Exhibits. </b>
    </p>
    <p style="text-align: justify">
      The following exhibit shall not be deemed to be &#8220;filed&#8221; for purposes of
      the Securities Exchange Act of 1934, as amended.
    </p>
    <p style="text-align: justify">
      <a href="a51915435ex99_1.htm">99.1</a>&#160;&#160;&#160;&#160;&#160;&#160;<a href="a51915435ex99_1.htm">Press
      release dated December 17, 2018.</a>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <u><b>SIGNATURE </b></u>
    </p>
    <p>
      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.
    </p>
    <p>

    </p>
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        <td style="width: 50%">

        </td>
        <td valign="top" style="width: 3%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="width: 47%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>POPULAR, INC.</b></u>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Registrant)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 47%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 50%; text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date: December 17, 2018
          </p>
        </td>
        <td valign="top" style="width: 3%; text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          By:
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-color: black; width: 47%; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt">
          <b>/s/ Javier D. Ferrer</b>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 47%; text-align: left; padding-left: 0.0px">
          Javier D. Ferrer
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 47%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Executive Vice President, General Counsel and
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Secretary
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51915435ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Popular
      Names Robert Carrady to Board of Directors</b></font>
    </p>
    <p>
      SAN JUAN, Puerto Rico--(BUSINESS WIRE)--December 17, 2018--Popular, Inc.
      (&#8220;Popular&quot;) (NASDAQ:BPOP) announced today that its Board of Directors
      elected Robert Carrady as an independent director of the company,
      effective January 1, 2019. Mr. Carrady was also appointed as a member of
      the Risk Management Committee of the Board.
    </p>
    <p>
      Mr. Carrady is the President of Caribbean Cinemas, a family-owned
      business and the largest movie theater chain in the Caribbean, with
      approximately 570 screens in 68 locations across Puerto Rico, the
      Dominican Republic and several other Caribbean islands, as well as in
      Guyana, Panama and Bolivia. He joined the family business upon
      graduating from Tufts University, where he majored in Economics, and
      quickly became an integral part of the company&#8217;s rapid and solid growth.
      Mr. Carrady has developed every aspect of the company, which today
      manages in-house the construction of new sites, theatre operations, film
      buying, food concessions, screen advertising, game room concessions, and
      real estate leasing and management.
    </p>
    <p>
      &#8220;We are happy to bring Robert Carrady on board. He brings with him many
      years of experience as a business leader and entrepreneur, as well as a
      thorough understanding of the Caribbean region, one of the markets where
      Popular operates,&#8221; said Richard L. Carri&#243;n, Executive Chairman of
      Popular, Inc. &#8220;We are confident that he will add great value to our
      Board and look forward to his insights and advice.&#8221;
    </p>
    <p>
      Mr. Carrady has been closely involved in education projects in Puerto
      Rico and has received many recognitions for his contributions to the
      business community in Puerto Rico and to the cinema industry. In 2018,
      he received the CinemaCon Lifetime Career Achievement Award in
      Exhibition and the National Association of Theatre Owners Award of
      Recognition for contribution towards diligent rebuilding of the cinema
      industry in the Caribbean in the aftermath of hurricanes Irma and Maria
      in 2017.
    </p>
    <p>
      <b>About Popular, Inc.</b>
    </p>
    <p>
      Popular, Inc. is the leading financial institution in Puerto Rico, in
      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&#8217;s principal subsidiary, provides retail, mortgage and commercial
      banking services in Puerto Rico and the U.S. Virgin Islands. Popular
      also offers 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.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br>Popular, Inc.<br>Investor Relations:<br>Paul J. Cardillo,
      212-417-6721<br>Investor Relations Officer<br>or<br>Media Relations:<br>Teruca
      Rull&#225;n, 787-281-5170 or 917-679-3596 (mobile)<br>Senior Vice
      President, Corporate Communications
    </p>
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