Banco Popular’s “Echar Pa’lante” institutional campaign, launched five months ago, is entering a new phase this year that calls for developing a long-term blueprint to foster entrepreneurship and education to help drive Puerto Rico’s individual and collective growth.
Doral Financial Corporation, the parent company of Doral Bank, reported net income of $11.7 million for the fourth quarter ended Dec. 31, 2011, compared to a net loss of $30.2 million for the quarter ended Sept. 30, 2011 and a net loss of $36.1 million for the quarter ended Dec. 31, 2010.
Following a year taken up mostly by efforts to stabilize operations, the banking sector is ready to regain full financial footing and begin growing loan portfolios in 2012. All that activity should yield a much-needed positive effect on the economy, several high-ranking bankers told News is my Business.
First BanCorp, the bank holding company for FirstBank Puerto Rico, announced late Wednesday that it will delist its preferred stock from the New York Stock Exchange, effective before the market opens Jan. 17.
After suffering several years of substantial losses locally and stateside, Banco Popular has “solidified its capital base” and is “now poised to build upon its dominant position in Puerto Rico while returning its mainland operations to profitability,” investment banking firm B. Riley said in a report released Wednesday.
Gov. Luis Fortuño appointed former BBVA executive and banking industry veteran Rafael Blanco to head the Office of the Financial Institutions Commissioner, effective Jan. 1. Blanco will succeed current OCIF chief Alfredo Padilla, who will retire after nine years at the agency.
Doral Financial Corporation, the holding company of Doral Bank and Doral Bank FSB, reported a net loss of $30.2 million for the quarter ended Sept. 30, compared to a net income of $4.5 million for the prior quarter ended June 30.
Eighteen months after purchasing the failed R-G Premier Bank, Scotiabank of Puerto Rico will culminate the merger of both institutions by closing all of its 46 branches and central offices next Thursday afternoon and reopening them Monday, Nov. 14, upon completion of the integration.
Members of the island’s banking sector continue building on expanding the concept of “participatory democracy” through community reinvestment initiatives that are the focus of its 9th annual Community Reinvestment Week event that wraps up Friday.
First BanCorp President Aurelio Alemán echoed Thursday what many other banking executives have been saying in recent months: the sector is slowly starting to pick up the pieces after the storm, but much work remains ahead for it to thrive again.
Popular Inc. sailed through its third consecutive quarter on the positive side, reporting $27.5 million in net income for the three-month period ended Sept. 30. The results were fueled by the sale of its non-performing loan portfolio and investment securities available-for-sale.
First Bancorp’s recently completed $525 million capital raise will enable it to be “more aggressive” in resolving its problem loans and putting itself back on the path of profitability, research, trading and investment banking analyst firm B. Riley said Monday.
First BanCorp, parent company for FirstBank Puerto Rico announced Friday it has completed its previously announced capital raise of $525 million of common stock to institutional investors Thomas H. Lee Partners, L.P. and Oaktree Capital Management, L.P.
BBVA Puerto Rico announced Thursday it will be pumping more than $1 million to begin remodeling its branches to match them with the banking group’s global corporate identity. The transition, which also calls for changing the appearance of its credit and debit cards, as well as other day-to-day elements, should be finished by the first quarter of next year, company officials said.
Popular Inc. announced Thursday that its subsidiary Banco Popular de Puerto Rico, completed the sale of a portfolio of mostly non-performing construction and commercial real estate loans with a book value of about $148 million. The loans carry an unpaid principal balance of approximately $358 million, the financial institution announced late in the day.
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