United Parcel Service Inc-(UPS) Message Board

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Technology Stocks : United Parcel Service Inc-(UPS)

UPS 96.42

+1.4%

Oct 31 9:30 AM EST

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To: yihsuen who wrote (353)	1/16/2001 9:47:58 AM
From: Neil H	Read Replies (1) of 368

Tuesday January 16, 9:41 am Eastern Time UPS to Buy Intl Bancorp for $78 Million NEW YORK (Reuters) - Shipping giant United Parcel Service (NYSE:UPS - news) said on Tuesday it plans to buy small-business lender First International Bancorp Inc. (NasdaqNM:FNCE - news) for about $78 million in stock to expand its financial-services operation. Atlanta-based UPS, the world's largest express carrier and package delivery company, said the move would add First International's structured trade finance and commercial lending programs to its UPS Capital Corp. financial-services subsidiary. UPS said the purchase will not dilute its 2001 earnings per share and would add slightly to 2002 earnings. The two companies said they expect the transaction to close in the mid to late second quarter. The deal calls for UPS to swap 0.16 of a Class B common share for each First International share for a total issuance of 1.3 million shares based on First International's 8.3 million shares outstanding as of Sept. 30. UPS was down 1/8 at $58-13/16 on the New York Stock Exchange, while First International was up 31/32, or 13.4 percent, at $8-3/16 on Nasdaq.

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