OFG Bancorp clears 1st hurdle in acquisition of Scotiabank’s USVI operations
July 26, 2019
OFG Bancorp, parent company of Oriental Bank, announced the Virgin Islands Banking Board approved the first regulatory step related to the acquisition of Scotiabank’s U.S. Virgin Island operations. The permit authorizes Oriental to organize a bank in the territory. To assume Scotiabank’s operations and start serving customers in the USVI, Oriental will also need a license and approval from […]
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Popular Inc. reports $171.1M in net income for 2Q19, vs. $167.9M for 1Q19
July 25, 2019
Popular Inc., parent company of Banco Popular de Puerto Rico, reported net income of $171.1 million for the quarter ended June 30, 2019, compared to net income of $167.9 million for the quarter ended March 31, 2019. But when compared quarter-to-quarter, the financial institution revealed a 39% drop this quarter when compared to the same […]
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FirstBank reports net income of $41.3M in 2Q19 as CEO remains optimistic
July 24, 2019
First BanCorp. reported net income of $41.3 million, or $0.19 per diluted share, for the second quarter of 2019, compared to $43.3 million, or $0.20 per diluted share, for the first quarter of 2019, and $31.0 million, or $0.14 per diluted share, for the second quarter of 2018. First BanCorp CEO Aurelio Alemán described the […]
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Oriental CEO: Political crisis could have future ‘economic consequences’ for P.R.
July 23, 2019
Upon revealing a 3.3% net revenue increase to $99.2 million from $96 million during the second quarter, Oriental CEO José Rafael Fernández said the events of the past week have not had an economic impact so far but could create them in the long-run. In a call with analysts to discuss the results, Fernández said […]
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NY Fed to launch ‘Investment Connection’ program in P.R. this fall
July 17, 2019
The New York Fed announced it is launching its “Investment Connection” program to boost investments in regional community development financing. The program’s first phase will begin in Fall 2019 in Puerto Rico, where the New York Fed is working to rebuild the island’s economic resiliency in the aftermath of Hurricane María. The program will help […]
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Former exec who brought down Westernbank sentenced to 30 years in prison
July 4, 2019
A Key Biscayne, Florida, resident and the former CEO of a now-bankrupt multinational pharmaceutical company was sentenced to 30 years in prison followed by five years of supervised release yesterday for his role in a $100 million scheme to defraud Westernbank of Puerto Rico. The losses triggered a series of events leading to Westernbank’s insolvency […]
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Oriental to buy Scotiabank’s operations in P.R. for $550M; USVI for $10M
June 26, 2019
OFG Bancorp’s subsidiary Oriental Bank will acquire Scotiabank’s Puerto Rico operation for $550 million and its U.S. Virgin Island branch operation for $10 million. Scotiabank’s Puerto Rico and USVI operations will be merged into Oriental Bank and its related businesses. The acquisition is subject to customary regulatory approvals, which will likely take about six months […]
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Oriental grants $2.8M loan to Evinmotors
June 11, 2019
In keeping with its commitment to small businesses, Oriental granted a loan of some $2.8 million to Evinmotors, for the purchase of a commercial property that will become its new headquarters. The loan was granted under the Small Business Administration’s 504 program, jointly with the Marketing Small Business Finance Corp. Evinmotors is a company dedicated […]
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Popular Inc. CEO: Promoting P.R. is important, but working on structural issues is a must
May 13, 2019
Doing the work of promoting Puerto Rico beyond its shores is an important task, but the island must continue working on its structural issues so that it becomes a place where doing business works, said Ignacio Álvarez, CEO of Popular Inc. during a recent sit-down with the media. “You can sell something, but if after […]
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First BanCorp. reports $43M in 1Q19 net income
April 25, 2019
First BanCorp. reported net income of $43.3 million, or $0.20 per diluted share, for the first quarter ended Mar. 31, 2019, compared to $101.1 million, or $0.46 per diluted share, for the fourth quarter of 2018, and $33.1 million, or $0.15 per diluted share, for the first quarter of 2018. The fourth quarter of 2018 […]
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FirstBank grants $6.5M in financing to Air-Con Inc.
March 19, 2019
FirstBank recently granted $6.5 million in financing to Air-Con Inc., a distributor of air conditioners and commercial refrigeration, for working capital guaranteed by its inventory and accounts receivables. Air-Con Inc., which has offices in Puerto Rico and the Caribbean, pioneered in introducing energy saving inverter products to Puerto Rico. It also developed its own Air-Con […]
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San Juan Mercantile Bank & Trust gets license to operate in P.R.
March 13, 2019
The San Juan Mercantile Exchange Inc. (SJMX) and the San Juan Mercantile Bank & Trust International Corp. (SJMBT) today announced that SJMBT has received its license to operate from the Puerto Rico Office of the Commission of Financial Institutions. The license authorizes SJMBT to operate as an International Financial Entity (IFE) under OCIF’s banking regulations, […]
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Western Union, TuChequera.com open int’l payment options for businesses
March 12, 2019
Western Union, a provider of cross-border, cross-currency money movement, announced an alliance between Western Union Business Solutions and TuChequera.com that will allow entrepreneurs in Puerto Rico to conduct business in more than 130 currencies and send online business payments through a platform available 24/7. “Puerto Rico is the first region in Latin America and The […]
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Popular encourages entrepreneurs to join ‘StartUp Popular’ call
March 4, 2019
Part of the success of any business is to be able to count on capital that supports their growth and keeps the operations solid. In response to that Popular announced its 7th call for funding, business coaching and networking program, StartUp Popular. The application deadline is April 30, 2019. Since its inception, more than 85 […]
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So. Fla. resident convicted of $100M fraud scheme that toppled Westernbank
February 6, 2019
A Key Biscayne, Florida resident was found guilty by a federal jury for his role in a $100 million scheme to defraud Westernbank of Puerto Rico. The losses triggered a series of events leading to Westernbank’s insolvency and ultimate collapse in 2010. Jack Kachkar, 55, was convicted of eight counts of wire fraud affecting a […]
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