The Puerto Rico Bankers Association this week will celebrate 10 years of the local banking industry’s contribution and impact on the development of the island’s communities with a series of educational events during “Community Reinvestment Week 2012,” organization officials said Monday.
FirstBank Puerto Rico is aggressively expanding its footprint in Florida, where it plans to open three new branches before year’s end, Calixto García-Vélez, regional executive for the financial institution’s Florida region confirmed Thursday.
Banco Popular de Puerto Rico launched Thursday what may be a first for the island’s commercial banking sector: giving consumers the option to put their savings up as partial collateral when applying for a personal loan.
Doral Financial Corporation and the Federal Reserve Bank of New York entered into an agreement Thursday requiring the financial institution to abide by a number of conditions to improve its credit risk management and administration practices.
Despite intense last minute lobbying by Puerto Rico's banking sector, Gov. Luis G. Fortuño has signed a law requiring that all foreclosure proceedings of a primary residence include compulsory mediation. The law is effective in July 2013.
A bill establishing mandatory mediation in foreclosures of a primary residence seemed a shoe-in for the governor's signature, but now the anticipated outcome is not so certain.
Doral Financial Corporation, parent company of Doral Bank, lost $1.6 million during the second quarter ended June 30, and announced it entered into a Consent Order with the Federal Deposit Insurance Corporation and the Office of the Puerto Rico Commissioner of Financial Institutions Wednesday.
Reliable Auto, a financial services institution with $342 million in assets, is marking its 25th anniversary in Puerto Rico, where it has experienced steady growth by adapting to the market.
First BanCorp. reported better-than-expected second quarter results Tuesday, taking in $9.4 million in net income, a significant improvement over the $14.9 million net loss reported for the same year-ago quarter. The current results are also positive in comparison to the $13.2 million net loss reported during the first quarter of this year.
Oriental Financial Group reported Monday $13.8 million in profits for the second quarter ended June 30.
Popular Inc. reported Wednesday net income of $65.7 million for the second quarter ended June 30, 2012, compared with $48.4 million in net income during the prior trimester ended March 31.
Javier Hidalgo-Blázquez, President and CEO of Santander BanCorp and Santander Puerto Rico, resigned to his positions to assume new responsibilities within the bank’s parent company, Grupo Santander in Spain. However, bank officials did not say Thursday when his resignation will take effect.
Last week’s announcement by Oriental Financial Group of its intention to buy BBVA Puerto Rico’s operation for $500 million will “immediately transform” the former’s day-to-day operations into a more bank-like institution, something management has been striving for in recent years, an industry analyst said over the weekend.
Oriental Financial Group Inc. has entered into an definitive agreement to buy Banco Bilbao Vizcaya Argentaria, S.A.’s Puerto Rico operations for $500 million in cash, the companies announced this morning.
Puerto Rico’s banking sector is not generating enough deposit activity to fund loan demand, which makes it very competitive and leads to higher deposit costs when compared to the mainland U.S.
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