P.R. credit unions show ‘solid performance’ in past 5 yrs
December 17, 2015
Puerto Rico’s credit unions have shown “solid performance” over the past five years, with an 8 percent growth in assets and membership growth of nearly 10 percent.
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Popular launches program for new entrepreneurs
November 13, 2015
Looking to encourage transformation and creativity during tough economic times, and in celebration of “Entrepreneurship Week,” Banco Popular announced Thursday the launch of the “Popular StartUp” program.
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First BanCorp earns $14.8M in third quarter ’15
October 27, 2015
First BanCorp., parent company of FirstBank Puerto Rico, on Monday reported net income of $14.8 million for the third quarter of 2015, or $0.07 per diluted share, compared to a net loss of $34.1 million, or $0.16 per diluted share, for the second quarter of 2015 and net income of $23.2 million, or $0.11 per diluted share, for the third quarter of 2014.
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Popular, Oriental reduce exposure to government risk
October 26, 2015
Puerto Rico’s two largest banks — Banco Popular and Oriental — confirmed separately on Friday that they’re working to reduce their exposure to risk associated with the island’s government, which they have financed in different capacities over the years.
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FINRA slaps Santander Securities LLC with $6.4M fine
October 14, 2015
The Financial Industry Regulatory Authority (FINRA) announced Tuesday it ordered Santander Securities LLC to pay some $4.3 million in restitution to certain customers who were solicited to purchase Puerto Rican Municipal Bonds, or PRMBs.
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Investment analyst trade group inducts 2 P.R. members
August 7, 2015
The Chartered Alternative Investment Analyst Association inducted its first two members from Puerto Rico this week during an event led by the organization’s CEO, William Kelly.
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First BanCorp reports $34.1M loss in 2Q15
July 30, 2015
First BanCorp, the bank holding company for FirstBank Puerto Rico reported Wednesday a net loss of $34.1 million for the second quarter of 2015, or $0.16 per diluted share, compared to net income of $25.6 million, or $0.12 per diluted share, for the first quarter of 2015 and net income of $21.2 million, or $0.11 per diluted share, for the second quarter of 2014.
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Banking exec: Gov’t must act with ‘conviction, urgency’
July 27, 2015
The Puerto Rico central government is facing pressure to “act with more conviction and with more urgency” to address its dwindling liquidity, crushing debt and anxiety building up over the island’s fiscal problems.
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Popular Community Bank inaugurates new NY HQs
June 26, 2015
High-ranking Popular Inc. executives were in this city this week to inaugurate the new headquarters for its Popular Community Bank business in North America, with expectations that the operation will generate more than $100 million in revenue over the next two or three years.
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Community Investment Fund reaps $1.1M in 7 months
June 12, 2015
The Community Investment Fund, launched last November with an initial $500,000 contribution from its founder, the Puerto Rico Community Foundation, has more than doubled its capital base to $1.1 million in investments from the private sector, the nonprofit announced Thursday.
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Financial planning key to weathering economic storm
June 12, 2015
Although the island’s economy is facing one of its most difficult moments, it is still possible to weather the storm with proper financial planning, executives from Banco Popular’s securities and insurance divisions said Thursday.
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First BanCorp to sell $199.8M in loans next month
May 27, 2015
First BanCorp., the bank holding company for FirstBank Puerto Rico, announced Tuesday it has entered into a definitive agreement to sell a portfolio comprised of mostly non-performing and classified commercial loans and real estate owned totaling $199.8 million of unpaid principal balance, or $150.1 million of book value, for $87.6 million in cash or 43.8 percent of the unpaid principal balance of the assets.
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HARP extension could help 9K Puerto Rico homeowners
May 26, 2015
More than 9,000 homeowners in Puerto Rico could save an average of $182 a month, or approximately $2,200 a year, on their mortgage loans as the result of the extension through 2016 of the Home Affordable Refinance Program and the Home Affordable Modification Program, federal authorities said this month.
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Credit unions rack up $1.3B in mortgage loans in 1Q15
May 20, 2015
The Public Corporation for the Supervision of Puerto Rico Cooperatives, or COSSEC as the entity is known in Spanish, said Tuesday that the island’s credit unions approved some $1.3 billion in mortgage and mortgage-related loans during the first quarter of 2015, for a combined portfolio of 18,385 financing agreements.
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Money Express marks 20 years despite market volatility
May 7, 2015
Small loans company Money Express, a FirstBank sister operation, is marking 20 years of doing business in Puerto Rico, where it commands a 22 percent market share with a $104 million loan portfolio.
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