Popular Inc. reports net income of $127.6M in 2Q20
July 24, 2020
Popular Inc., parent company of Banco Popular de Puerto Rico, reported net income of $127.6 million for the quarter ended June 30, 2020, a 25% drop from the $171.1 million on record for the same quarter in 2019, but a significant jump from the $34.3 million reported for the first quarter of the year. For […]
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Oriental adjusts branch service hours in response to spike in COVID-19 cases
July 20, 2020
Oriental announced it will be adjusting service hours at its branches in Puerto Rico, in response to the spike in COVID-19 cases on the island. The changes go into effect today. Branches: From Monday to Friday they will offer services until 3 p.m. Customers are required to make their appointment in advance; Drive-up windows: Will […]
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FirstBank, NY Fed grant $240K to 40 small biz, nonprofits in Puerto Rico/USVI
July 16, 2020
The coronavirus pandemic has had a significant impact on people’s health and the economy, with small business owners and nonprofits being the most affected sectors. To continue to support these groups, FirstBank, in conjunction with the Federal Home Loan Bank of New York (FHLBNY), announced that they will be granting $240,000 to 40 entities in […]
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10 Puerto Rico co.’s secure SBA-backed PPP loans of between $5M-$10M
July 9, 2020
The U.S. Small Business Administration revealed it has guaranteed nearly 2,000 loans for between $150,000 and $10 million through its Payroll Protection Program in Puerto Rico, totaling a little more than $1 billion as of June 30. These loans are added to the nearly 36,000 SBA-backed loans of less than $150,000, which represent another $741.4 […]
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Rincón, Co-op Rincón partner to invest $8.7M in social interest housing
June 29, 2020
An alliance between the municipality of Rincón and Co-op Rincón will facilitate the financing of the development of affordable housing in that western town, via an investment that exceeds $8.7 million. The development of the Vista al Río urbanization, which will have 105 housing units, will have three construction phases, the first of which is […]
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Banco Popular’s digital platform reaches 1M users ahead of schedule
June 24, 2020
Banco Popular, Puerto Rico’s largest bank, confirmed that its “Mi Banco” digital platform has reached one million monthly active users, about six months ahead of schedule, officials said. The bank, which invests about $6 million a year to improve its digital offering, said more than 70% of all Banco Popular customers have enrolled in “Mi […]
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Popular sells Caparra Center building to Triple-S for undisclosed amount
June 22, 2020
Popular Inc. has sold a 180,000-square-foot building, known as Caparra Center, to Triple-S Management Corporation through a private deal that keeps the price tag under seal. “We’re viewing this transaction as a private one. However, the acquisition of this 180,000-square-foot building will allow us to have the additional space to respond to our growth in […]
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Puerto Rico Bankers Assoc. confirms shortage of coins due to COVID-19
June 18, 2020
The New York Federal Reserve’s Cash and Custody Division confirmed a drop in the nationwide availability of coins — quarters, dimes, nickels and pennies — as a result of the COVID-19 pandemic, which is also affecting the Puerto Rico market, the Bankers Association stated. The decrease is mainly due to the interruption of the circulation […]
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Popular Inc. wraps up $500M accelerated share repurchase transaction
May 28, 2020
Popular Inc. announced the completion of its $500 million accelerated common stock repurchase transaction announced for 2020. The completion came earlier than expected, as the counterparty in the transaction exercised its right under the agreement to implement the early termination date clause when the trading price of Popular’s common stock fell below a specified level […]
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New York Fed announces new format for ‘High School Fed Challenge’
May 28, 2020
The Federal Reserve Bank of New York today announced a new format for the “High School Fed Challenge,” an annual competition designed to enhance and promote economic education. Any high school in the Federal Reserve’s second district — which includes New York State, Northern New Jersey, Puerto Rico, the U.S. Virgin Islands, and Fairfield County, […]
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Popular Inc. subsidiaries in P.R., U.S. mainland approve $1.2B in SBA loans
May 5, 2020
Popular Inc. announced that as of May 1st, it had processed more than $1.2 billion in loans under the second round of the U.S. Small Business Administration’s Paycheck Protection Program. The loans have benefited 16,397 small- and medium-sized businesses that employ more than 235,000 people, the bank said. Of the total, $1.05 billion were granted […]
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Banco Popular receives 127K applications for loan moratoriums
May 1, 2020
Banco Popular de Puerto Rico has received a total of 127,000 moratorium applications, split between auto, personal and mortgage loans, Popular Inc. CEO Ignacio Álvarez confirmed. Of that number, 100,000 are in its own portfolio, and the remaining 27,000 are mortgage loans owned by third-parties such as Fannie Mae, Freddie Mac and the Federal Housing […]
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First BanCorp. reports net income of $2.3M in 1Q20
May 1, 2020
First BanCorp., the bank holding company for FirstBank Puerto Rico (reported net income of $2.3 million, or $0.01 per diluted share, for the first quarter of 2020, compared to $36.4 million, or $0.16 per diluted share, for the fourth quarter of 2019, and $43.3 million, or $0.20 per diluted share, for the first quarter of […]
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OFG Bancorp reports $131.3M in 1Q20 revenue, remains well-capitalized in pandemic
April 30, 2020
OFG Bancorp, parent of Oriental bank, reported $131.3 million in revenue for the first quarter ended Mar. 31, 2020, with a strong increase in due to its acquisition of the Puerto Rico and U.S. Virgin Islands operations of The Bank of Nova Scotia (Scotiabank), bank officials said. Upon disclosing its latest results, the financial institution […]
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Popular approves close to $500M in SBA-backed loans
April 17, 2020
Popular announced that the Small Business Administration approved a total of $494 million in loans to its clients under the Paycheck Protection Program (PPP). Of these, $398 million was granted through Banco Popular de Puerto Rico and $96 million through Popular Bank, Popular’s banking subsidiary on the U.S. mainland. The Paycheck Protection Program was well received in Puerto […]
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