Popular Appoints Israel Velasco as EVP and Head of U.S. Operations
Popular announced executive leadership changes to support the objectives of its new strategic framework. Israel Velasco was appointed Executive Vice President and Head of U.S. Operations of Popular Bank, the Corporation's banking subsidiary in the mainland U.S., succeeding Manuel Chinea. Velasco has led the Corporation's Florida operations for 21 years and will continue to advance Popular's U.S. strategy to improve financial performance and drive operational effectiveness in support of Popular's strategic objectives. He will join the Corporation's Senior Management Team. Chinea, who has led the U.S. operations for the past 13 years, will take on the newly-formed role of Chief Experience and Administration Services Officer of the Corporation, where he will oversee Customer Experience, Human Resources, Corporate Real Estate and Marketing.
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- Executive Appointment: Israel Velasco has been appointed as Executive Vice President and Head of U.S. Operations, succeeding Manuel A. Chinea, who has held the position for 13 years; Velasco's 21 years of experience in Florida operations will support the company's strategic objectives.
- Customer Experience Leadership: Manuel A. Chinea will take on the newly created role of Chief Experience and Administration Services Officer, overseeing customer experience, human resources, and marketing, leveraging his 38 years of industry experience to enhance employee loyalty and customer satisfaction.
- Strategic Alignment: The new appointments will take effect on July 1, 2026, aiming to achieve the company's goal of being the preferred bank for customers by strengthening operational execution and enhancing customer experience, reflecting management's focus on improving financial performance.
- Leadership Transition Context: These appointments coincide with the retirement of Eduardo J. Negrón, who has made significant contributions as Chief Administration Officer, indicating the company's commitment to adapting to market changes and enhancing competitiveness through leadership transitions.
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- Price Increase Announcement: Popular Inc. has raised its target price for shares from $142 to $160.
- Market Implications: This adjustment reflects a positive outlook on the company's performance and potential growth in the market.
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- Market Implications: This adjustment may reflect Barclays' positive outlook on the stock's performance and potential growth.
- Dividend Declaration: Popular, Inc. announced a monthly cash dividend of $0.132813 per share on its 6.375% Non-Cumulative Monthly Income Preferred Stock, payable on April 30, 2026, reflecting the company's commitment to shareholder returns.
- Trust Preferred Securities Distribution: The company also declared a monthly distribution of $0.127604 per security on its 6.125% Cumulative Monthly Income Trust Preferred Securities, scheduled for payment on May 1, 2026, which further bolsters investor confidence.
- Market Position: As the leading financial institution in Puerto Rico by both assets and deposits, Popular, Inc. ranks among the top 50 U.S. bank holding companies, highlighting its strong competitive position in the market.
- Diverse Services: Through its principal subsidiary Banco Popular, the company offers retail, mortgage, and commercial banking services, while also providing comprehensive banking services in the mainland U.S. through Popular Bank, showcasing its broad and flexible business operations.
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- Robust Growth of Popular: Popular (BPOP) has increased its net interest margin by 44.3 basis points over the last two years, leading to a 22.1% annual growth in earnings per share, while its tangible book value per share has grown by 16.9% annually, showcasing a strong balance sheet with a current stock price of $129.98 and a P/B ratio of 1.3.
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