PHILADELPHIA - Banco Popular de Puerto Rico has agreed to acquire the Virgin Islands banking operations of CoreStates First Pennsylvania Bank, CoreStates Financial Corp. announced.
Banco Popular, the largest bank in Puerto Rico and a subsidiary of BanPonce Corp., will pay an undisclosed amount of cash for six branches in the U.S. Virgin Islands and one on Tortola in the British Virgin Islands.
The deal's closing is expected during the first quarter of 1993.
Banco Popular has three branches in the U.S. Virgin Islands, 160 in Puerto Rico, 22 in New York City, and one each in Chicago and Los Angeles.
