Due to the possibility of a government default on some $2 billion in debt service due July 1, Puerto Rico credit unions confirmed they have enough financial capacity to face the situation, with $486 million in reserves to face possible investment losses.
Twenty eight proposals from local entrepreneurs were chosen the winners of the first edition of Popular Inc.’s “StartUp Popular” initiative, which seeks to promote entrepreneurship and the economic development of Puerto Rico, bank officials said Wednesday.
First BanCorp., the parent company for FirstBank Puerto Rico, reported Monday net income of $23.3 million for the first quarter of 2016, or $0.11 per diluted share, compared to $15 million, or $0.07 per diluted share, for the fourth quarter of 2015 and $25.6 million, or $0.12 per diluted share, for the first quarter of 2015.
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