FHLBNY to donate $500K, offers $1B in quake relief funding to P.R. lenders
March 9, 2020
In response to the severe and extensive damage caused by a series of earthquakes that continue to impact Puerto Rico, the Federal Home Loan Bank of New York has announced $500,000 in donations to organizations leading relief efforts in the Commonwealth. In addition to the charitable contributions, the FHLBNY has $1 billion in disaster relief […]
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FirstBank grants $11.7M in financing to South Puerto Rico Towing & Boat Service
February 13, 2020
Family-owned company South Puerto Rico Towing & Boat Service Inc. is looking to grow this year due to financing totaling $11.7 million approved by FirstBank, the 504 program of the Small Business Administration (SBA), and COFFEC. The company will put the money toward the purchase of a tugboat, improvements to an existing tugboat, and debt […]
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Financial awareness competition focuses on eco-friendly practices
February 11, 2020
This year’s edition of the Financial Awareness Video Contest co-sponsored by the Puerto Rico Bankers Association and the Federal Reserve Bank of New York focused on the importance of implementing eco-friendly practices and the effective use of social networks as part of the strategies to develop and establish a profitable business. For more than 10 […]
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OCIF orders P.R. financial institutions to report quake-assistance efforts
February 6, 2020
The Office of the Commissioner of Financial Institutions (OCIF, in Spanish) released a Circular Letter requiring Puerto Rico’s financial institutions helping customers affected by the recent earthquakes to report on their efforts. In the document, the regulatory body orders mortgage lenders and services specifically to file monthly reports of the steps they are taking to […]
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OFG Bancorp reports -$2.3M net income loss in 4Q19, $47.7M profit for ’19
January 30, 2020
OFG Bancorp reported results for the fourth quarter and full-year 2019, reflecting the previously announced acquisition of Scotiabank’s Puerto Rico and U.S. Virgin Islands operations. OFG reported a net loss to shareholders of $2.3 million, or ($0.04) per share, which included $21.5 million in acquisition related merger and restructuring charges and $6.6 million in additional […]
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Popular Inc. reports $671M in ’19 net income; $166M in 4Q19
January 29, 2020
Popular Inc. reported net income of $166.8 million for the quarter ended Dec. 31, 2019, compared to net income of $165.3 million for the quarter ended Sept. 30, 2019. In the report, Banco Popular de Puerto Rico’s parent company, confirmed it generated net income of $671.1 million for the year 2019, compared to net income […]
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First BanCorp. reports $167.4M in net income for ’19
January 29, 2020
First BanCorp., the bank holding company for FirstBank Puerto Rico, reported net income of $167.4 million, or $0.76 per diluted share for the year ended Dec. 31, 2019, vs $201.6 million, or $0.92 per diluted share for the year ended Dec. 31, 2018. The drop was attributed a one-time $63 million benefit last year, which […]
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FDIC offers guidance to P.R. banks to ease earthquake recovery efforts
January 27, 2020
The FDIC announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Puerto Rico affected by earthquakes. In a release, the regulatory body stated the measures would apply to all FDIC-supervised financial institutions with total assets under $1 billion. The FDIC is encouraging banks to “work […]
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Kroll Bond Rating Agency assigns grade to Oriental Bank
January 17, 2020
Kroll Bond Rating Agency has assigned senior unsecured debt and deposit ratings of BBB- and short-term debt and deposit ratings of K3 to Oriental Bank, with a stable outlook for the long-term debt and deposit ratings. “The ratings for the bank are underpinned by its sustained level of profitability, including the ability to accrue equity […]
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New York Fed announces participants for Investment Connection program in P.R.
January 10, 2020
The Federal Reserve Bank of New York announced the 30 participants for the Investment Connection program in Puerto Rico, a program that seeks to enhance investments in community development financing by matching local organizations whose needs qualify for credit under the Community Reinvestment Act (CRA) with banks and other investors. Launched in September 2019, the […]
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Popular plans to repurchase $500M of its own stock, increase value
January 10, 2020
Popular Inc. announced it will carry out common stock repurchases of up to $500 million and an increase in its quarterly common stock dividend from $0.30 per share to $0.40 per share, starting in the second quarter of 2020. “We are pleased to announce our proposed capital actions for 2020 which are in line with […]
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FedeCoop invests $3.7M in new headquarters
December 19, 2019
The Puerto Rico Teachers Federation Credit Union (FedeCoop, for its initials in Spanish) recently inaugurated its new headquarters in Río Piedras, for which it invested $3.7 million. During the past 10 years, the institution has had growth that has led it to hire more staff and expand its facilities. The new facilities have a drive-thru […]
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OFG gets regulatory approval to pick up Scotiabank’s USVI operations
December 17, 2019
OFG Bancorp announced it has received final regulatory approval and related licenses from the U.S. Virgin Islands Banking Board required for its subsidiary, Oriental Bank, to close the previously announced acquisition of Scotiabank’s USVI operations. The approval comes less than a week after the financial institution announced it had received the OK from the Board […]
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Banco Popular scouting for artificial intelligence experts
December 17, 2019
Banco Popular de Puerto Rico is looking for artificial intelligence (AI) experts to optimize the bank’s operations, services and products, using this technology as a guide to create innovative solutions, it announced. In recent years, this talent — which comes from on universities in Puerto Rico and the U.S. mainland such as: the University of […]
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OFG gets regulatory approvals to pick up Scotiabank’s assets in P.R./USVI
December 12, 2019
OFG Bancorp announced it has received the OK from the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and the Puerto Rico Office of the Commissioner of Financial Institutions needed so that its banking subsidiary, Oriental Bank, may complete the acquisition of the local and U.S. Virgin Islands operations of Scotiabank. […]
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