Santander Financial Services Inc. has reached a definitive agreement to sell the personal loan and sale finance loan assets comprising the Island Finance business to funds advised by J.C. Flowers & Co. LLC and affiliates.
Under the slogan of “100 x whatever we want,” Popular bank is launching a new advertising campaign that seeks to inspire Puerto Rico residents to think differently — to see the island with new eyes and break new ground.
Moody's-rated Puerto Rican banks, Banco Santander Puerto Rico, Banco Popular de Puerto Rico and FirstBank Puerto Rico have improved their capitalization, reserves and core funding in the face of protracted economic recession in the Commonwealth of Puerto Rico, Moody's Investors Service said in a new report released Thursday.
FirstBank and the Access to Justice Fund Foundation announced the launching of the Interest on Lawyer Trust Account (“IOLTA”,) or “Cuenta de Intereses en Fideicomiso de Abogados y Abogadas (CIFAA),” aimed at ensuring the availability and efficacy of legal services offered by nonprofit organizations to people of limited resources.
First BanCorp., the bank holding company for FirstBank Puerto Rico, announced Wednesday that certain stockholders have commenced a public underwritten offering of an aggregate of 20 million shares of the corporation’s common stock, $0.10 par value per share that they currently own.
OFG Bancorp reported Tuesday results for the fourth quarter, reflecting an increase in net income available to shareholders to $12.1 million, or $0.27 per share fully diluted, from $11.7 million, or $0.26 per share fully diluted, in the third quarter and a loss of $4.4 million, or ($0.10) per share, in the same year-ago quarter.
First BanCorp., the bank holding company for FirstBank Puerto Rico, reported Thursday net income of $23.9 million for the fourth quarter of 2016, or $0.11 per diluted share, compared to $24.1 million, or $0.11 per diluted share, for the third quarter of 2016 and $15.0 million, or $0.07 per diluted share, for the fourth quarter of 2015.
Popular Inc. reported a net loss of $4.1 million for the quarter ended Dec. 31, 2016, compared to net income of $46.8 million for the quarter ended Sept. 30, 2016.
The Puerto Rico Bankers Association is asking the general public to cast their vote for the “People's Choice Award” as part of its Puerto Rico Financial Awareness Video Contest 2016, its annual video competition on financial education, aimed at college students.
DCDB Group, a global financial services consultancy firm, and Elevation, the consulting arm of NACHA–The Electronic Payments Association, administrator of the U.S. ACH Network, have formed a strategic partnership.
Banco Popular de Puerto Rico lost its appeal before a review board over a dispute with the Federal Deposit Insurance Corp. earlier this year that will result in a $115 million pre-tax charge for the quarter ended Dec. 31, the bank confirmed Wednesday.
Puerto Rico’s second-largest bank, FirstBank, wrapped up 2016 with significant growth both locally and across its markets in the U.S. Virgin Islands and Florida, and is looking ahead to more advances in 2017, CEO Aurelio Alemán said Thursday.
UBS Financial Services Inc. and UBS Financial Services Inc. of Puerto Rico were slammed with an $18 million arbitration verdict by the Financial Industry Regulatory Authority released Monday, legal firm Sonn and Erez PLC confirmed in a statement.
The Puerto Rico Bankers Association of Puerto Rico, jointly with the Federal Deposit Insurance Corporation, recently hosted a two-day “Minority Depository Institution Training Seminar,” marking the 10th time the organizations team up to offer it.
The Financial Industry Regulatory Authority (FINRA) announced Wednesday it has fined Merrill Lynch, Pierce, Fenner & Smith Inc. $6.25 million and the firm will pay some $780,000 in restitution to 22 Puerto Rico customers who who were "highly concentrated and highly leveraged in Commonwealth securities."
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