Analyst: Popular poised to build upon dominant position
December 15, 2011
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.
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Banking veteran tapped to OCIF helm
December 14, 2011
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.
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Doral reports $30.2M net loss for 3Q
November 10, 2011
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.
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R-G Premier Bank rebranding as Scotiabank as of Nov. 14
November 4, 2011
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.
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Private banks backing community reinvestment initiatives
October 26, 2011
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.
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Alemán: Banking sector pulling out of crisis, but still faces hurdles
October 21, 2011
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.
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Popular Inc. reports positive 3Q results; plans retirement window, branch closings
October 19, 2011
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.
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First Bancorp’s capital raise to ‘position bank for the future,’ analyst firm says
October 11, 2011
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.
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First BanCorp completes $525M common stock sale
October 7, 2011
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.
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BBVA Puerto Rico investing $1M on new corporate image
October 7, 2011
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.
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Popular completes sale of non-performing loan portfolio
September 29, 2011
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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Doral investing $1M to launch program supporting women entrepreneurs
September 29, 2011
Given that more than half of the island’s population is female and that women represent 45 percent of Puerto Rico’s labor force, it should come as no surprise that they should deserve to get financial and professional support to continue to thrive in their careers.
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Credit, debit card fraud can be a matter of life and death
September 13, 2011
Last weekend, a woman was at home in Orlando, when she got a call from her bank warning her of a potentially fraudulent transaction involving her debit card. Someone had lifted the card number to go on a $150 shopping spree at a mega-retailer in Canóvanas, miles from where she was in Florida.
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First Bancorp gets stockholder OK to raise up to $525M in capital
September 9, 2011
First BanCorp, parent company for FirstBank Puerto Rico, announced that it has received approval at the special meeting of stockholders held earlier today to issue 150 million shares of its common stock for $3.50 per share to institutional investors.
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NY Fed Home Loan Bank to grant $500M in disaster loans
September 7, 2011
The Federal Home Loan Bank of New York announced Tuesday it will be providing up to $500 million in disaster relief loans to help communities affected by Hurricane Irene begin the process of rebuilding.
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