Popular Inc. said Thursday that it has agreed to purchase almost all the assets of Infinity Mortgage Corp. of Parsippany, N.J.
The San Juan, Puerto Rico, banking company did not say how much it paid. The deal, expected to close next quarter, would further expand Popular's reach in the U.S. consumer finance market. Last month it agreed to buy the Pleasanton, Calif., online consumer lender E-Loan Inc. for $300 million. That deal is also expected to close next quarter.
Infinity originated more than $220 million of conforming and nonconforming mortgage and home equity loans last year. It holds mortgage-banking licenses in New Jersey, New York, Connecticut, Maryland, Massachusetts, and Pennsylvania.
Infinity would become part of the retail mortgage business of Equity One Inc., a Popular subsidiary in Marlton, N.J.
