OFG CEO: Gov’t, OBoard clash over Fiscal Plan could choke federal fund flow
April 23, 2018
The clash between Gov. Ricardo Rosselló’s administration and the Financial Oversight and Management Board for Puerto Rico over the implementation of the federally appointed entity’s Fiscal plan could unleash a protracted court fight and generate uncertainty about flow of federal aid to the island.
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Santander Securities Puerto Rico office to close May 25
April 5, 2018
This week, Santander Securities LLC (SSLLC), the investment division of Banco Santander, sent a letter to its clients in Puerto Rico notifying them that, as of May 25, 2018, the Santander Securities branch in San Juan will close to the public.
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FirstBank focuses on growing deposits, expanding technology
March 15, 2018
In a market where population is steadily declining, the economy has contracted and the fiscal situation has been in a downward spiral, it has become a challenge for financial institutions to keep their deposit levels growing.
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ATH Móvil reaches 1M users since launching 4 years ago
February 27, 2018
Evertec and ATH announced that their ATH Móvil service has reached one million users since its inception four years ago.
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FHA expands foreclosure relief for victims of ’17 disasters
February 23, 2018
The Federal Housing Administration (FHA) announced expanded mortgage relief to FHA-insured homeowners who live or work in areas impacted by Hurricanes Harvey, Irma and María as well as California wildfires and subsequent flooding and mudslides.
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EVERTEC reports 2% revenue drop in 4Q17
February 22, 2018
EVERTEC Inc. announced results for the fourth quarter and full year ended Dec. 31, 2017, reflecting a 2 percent revenue drop, to $99.6 million, during the three-month period, but a 5 percent increase to $407.1 million for the 12-month period.
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Sun West Mortgage opens branch in Ciudadela Santurce complex
February 16, 2018
Sun West Mortgage announced the opening of third branch in Puerto Rico, which called for an investment of some $200,000, located at the Ciudadela complex in Santurce.
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Popular picks up Reliable Financial Services for $1.7B
February 15, 2018
Banco Popular de Puerto Rico has agreed to acquire Wells Fargo & Company’s auto finance business in Puerto Rico, which operates as Reliable Financial Services Inc. and Reliable Finance Holding Company, for $1.7 billion, the financial institution announced.
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Some 300K customers took moratoriums on Banco Popular credit products
February 2, 2018
An estimated 300,000 Banco Popular customers participated in Banco Popular de Puerto Rico’s loan moratorium program, which included personal, auto, leasing, and mortgage loans, as well as credit cards, bank officials said Thursday.
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OFG reports $13.6M in net income in 4Q17
January 31, 2018
OFG Bancorp reported results for the fourth quarter and year ended Dec. 31, 2017, which reflected net income available to shareholders increased to $13.6 million, or $0.30 per share fully diluted, from a net loss of $146,000, or $0.00 per share, in 3Q17. OFG reported net income of $12.1 million, or $0.27 per share fully diluted, in 4Q16.
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Eloan relaunches targeting consumers seeking ‘simpler, smarter lending’
January 31, 2018
Two decades after pioneering in the digital banking solutions arena, online financial services platform Eloan is being relaunched to provide a “simpler and smarter” personal loans product at competitive rates, company officials said.
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First Bancorp. reports $24.2M in net income for 4Q17
January 30, 2018
First BanCorp. reported net income of $24.2 million for the fourth quarter of 2017, or $0.11 per diluted share, compared to a net loss of $10.8 million, or $0.05 per diluted share, for the third quarter of 2017 and net income of $23.9 million, or $0.11 per diluted share, for the fourth quarter of 2016.
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Popular reports $102.2M net loss in 4Q17 related to Tax Cut and Jobs Act
January 24, 2018
Popular Inc. reported a net loss of $102.2 million for the quarter ended Dec. 31, 2017, compared to a net income of $20.7 million for the prior reflecting a non-cash income tax expense of $168.4 million due to the impact of the Federal Tax Cut and Jobs Act in the corporation’s U.S. deferred tax asset.
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Storms deal $10.8M net loss to First BanCorp. in 3Q17
November 8, 2017
First BanCorp., the bank holding company for FirstBank Puerto Rico, reported a net loss of $10.8 million for the third quarter of 2017 compared to net income of $24.1 million for the third quarter of 2016.
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Popular Inc. loses $75.5M in 3Q17 due to hurricanes
November 1, 2017
Popular Inc. reported a net income of $20.7 million for the third quarter ended Sept 30, 2017, compared to a net income of $96.2 million for the quarter ended June 30, 2017.
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