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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EDB launches ‘Because you can’ financing program
September 7, 2011
Looking to promote entrepreneurship among the island's neediest populations, including recent college graduates, inmates about to complete their sentence and medical professionals participating in the government's health reform program, Governor Luis Fortuño announced Tuesday the start of the new "Because you can" financing program.
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Popular, American Airlines formalize alliance
August 31, 2011
Earlier this month, Banco Popular announced it had entered into an agreement with American Airlines Inc. to become the exclusive issuer of AAdvantage co-branded credit cards in Puerto Rico and the U.S. Virgin Islands. On Tuesday, both companies formalized the new partnership, offering details of the benefits now available to cardholders.
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‘Golden Mile’ showing luster for 1st time since ’07
August 27, 2011
Puerto Rico’s financial sector, one of the island’s key economic components, seems to be rebounding for the first time in four years, reporting $171 billion in combined assets during the second quarter of 2011.
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BPOP marks 3 decades of service in USVI/BVI market
August 17, 2011
Banco Popular is launching today a yearlong celebration of its 30th anniversary of operations in the U.S. Virgin Islands, where it began doing business in 1981 through the acquisition of the assets of the Royal Bank of Canada.
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Doral spreads its wings in Manhattan, doubles office space
August 16, 2011
Doral Financial Corp. is moving on up in Manhattan, with the recent renewal of its eight-year lease for office space on Fifth Avenue, and the addition of an additional 14,500 square feet in the same building at 623 Fifth Ave., between East 50th and East 51st streets, Crain’s reported Tuesday.
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Fitch affirms ratings on UBS, BPOP managed funds
August 16, 2011
Credit rating agency Fitch Ratings on Thursday reviewed and affirmed the ratings assigned to $691.8 million in notes and stock issued by 12 Puerto Rico Investors Tax-Free closed-end funds advised by UBS Asset Managers of Puerto Rico.
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Evertec Inc. reports 11% 2Q revenue jump
August 13, 2011
Evertec Inc. reported Thursday that its total revenue increased by $7.4 million during the second quarter ended June 30, or 11 percent to $76.2 million, when compared to the same period in 2010, an improvement the company attributed in part to last year’s banking consolidation and certain improvements in the island’s economic activity.
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