Two days after Doral Financial Corp. disclosed its weakened capital position, Standard & Poor's Ratings Services said Wednesday it lowered its issuer credit rating to 'CC' from 'CCC-' and placed the rating on CreditWatch with negative implications.
The Federal Deposit Insurance Corporation has warned Doral Bank that it may no longer include in its calculation of its Tier 1 Capital some or all of the tax receivables from the government, which represented $289 million of the bank’s approximately $679 million of Tier 1 Capital at Dec. 31, 2013.
Oriental Financial Group reported Monday earnings of $20.3 million for the first quarter of the year, representing $0.42 per share diluted, compared to $16.6 million, or $0.35 per share diluted, in the preceding quarter, and $17.7 million, or $0.37 per share, in the first quarter of 2013.
The Federal Home Loan Bank of New York released Monday its unaudited financial highlights for the quarter ended Mar. 31, disclosing, among other details, net income for the quarter of $75.4 million.
First BanCorp., the bank holding company for FirstBank Puerto Rico, reported Thursday net income of $17.1 million for the first quarter of 2014, or $0.08 per diluted share, compared to $14.8 million, or $0.07 per diluted share, for the fourth quarter of 2013 and a net loss of $72.6 million, or $0.35 per diluted share, for the first quarter of 2013.
Popular Inc. confirmed Wednesday it will be scaling back its U.S. mainland operations by divesting its branches in California, Illinois and Central Florida and centralizing certain back office operations in Puerto Rico and New York.
It was two weeks ago that Puerto Rican banking veteran José Ramón González took over the helm of the Federal Home Loan Bank of New York, an institution that is one of the main driving forces behind the island’s financial district.
It’s no secret that Puerto Rico’s real estate sector has taken a beating in recent years due to the economic woes the island has been facing for the better part of the past decade. Property sales have stagnated and values have dropped in certain categories, affecting banks and brokers alike.
Several high-ranking FirstBank executives are getting significant pay raises this year, through a combination of cash and stock, according to a filing submitted to the Securities and Exchange Commission this week.
Upon wrapping up what company officials called “a difficult year,” Doral Financial Corp. is looking to reduce its exposure to Puerto Rico’s economic problems by migrating its assets to its U.S. mainland business, company CEO Glen Wakeman said during a Monday afternoon earnings conference call.
The Federal Home Loan Bank of New York announced Thursday that José R. González has been named president and chief executive officer of the FHLBNY effective April 1, 2014.
Puerto Rico is at the threshold of a second economic transformation — from an industrial to a knowledge-based and services economy — and has the necessary infrastructure to pull out of its current crisis and build a “stronger and more vibrant economy.
EVERTEC Inc. and Red ATH, which run the island’s ATMs, announced Tuesday the launching of “ATH Móvil,” a service that enables electronic money transfers between individuals and accounts held by different banking institutions, through mobile phones.
Puerto Rico’s co-op sector is expected to experience a “reduced impact” as a result of last week’s triple downgrade of Puerto Rico’s credit to junk by U.S. ratings agencies.
Puerto Rico banks will be operating on a special schedule today in observance of the Washington’s Birthday holiday. Following are the schedules for the major banks.
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