UPS TO ACQUIRE FIRST INTERNATIONAL BANCORP
United Parcel Service Inc. said Tuesday it will acquire First International Bancorp Inc. for approximately $78 million in UPS Class B common stock.
The announcement comes nearly one week after UPS acquired Fritz Cos., one of the nation’s largest customs brokerage and freight forwarding firms, for approximately $450 million in UPS Class B common stock.
UPS said the acquisition will add First International’s trade finance and commercial lending programs to the capabilities of UPS Capital Corp., the financial services subsidiary of UPS.
The merger “will create a powerful combination of financial, shipping, and logistics solutions” that will enable UPS customers to better manage their supply chains through the integration of funds, goods and information, UPS said in a statement announcing the transaction.
First International’s expertise in government-backed lending will enhance UPS Capital’s financial services portfolio, which includes global trade finance, asset-based lending, factoring, payment solutions and equipment leasing, UPS said.
The transaction is expected to be completed during the second quarter of this year.
UPS TO ACQUIRE FIRST INTERNATIONAL BANCORP
