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<TITLE>POPULAR, INC.</TITLE>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on August&nbsp;15, 2008</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-bottom: 6pt"><B>Registration No.&nbsp;333-</B>&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>


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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
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<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
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<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Popular, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


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<TR valign="bottom">
    <TD align="center" valign="top"><B>Puerto Rico</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>66-0667416</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of incorporation or <BR>
organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Popular Center Building</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">209 Mu&#241;oz Rivera Avenue</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">San Juan, Puerto Rico
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">00918</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>POPULAR, INC. PUERTO RICO NONQUALIFIED DEFERRED COMPENSATION PLAN</B><BR>
(Full title of the plan)<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV><BR>
<B>Jorge A. Junquera<BR>
Senior Executive Vice President<BR>
and Chief Financial Officer</B><BR>
209 Mu&#241;oz Rivera Avenue<BR>
San Juan, Puerto Rico 00918<BR>
(Name and address of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(787)&nbsp;765-9800<BR>
(Telephone number, including area code, of agent for service)<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Copies to:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Brunilda Santos de Alvarez<BR>
Executive Vice President and Chief Legal Officer</B><BR>
209 Mu&#241;oz Rivera Avenue<BR>
San Juan, Puerto Rico 00918</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act. (Check one):
</DIV>



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    <TD width="22%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top">Large accelerated filer <FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Smaller reporting company <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>(Do not check if a smaller reporting company)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">offering price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">aggregate -</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">registration</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left">Title of each class of securities to be registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Registered (2)(3)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">per unit</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">offering price(4)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">fee (5)</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Deferred Compensation Obligations (1)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">15,380,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">100</TD>
    <TD nowrap style="border-top: 2px solid #000000">%</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">15,380,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">604.43</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par value $6.00 per share(1)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">2,000,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">7.69</TD>
    <TD nowrap style="border-top: 2px solid #000000">(5)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">15,380,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">N/A</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The Deferred Compensation Obligations are general unsecured obligations of Popular, Inc. to
pay deferred compensation in the future in conformity with the terms of the Popular, Inc.
Puerto Rico Nonqualified Deferred Compensation Plan (the &#147;Plan&#148;). Certain of such Deferred
Compensation Obligations may be fulfilled at the option of the plan participant either in cash
or in shares of Common Stock of the Registrant. Accordingly, reference is made in the above
table to the maximum number of shares of Common Stock of the Registrant that may be issued in
fulfillment of such Deferred Compensation Obligations.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>In addition to the securities set forth in the table, the amount being registered also
includes an indeterminate number of shares of Common Stock which may be issuable under the
Plan as a result of stock splits, stock dividends and antidilution provisions and other terms,
in accordance with Rule&nbsp;416 under the Securities Act.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>This Registration Statement also covers the associated rights to purchase fractional shares
of preferred stock of the Registrant issuable pursuant to a Stockholder Protection Rights
Agreement, dated as of August&nbsp;13, 1998. Until the occurrence of certain prescribed events,
none of which has occurred, the rights are not exercisable, are attached to the certificates
representing the shares of Common Stock and will be transferred only with the shares of Common
Stock.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for purposes of determining the registration fee.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Computed pursuant to Rule 457(h) solely for purpose of determining the registration fee,
based upon an assumed price of $7.69 per share, which was the average of the high and low
prices of the shares of Common Stock on August&nbsp;11, 2008, as reported on the NASDAQ Stock
Market.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required by Part&nbsp;I to be contained in the Section 10(a) prospectus is omitted from
this Registration Statement in accordance with Rule&nbsp;428 under the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;) and in the Note to Part&nbsp;I of Form S-8.
</DIV>


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</DIV>

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<!-- link1 "Part&nbsp;II &#151; INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Part II &#151;<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 "Item&nbsp;3. Incorporation of Certain Documents by Reference" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Certain Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents previously filed with the Commission by Popular, Inc. (the &#147;Company&#148;)
are incorporated by reference in this Registration Statement (other than any portion of such
documents that is furnished rather than filed):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Company&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2007;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Company&#146;s Quarterly Reports on Form 10-Q for the quarters ended March&nbsp;31, 2008 and June
30, 2008;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The Company&#146;s Current Report(s) on Form 8-K filed with the Commission on of January&nbsp;24,
2008, February&nbsp;22, 2008, February&nbsp;27, 2008, April&nbsp;21, 2008, May&nbsp;29, 2008 and July&nbsp;18, 2008;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The descriptions of the Company&#146;s Common stock set forth in the Company&#146;s Registration
statement filed pursuant to Section&nbsp;12 of the Securities and Exchange Act of 1934, as amended,
(the &#147;Exchange Act&#148;) and any amendment or report filed for the purpose of updating those
descriptions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Section&nbsp;13(a), 13(c), 14 and
15(d) of the Exchange Act (other than portions of those documents furnished or otherwise not deemed
to be filed), prior to the filing of a post-effective amendment which indicates that all securities
offered hereby have been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference herein and to be a part hereof from the date of the filing
of such documents. Any statement contained in a document incorporated or deemed to be incorporated
by reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein modifies or supersedes
such statement. Any such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of this Registration Statement.
</DIV>
<!-- link2 "Item&nbsp;4. Description of Securities" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Company&#146;s Common Stock</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. The Company&#146;s Common Stock is registered under Section&nbsp;12 of the Exchange
Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Deferred Compensation Obligations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Popular, Inc. Puerto Rico Nonqualified Deferred Compensation Plan (the &#147;Plan&#148;) the
Company will provide a select group of management and highly compensated employees of the Company
and its affiliates the opportunity to defer a specified percentage of their cash compensation in
excess of the amounts allowed to be deferred under the Popular, Inc. Puerto Rico Savings and
Investment Plan and to provide for payment of discretionary deferred compensation to the employees
of the Company and its affiliates. The Plan will provide several investment options, including the
Company&#146;s Common Stock. Distributions under the Plan may occur only upon a participant&#146;s retirement
or other separation of service from the Company and its affiliates (death or disability). The Plan
also provides for financial hardship withdrawals. The Plan does not guarantee any minimum rate of
return. At the option of a Participant, benefits under the Plan may be payable in the form of
Company Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The choice of investment options available under the Plan will be determined by the Popular,
Inc. Corporate Investment Committee (the &#147;Investment Committee&#148;). Participants will be permitted to
choose amongst various investments in which their accounts may be deemed invested. The Investment
Committee may change, add or eliminate notional investments at any time in its discretion and may
limit the availability of one or more notional investments to any participants or group of
participants.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Company (the &#147;Deferred Compensation Obligations&#148;) under the Plan will
be unsecured general obligations of the Company to pay the deferred compensation, adjusted as
described above, in the future in accordance with the terms of the Plan, and will rank <I>pari passu</I>
with other unsecured and unsubordinated indebtedness of the Company from time to time outstanding.
The Deferred Compensation Obligations will be denominated and payable in US dollars. Because the
Company is a holding company, the right of the Company, and the rights of its creditors (including
participants in the Plan), to participate in any distribution of assets of any subsidiary upon its
liquidation or reorganization or otherwise is necessarily subject to the prior claims of creditors
of the subsidiary, except to the extent that claims of the Company itself as a creditor of the
subsidiary may be recognized. In addition, dividends, loans and advances from certain subsidiaries
to the Company are restricted by net capital requirements under the Exchange Act, and under the
rules of certain exchanges and other regulatory bodies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will constitute a trust (the &#147;Trust&#148;) to which it will transfer funds to assist it
in the meeting of its liabilities under the Plan. The Trust shall be intended to be a &#147;grantor
trust,&#148; of which the Company is the grantor. The corpus of the Trust, and any earnings thereon,
shall be held separate and apart from other funds of the Company and shall be used exclusively for
the uses and purposes of participants and beneficiaries of the Plan as general creditors of the
Company. Participants and Beneficiaries shall have no preferred claim to, or any beneficial
ownership interest in, any assets of the Trust. Nothing in the Plan or the Trust will be construed
to give a participant, beneficiary or any other person rights to any specific assets of the
Company, its subsidiaries or affiliates. Any assets held by the Trust will be subject to the
claims of the Company&#146;s general creditors under federal and state law in the event of the Company&#146;s
insolvency or bankruptcy. All assets of the Trust shall be deemed general assets of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as may otherwise be required by applicable law, the right of a participant in the Plan
or the right of any other person to the Deferred Compensation Obligations cannot be assigned,
transferred, sold, alienated, pledged, or encumbered except by written will or by the laws of
descent and distribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Deferred Compensation Obligations are not subject to redemption, in whole or in part,
prior to the payment dates or events specified by the terms of the Plan, at the option of the
Company or through operation of a mandatory or optional sinking fund or analogous provision. The
Board of Directors of the Company, at its discretion, reserves the right to at any time amend or
terminate the Plan, in whole or in part, except that no such amendment or termination shall have
the effect of reducing a participant&#146;s benefit accrued to the date of the amendment or termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Deferred Compensation Obligations are not convertible into another security of the
Company. The Deferred Compensation Obligations will not have the benefit of a negative pledge or
any other affirmative or negative covenant on the part of the Company. The trustee under the Trust
to be established in relation to this Plan will not have the authority to take action with respect
to the Deferred Compensation Obligations and each participant in the Plan will be responsible for
acting independently with respect to, among other things, the giving of notices, responding to any
requests of consents, waivers or amendments pertaining to the Deferred Compensation Obligations,
enforcing covenants and taking action upon default.
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brunilda Santos de Alvarez, Esq., Executive Vice President and Chief Legal Officer of the
Company, is providing an opinion on the legality of the securities being registered hereby. Mrs.
Santos de Alvarez currently is not eligible to participate in the Plan but she may become eligible
in the future. As of the date of this Registration Statement, she owned, directly or indirectly
64,966, shares of Common Stock of the Company pursuant to the Company&#146;s Savings and Investment
Plan and otherwise. She also held stock options to acquire 92,747 shares of Common Stock pursuant
to the Company&#146;s stock option plan.
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Article&nbsp;ELEVENTH of the Company&#146;s Restated Certificate of Incorporation provides the
following:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;The Company shall indemnify any person who was or is a party or is threatened to be made a
party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the Company) by reason
of the fact that he is or was a director, officer, employee or agent of the Company, or is or was
serving at the written request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against expenses (including
attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
by him in connection with such action, suit or proceeding if he acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests of the Company, and, with
respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was
unlawful. The termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of <I>nolo contendere </I>or its equivalent, shall not, of itself, create a
presumption that the person did not act in good faith and in a manner which he reasonably believed
to be in or not opposed to the best interests of the Company and, with respect to any criminal
action or proceeding, had reasonable cause to believe that his conduct was unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;The Company shall indemnify any person who was or is a party or is threatened to be made a
party to any threatened, pending or completed action or suit by or in the right of the Company to
procure a judgment in its favor by reason of the fact that he is or was a director, officer,
employee or agent of the Company, or is or was serving at the written request of the Company as a
director, officer, employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, against expenses (including attorneys&#146; fees) actually and reasonably incurred by
him in connection with the defense or settlement of such action or suit if he acted in good faith
and in a manner he reasonably believed to be in or not opposed to the best interests of the
Company, except that no indemnification shall be made in respect of any claim, issue or matter as
to which such person shall have been adjudged to be liable for negligence or misconduct in the
performance of his duty to the Company unless and only to the extent that the court in which such
action or suit was brought shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which such court shall deem proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To the extent that a director, officer, employee or agent of the Company has been
successful on the merits or otherwise in defense of any action, suit or proceeding referred to in
paragraph 1 or 2 of this Article&nbsp;ELEVENTH, or in defense of any claim, issue or matter therein, he
shall be indemnified against expenses (including attorneys&#146; fees) actually and reasonably incurred
by him in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;Any indemnification under paragraph 1 or 2 of this Article&nbsp;ELEVENTH (unless ordered by a
court) shall be made by the Company only as authorized in the specific case upon a determination
that indemnification of the director, officer, employee or agent is proper in the circumstances
because he has met the applicable standard of conduct set forth therein. Such determination shall
be made (a)&nbsp;by the Board of Directors by a majority vote of a quorum consisting of directors who
were not parties to such action, suit or proceeding, or (b)&nbsp;if such a quorum is not obtainable, or,
even if obtainable, a quorum of disinterested directors so directs, by independent legal counsel in
a written opinion, or (c)&nbsp;by the stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid
by the Company in advance of the final disposition of such action, suit or proceeding as authorized
by the Board of Directors in the specific case upon receipt of an undertaking by or on behalf of
the director, officer, employee or agent to repay such amount unless it shall ultimately be
determined that he is entitled to be indemnified by the Company as authorized in this Article
ELEVENTH.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;The indemnification provided by this Article&nbsp;ELEVENTH shall not be deemed exclusive of any
other rights to which those seeking indemnification may be entitled under any statute, by-law,
agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his
official capacity and as to action in another capacity while holding such office, and shall
continue as to a person who has ceased to be a director, officer, employee or agent and shall inure
to the benefit of the heirs, executors and administrators of such a person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;By action of its Board of Directors, notwithstanding any interest of the directors in the
action, the Company may purchase and maintain insurance, in such amounts as the Board of Directors
deems appropriate, on behalf of any person who is or was a director, officer, employee or agent of
the Company, or is or was serving at the written request of the Company, as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise,
against any liability asserted against him and incurred by him in any such capacity, or arising out
of his status as such, whether or not the Company would have the power or would
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be required to indemnify him against such liability under the provisions of this Article&nbsp;ELEVENTH
or of the General Corporation Law of the Commonwealth of Puerto Rico or of any other state of the
United States or foreign country as may be applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Article&nbsp;1.02(B)(6) of the Puerto Rico General Corporation Act (the &#147;PR-GCA&#148;) provides that
a corporation may include in its certificate of incorporation a provision eliminating or limiting
the personal liability of members of its board of directors or governing body for breach of a
director&#146;s fiduciary duty of care. However, no such provision may eliminate or limit the liability
of a director for breaching his duty of loyalty, failing to act in good faith, engaging in
intentional misconduct or knowingly violating a law, paying an unlawful dividend or approving an
unlawful stock repurchase or obtaining an improper personal benefit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Article&nbsp;4.08 of the PR-GCA authorizes a Puerto Rico Corporation to indemnify its officers
and directors against liabilities arising out of pending or threatened actions, suits or
proceedings to which such officers and directors may be made parties by reason of being officers or
directors. Such rights of indemnification are not exclusive of any other rights to which such
officers or directors may be entitled under any by-law, agreement, vote of stockholders or
otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Company maintains a directors&#146; and officers&#146; liability insurance policy.
</DIV>

<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.

</DIV>
<!-- link2 "Item&nbsp;8. Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the list of exhibits, refer to the Exhibit&nbsp;Index to this Registration Statement which is
incorporated by reference.
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of
this Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in
this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20&nbsp;percent
change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148;
table in the effective Registration Statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such information in
this Registration Statement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>provided, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if
the information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by the registrant pursuant
to Section&nbsp;13 or Section 15(d) of the Exchange Act that are incorporated by reference in this
Registration Statement.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;For purposes of determining any liability under the Securities Act, each filing of the
Registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange
Act of 1934 (and, where applicable, each filing of an employee benefit plan&#146;s annual report
pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference
in this Registration Statement shall be deemed to be a new registration statement relating to the
securities offered herein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(h)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of San Juan, Commonwealth of
Puerto Rico on the 15th&nbsp;day of
August, 2008.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>POPULAR, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jorge A. Junquera
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD valign="top" colspan="3">Name:
&nbsp;Jorge A. Junquera&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD valign="top" colspan="3">Title:&nbsp;
&nbsp;&nbsp;Senior Executive Vice President and<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Richard L. Carrion, David H. Chafey, Jr., Jorge A. Junquera, Brunilda Santos de Alvarez
and Richard Barrios, and each of them individually, his true and lawful attorneys-in-fact and
agents, with full power and in any and all capacities, to sign this Registration Statement and any
and all amendments (including post-effective amendments) to this Registration Statement, and to
file such Registration Statement and all such amendments or supplements, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and authority to do and
perform each and every act and thing requisite or necessary to be done in and about the premises,
as fully to all intents and purposes as he might or could do in person, thereby ratifying and
confirming all that said attorneys-in-fact and agents or any of them, or their or his substitutes
or substitute, may lawfully do or cause to be done by virtue thereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated on
this 15th&nbsp;day of August, 2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 6pt"><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard L. Carri&#243;n
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Richard L. Carri&#243;n
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><BR>
&nbsp;Chairman
of the Board, President and<br>
&nbsp;Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><BR>
&nbsp;August&nbsp;15,
2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Juan J. Berm&#250;dez
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;August&nbsp;15,
2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Mar&#237;a Luisa Ferr&#233;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mar&#237;a Luisa Ferr&#233;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">August&nbsp;15, 2008&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Michael Masin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp; August&nbsp;15, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Manuel Morales, Jr.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Manuel Morales, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">August&nbsp;15, 2008&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Francisco M. Rexach, Jr.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Francisco M. Rexach, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">August&nbsp;15, 2008&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Frederic V. Salerno
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Frederic V. Salerno
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">August&nbsp;15, 2008&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William J. Teuber, Jr.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William J. Teuber, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">August&nbsp;15, 2008&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jos&#233; R. Vizcarrondo
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jos&#233; R. Vizcarrondo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">August&nbsp;15, 2008&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jorge A. Junquera
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jorge A. Junquera
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><BR>
&nbsp;Senior
Executive Vice President and<br>
&nbsp;Chief Financial Officer<br>
&nbsp;(Principal Financial Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><BR>&nbsp;August&nbsp;15,
2008</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ileana Gonz&#225;lez
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ileana Gonz&#225;lez
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Senior Vice President and<br>
Comptroller<br>
(Principal Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;15, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "EXHIBIT INDEX" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 6pt"><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Incorporation of the Company, as currently in effect, incorporated by
reference to Exhibit&nbsp;3.1 to the registrant&#146;s Annual Report on Form&nbsp;10-K for the
year ended December&nbsp;31, 2005.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-laws of the Company,
incorporated by reference to Exhibit&nbsp;3.1 to the Company&#146;s
Quarterly Report on Form 10-Q for the quarter ended September 30, 2007.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen of Certificate of the registrant&#146;s Common Stock, par value $6 per share,
incorporated by reference to Exhibit&nbsp;4.1 to the Company&#146;s Annual Report on Form
10-K for the year ended December&nbsp;31, 1998 (File No.&nbsp;033-61601).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stockholder Protection Rights Agreement, dated as of August&nbsp;13, 1998, between
Popular, Inc. and Banco Popular de Puerto Rico, as Rights Agent, including form of
Rights Certificate attached as Exhibit&nbsp;B thereto, incorporated by reference to
Exhibit&nbsp;4.1 of Popular, Inc.&#146;s Current Report on Form&nbsp;8-K, dated August&nbsp;13, 1998
and filed on August&nbsp;21, 1998 (File No.&nbsp;000-13818).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5<SUP style="font-size: 85%; vertical-align: text-top"><FONT style="font-family: Symbol">&#042;</FONT></SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Popular, Inc. Puerto Rico Nonqualified Deferred Compensation Plan.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1<SUP style="font-size: 85%; vertical-align: text-top"><FONT style="font-family: Symbol">&#042;</FONT></SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Brunilda Santos de Alvarez, Esq., regarding the validity of the
securities being registered.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1<SUP style="font-size: 85%; vertical-align: text-top"><FONT style="font-family: Symbol">&#042;</FONT></SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Brunilda Santos de Alvarez, Esq. (included as part of Exhibit&nbsp;5.1 above).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2<SUP style="font-size: 85%; vertical-align: text-top"><FONT style="font-family: Symbol">&#042;</FONT></SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1<SUP style="font-size: 85%; vertical-align: text-top"><FONT style="font-family: Symbol">&#042;</FONT></SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on pages II-6 through II-7).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">*</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "g14778sv8.htm", "description": "POPULAR, INC.", "secsgml_size_bytes": 65047}]
{"company-data": {"conformed-name": "POPULAR INC", "cik": "0000763901", "assigned-sic": "6022", "irs-number": "660667416", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-153044", "film-number": "081022740"}, "business-address": {"street1": "209 MUNOZ RIVERA AVE", "street2": "POPULAR CENTER BUILDING", "city": "HATO REY", "state": "PR", "zip": "00918", "phone": "7877659800"}, "mail-address": {"street1": "P.O. BOX 362708", "city": "SAN JUAN", "state": "PR", "zip": "00936-2708"}, "former-company": {"former-conformed-name": "BANPONCE CORP", "date-changed": "19920703"}}
POPULAR, INC.
As filed with the Securities and Exchange Commission on August 15, 2008
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Popular, Inc.
(Exact name of Registrant as specified in its charter)
Puerto Rico
66-0667416
(State or other jurisdiction of incorporation or
organization)
(I.R.S. Employer Identification No.)
Popular Center Building
209 Muñoz Rivera Avenue
San Juan, Puerto Rico
00918
(Address of Principal Executive Offices)
(Zip Code)
POPULAR, INC. PUERTO RICO NONQUALIFIED DEFERRED COMPENSATION PLAN
(Full title of the plan)
Jorge A. Junquera
Senior Executive Vice President
and Chief Financial Officer
209 Muñoz Rivera Avenue
San Juan, Puerto Rico 00918
(Name and address of agent for service)
(787) 765-9800
(Telephone number, including area code, of agent for service)
Copies to:
Brunilda Santos de Alvarez
Executive Vice President and Chief Legal Officer
209 Muñoz Rivera Avenue
San Juan, Puerto Rico 00918
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
þ
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
o
(Do not check if a smaller reporting company)
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Amount
maximum
maximum
Amount of
to be
offering price
aggregate -
registration
Title of each class of securities to be registered
Registered (2)(3)
per unit
offering price(4)
fee (5)
Deferred Compensation Obligations (1)
$
15,380,000
100
%
$
15,380,000
$
604.43
Common Stock, par value $6.00 per share(1)
2,000,000 shares
$
7.69
(5)
$
15,380,000
N/A
(1)
The Deferred Compensation Obligations are general unsecured obligations of Popular, Inc. to
pay deferred compensation in the future in conformity with the terms of the Popular, Inc.
Puerto Rico Nonqualified Deferred Compensation Plan (the "Plan"). Certain of such Deferred
Compensation Obligations may be fulfilled at the option of the plan participant either in cash
or in shares of Common Stock of the Registrant. Accordingly, reference is made in the above
table to the maximum number of shares of Common Stock of the Registrant that may be issued in
fulfillment of such Deferred Compensation Obligations.
(2)
In addition to the securities set forth in the table, the amount being registered also
includes an indeterminate number of shares of Common Stock which may be issuable under the
Plan as a result of stock splits, stock dividends and antidilution provisions and other terms,
in accordance with Rule 416 under the Securities Act.
(3)
This Registration Statement also covers the associated rights to purchase fractional shares
of preferred stock of the Registrant issuable pursuant to a Stockholder Protection Rights
Agreement, dated as of August 13, 1998. Until the occurrence of certain prescribed events,
none of which has occurred, the rights are not exercisable, are attached to the certificates
representing the shares of Common Stock and will be transferred only with the shares of Common
Stock.
(4)
Estimated solely for purposes of determining the registration fee.
(5)
Computed pursuant to Rule 457(h) solely for purpose of determining the registration fee,
based upon an assumed price of $7.69 per share, which was the average of the high and low
prices of the shares of Common Stock on August 11, 2008, as reported on the NASDAQ Stock
Market.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The information required by Part I to be contained in the Section 10(a) prospectus is omitted from
this Registration Statement in accordance with Rule 428 under the Securities Act of 1933, as
amended (the "Securities Act") and in the Note to Part I of Form S-8.
Part II —
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Certain Documents by Reference.
The following documents previously filed with the Commission by Popular, Inc. (the "Company")
are incorporated by reference in this Registration Statement (other than any portion of such
documents that is furnished rather than filed):
a) The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2007;
b) The Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2008 and June
30, 2008;
c) The Company's Current Report(s) on Form 8-K filed with the Commission on of January 24,
2008, February 22, 2008, February 27, 2008, April 21, 2008, May 29, 2008 and July 18, 2008;
d) The descriptions of the Company's Common stock set forth in the Company's Registration
statement filed pursuant to Section 12 of the Securities and Exchange Act of 1934, as amended,
(the "Exchange Act") and any amendment or report filed for the purpose of updating those
descriptions.
All documents subsequently filed by the Registrant pursuant to Section 13(a), 13(c), 14 and
15(d) of the Exchange Act (other than portions of those documents furnished or otherwise not deemed
to be filed), prior to the filing of a post-effective amendment which indicates that all securities
offered hereby have been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference herein and to be a part hereof from the date of the filing
of such documents. Any statement contained in a document incorporated or deemed to be incorporated
by reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein modifies or supersedes
such statement. Any such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Company's Common Stock
Not applicable. The Company's Common Stock is registered under Section 12 of the Exchange
Act.
Deferred Compensation Obligations
Under the Popular, Inc. Puerto Rico Nonqualified Deferred Compensation Plan (the "Plan") the
Company will provide a select group of management and highly compensated employees of the Company
and its affiliates the opportunity to defer a specified percentage of their cash compensation in
excess of the amounts allowed to be deferred under the Popular, Inc. Puerto Rico Savings and
Investment Plan and to provide for payment of discretionary deferred compensation to the employees
of the Company and its affiliates. The Plan will provide several investment options, including the
Company's Common Stock. Distributions under the Plan may occur only upon a participant's retirement
or other separation of service from the Company and its affiliates (death or disability). The Plan
also provides for financial hardship withdrawals. The Plan does not guarantee any minimum rate of
return. At the option of a Participant, benefits under the Plan may be payable in the form of
Company Common Stock.
The choice of investment options available under the Plan will be determined by the Popular,
Inc. Corporate Investment Committee (the "Investment Committee"). Participants will be permitted to
choose amongst various investments in which their accounts may be deemed invested. The Investment
Committee may change, add or eliminate notional investments at any time in its discretion and may
limit the availability of one or more notional investments to any participants or group of
participants.
II-1
The obligations of the Company (the "Deferred Compensation Obligations") under the Plan will
be unsecured general obligations of the Company to pay the deferred compensation, adjusted as
described above, in the future in accordance with the terms of the Plan, and will rank
pari passu
with other unsecured and unsubordinated indebtedness of the Company from time to time outstanding.
The Deferred Compensation Obligations will be denominated and payable in US dollars. Because the
Company is a holding company, the right of the Company, and the rights of its creditors (including
participants in the Plan), to participate in any distribution of assets of any subsidiary upon its
liquidation or reorganization or otherwise is necessarily subject to the prior claims of creditors
of the subsidiary, except to the extent that claims of the Company itself as a creditor of the
subsidiary may be recognized. In addition, dividends, loans and advances from certain subsidiaries
to the Company are restricted by net capital requirements under the Exchange Act, and under the
rules of certain exchanges and other regulatory bodies.
The Company will constitute a trust (the "Trust") to which it will transfer funds to assist it
in the meeting of its liabilities under the Plan. The Trust shall be intended to be a "grantor
trust," of which the Company is the grantor. The corpus of the Trust, and any earnings thereon,
shall be held separate and apart from other funds of the Company and shall be used exclusively for
the uses and purposes of participants and beneficiaries of the Plan as general creditors of the
Company. Participants and Beneficiaries shall have no preferred claim to, or any beneficial
ownership interest in, any assets of the Trust. Nothing in the Plan or the Trust will be construed
to give a participant, beneficiary or any other person rights to any specific assets of the
Company, its subsidiaries or affiliates. Any assets held by the Trust will be subject to the
claims of the Company's general creditors under federal and state law in the event of the Company's
insolvency or bankruptcy. All assets of the Trust shall be deemed general assets of the Company.
Except as may otherwise be required by applicable law, the right of a participant in the Plan
or the right of any other person to the Deferred Compensation Obligations cannot be assigned,
transferred, sold, alienated, pledged, or encumbered except by written will or by the laws of
descent and distribution.
The Deferred Compensation Obligations are not subject to redemption, in whole or in part,
prior to the payment dates or events specified by the terms of the Plan, at the option of the
Company or through operation of a mandatory or optional sinking fund or analogous provision. The
Board of Directors of the Company, at its discretion, reserves the right to at any time amend or
terminate the Plan, in whole or in part, except that no such amendment or termination shall have
the effect of reducing a participant's benefit accrued to the date of the amendment or termination.
The Deferred Compensation Obligations are not convertible into another security of the
Company. The Deferred Compensation Obligations will not have the benefit of a negative pledge or
any other affirmative or negative covenant on the part of the Company. The trustee under the Trust
to be established in relation to this Plan will not have the authority to take action with respect
to the Deferred Compensation Obligations and each participant in the Plan will be responsible for
acting independently with respect to, among other things, the giving of notices, responding to any
requests of consents, waivers or amendments pertaining to the Deferred Compensation Obligations,
enforcing covenants and taking action upon default.
Item 5. Interests of Named Experts and Counsel.
Brunilda Santos de Alvarez, Esq., Executive Vice President and Chief Legal Officer of the
Company, is providing an opinion on the legality of the securities being registered hereby. Mrs.
Santos de Alvarez currently is not eligible to participate in the Plan but she may become eligible
in the future. As of the date of this Registration Statement, she owned, directly or indirectly
64,966, shares of Common Stock of the Company pursuant to the Company's Savings and Investment
Plan and otherwise. She also held stock options to acquire 92,747 shares of Common Stock pursuant
to the Company's stock option plan.
Item 6. Indemnification of Directors and Officers.
(a) Article ELEVENTH of the Company's Restated Certificate of Incorporation provides the
following:
II-2
(1) The Company shall indemnify any person who was or is a party or is threatened to be made a
party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the Company) by reason
of the fact that he is or was a director, officer, employee or agent of the Company, or is or was
serving at the written request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against expenses (including
attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
by him in connection with such action, suit or proceeding if he acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests of the Company, and, with
respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was
unlawful. The termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of
nolo contendere
or its equivalent, shall not, of itself, create a
presumption that the person did not act in good faith and in a manner which he reasonably believed
to be in or not opposed to the best interests of the Company and, with respect to any criminal
action or proceeding, had reasonable cause to believe that his conduct was unlawful.
(2) The Company shall indemnify any person who was or is a party or is threatened to be made a
party to any threatened, pending or completed action or suit by or in the right of the Company to
procure a judgment in its favor by reason of the fact that he is or was a director, officer,
employee or agent of the Company, or is or was serving at the written request of the Company as a
director, officer, employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, against expenses (including attorneys' fees) actually and reasonably incurred by
him in connection with the defense or settlement of such action or suit if he acted in good faith
and in a manner he reasonably believed to be in or not opposed to the best interests of the
Company, except that no indemnification shall be made in respect of any claim, issue or matter as
to which such person shall have been adjudged to be liable for negligence or misconduct in the
performance of his duty to the Company unless and only to the extent that the court in which such
action or suit was brought shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which such court shall deem proper.
(3) To the extent that a director, officer, employee or agent of the Company has been
successful on the merits or otherwise in defense of any action, suit or proceeding referred to in
paragraph 1 or 2 of this Article ELEVENTH, or in defense of any claim, issue or matter therein, he
shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred
by him in connection therewith.
(4) Any indemnification under paragraph 1 or 2 of this Article ELEVENTH (unless ordered by a
court) shall be made by the Company only as authorized in the specific case upon a determination
that indemnification of the director, officer, employee or agent is proper in the circumstances
because he has met the applicable standard of conduct set forth therein. Such determination shall
be made (a) by the Board of Directors by a majority vote of a quorum consisting of directors who
were not parties to such action, suit or proceeding, or (b) if such a quorum is not obtainable, or,
even if obtainable, a quorum of disinterested directors so directs, by independent legal counsel in
a written opinion, or (c) by the stockholders.
(5) Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid
by the Company in advance of the final disposition of such action, suit or proceeding as authorized
by the Board of Directors in the specific case upon receipt of an undertaking by or on behalf of
the director, officer, employee or agent to repay such amount unless it shall ultimately be
determined that he is entitled to be indemnified by the Company as authorized in this Article
ELEVENTH.
(6) The indemnification provided by this Article ELEVENTH shall not be deemed exclusive of any
other rights to which those seeking indemnification may be entitled under any statute, by-law,
agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his
official capacity and as to action in another capacity while holding such office, and shall
continue as to a person who has ceased to be a director, officer, employee or agent and shall inure
to the benefit of the heirs, executors and administrators of such a person.
(7) By action of its Board of Directors, notwithstanding any interest of the directors in the
action, the Company may purchase and maintain insurance, in such amounts as the Board of Directors
deems appropriate, on behalf of any person who is or was a director, officer, employee or agent of
the Company, or is or was serving at the written request of the Company, as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise,
against any liability asserted against him and incurred by him in any such capacity, or arising out
of his status as such, whether or not the Company would have the power or would
II-3
be required to indemnify him against such liability under the provisions of this Article ELEVENTH
or of the General Corporation Law of the Commonwealth of Puerto Rico or of any other state of the
United States or foreign country as may be applicable.
(b) Article 1.02(B)(6) of the Puerto Rico General Corporation Act (the "PR-GCA") provides that
a corporation may include in its certificate of incorporation a provision eliminating or limiting
the personal liability of members of its board of directors or governing body for breach of a
director's fiduciary duty of care. However, no such provision may eliminate or limit the liability
of a director for breaching his duty of loyalty, failing to act in good faith, engaging in
intentional misconduct or knowingly violating a law, paying an unlawful dividend or approving an
unlawful stock repurchase or obtaining an improper personal benefit.
(c) Article 4.08 of the PR-GCA authorizes a Puerto Rico Corporation to indemnify its officers
and directors against liabilities arising out of pending or threatened actions, suits or
proceedings to which such officers and directors may be made parties by reason of being officers or
directors. Such rights of indemnification are not exclusive of any other rights to which such
officers or directors may be entitled under any by-law, agreement, vote of stockholders or
otherwise.
(d) The Company maintains a directors' and officers' liability insurance policy.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
For the list of exhibits, refer to the Exhibit Index to this Registration Statement which is
incorporated by reference.
Item 9. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as
amended (the "Securities Act");
(ii) To reflect in the prospectus any facts or events arising after the effective date of
this Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in
this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent
change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee"
table in the effective Registration Statement; and
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such information in
this Registration Statement;
provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if
the information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by the registrant pursuant
to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this
Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
II-4
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b) For purposes of determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange
Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report
pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference
in this Registration Statement shall be deemed to be a new registration statement relating to the
securities offered herein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
(h) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
II-5
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of San Juan, Commonwealth of
Puerto Rico on the 15th day of
August, 2008.
POPULAR, INC.
By:
/s/ Jorge A. Junquera
Name:
 Jorge A. Junquera
Title: 
  Senior Executive Vice President and
Chief Financial Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Richard L. Carrion, David H. Chafey, Jr., Jorge A. Junquera, Brunilda Santos de Alvarez
and Richard Barrios, and each of them individually, his true and lawful attorneys-in-fact and
agents, with full power and in any and all capacities, to sign this Registration Statement and any
and all amendments (including post-effective amendments) to this Registration Statement, and to
file such Registration Statement and all such amendments or supplements, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and authority to do and
perform each and every act and thing requisite or necessary to be done in and about the premises,
as fully to all intents and purposes as he might or could do in person, thereby ratifying and
confirming all that said attorneys-in-fact and agents or any of them, or their or his substitutes
or substitute, may lawfully do or cause to be done by virtue thereof.
II-6
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated on
this 15th day of August, 2008.
Signature
Title
Date
/s/ Richard L. Carrión
Richard L. Carrión
Chairman
of the Board, President and
Chief Executive Officer
August 15,
2008
Juan J. Bermúdez
Director
August 15,
2008
/s/ María Luisa Ferré
María Luisa Ferré
Director
August 15, 2008
Michael Masin
Director
August 15, 2008
/s/ Manuel Morales, Jr.
Manuel Morales, Jr.
Director
August 15, 2008
/s/ Francisco M. Rexach, Jr.
Francisco M. Rexach, Jr.
Director
August 15, 2008
/s/ Frederic V. Salerno
Frederic V. Salerno
Director
August 15, 2008
/s/ William J. Teuber, Jr.
William J. Teuber, Jr.
Director
August 15, 2008
/s/ José R. Vizcarrondo
José R. Vizcarrondo
Director
August 15, 2008
/s/ Jorge A. Junquera
Jorge A. Junquera
Senior
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
August 15,
2008
/s/ Ileana González
Ileana González
Senior Vice President and
Comptroller
(Principal Accounting Officer)
August 15, 2008
II-7
EXHIBIT INDEX
Exhibit
Description
4.1
—
Articles of Incorporation of the Company, as currently in effect, incorporated by
reference to Exhibit 3.1 to the registrant's Annual Report on Form 10-K for the
year ended December 31, 2005.
4.2
—
By-laws of the Company,
incorporated by reference to Exhibit 3.1 to the Company's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2007.
4.3
—
Specimen of Certificate of the registrant's Common Stock, par value $6 per share,
incorporated by reference to Exhibit 4.1 to the Company's Annual Report on Form
10-K for the year ended December 31, 1998 (File No. 033-61601).
4.4
—
Stockholder Protection Rights Agreement, dated as of August 13, 1998, between
Popular, Inc. and Banco Popular de Puerto Rico, as Rights Agent, including form of
Rights Certificate attached as Exhibit B thereto, incorporated by reference to
Exhibit 4.1 of Popular, Inc.'s Current Report on Form 8-K, dated August 13, 1998
and filed on August 21, 1998 (File No. 000-13818).
4.5
*
—
Popular, Inc. Puerto Rico Nonqualified Deferred Compensation Plan.
5.1
*
—
Opinion of Brunilda Santos de Alvarez, Esq., regarding the validity of the
securities being registered.
23.1
*
—
Consent of Brunilda Santos de Alvarez, Esq. (included as part of Exhibit 5.1 above).
23.2
*
—
Consent of PricewaterhouseCoopers LLP.
24.1
*
—
Powers of Attorney (included on pages II-6 through II-7).
*
Filed herewith