Popular Inc. announced that president and chief operating officer David Chafey Jr., who has been with the bank for more than 30 years, is no longer employed at the Puerto Rican bank.

No specific reasons were given for Chafey's departure and a Popular spokesman couldn't immediately be reached for comment.

Shares were down 3.7% premarket at $2.95. The stock through Friday was up 36% this year.

Lead independent director Rederic Salerno said the bank was "very fortunate" to have had Chafey and wished the best in his future endeavors.

Chairman and Chief Executive Richard Carrion will add the president's title and the operating chief post won't be filled at this time.

The bank, which operates Banco Popular de Puerto Rico, in April said its first-quarter loss widened as the economic environment in Puerto Rico and the U.S. remains challenging. The bank has suffered during the economic downturn and its exposure to commercial real estate loans.

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