UPS ACQUIRES FIRST INTERNATIONAL BANCORP
UPS has completed the acquisition of First International Bancorp, Inc, which becomes a wholly owned subsidiary.
The move is in line with UPS's strategy to fortify UPS Capital's finance offerings to small and medium-sized business. UPS Capital is also a wholly owned subsidiary of UPS.
UPS will issue nearly 1.1 million shares of class B common stock to First International stockholders at a rate of one share of First International to 0.132 shares of UPS.
UPS stock closed at $55.99 per share at the close of trading Wednesday. UPS does not expect the acquisition to be dilute earnings per share in 2001.