First BanCorp sells 24.9% stake to private equity firm
May 31, 2011
After many months of talk that it would sell its operation off partially or entirely to offset its financial problems, First BanCorp on Tuesday announced it has entered into a definitive investment agreement with private equity firm Thomas H. Lee Partners, L.P. under which THL would purchase about $180 million of the bank’s common stock.
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Most banks closed on Memorial Day, BBVA operating half-day
May 30, 2011
The majority of Puerto Rico’s banks will remain closed today, in observance of Memorial Day, resuming operations Tuesday.
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Advent-Morro pumps $5M into La Familia pawnshop chain
May 24, 2011
Private equity firm Advent-Morro announced Tuesday it is investing $5 million in pawnshop chain La Familia to support its expansion plans in Florida and Puerto Rico.
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Popular Inc. desists from selling $500M loan portfolio
May 19, 2011
Four months after announcing its intention of selling some $500 million in non-performing construction and commercial real estate loans to a newly created joint venture with an unrelated third party, Popular Inc. said Thursday it has walked away from the deal.
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FirstBank sells off Ft. Lauderdale properties, at 62% discount
May 18, 2011
FirstBank Puerto Rico recently sold a couple of office buildings in Fort Lauderdale for $2.3 million, or 62 percent off their foreclosed mortgage value, according to the South Florida Business Journal.
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Scotiabank grants $1.5M loan to build ‘green’ pharmacy in Río Grande
May 18, 2011
Local drugstore operator Farmacia Sally has secured a $1.5 million loan from Scotiabank de Puerto Rico to build a second location in Río Grande that will be completely “green,” company officials said.
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New player enters P.R. reverse mortgage market
May 18, 2011
The island’s reverse mortgage market is getting more competitive this week with the arrival of Atlanta-based Generation Mortgage, which is introducing its retail banking services to the market.
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SIF obtains $242M loan from Banco Santander Puerto Rico
May 16, 2011
The State Insurance Fund recently signed off on a $242 million loan from Banco Santander Puerto Rico to refinance a prior loan that was in default and for ongoing improvements planned at the government agency.
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First BanCorp reports $28.4M 1Q loss
May 6, 2011
First BanCorp continued its path of negative quarterly growth, reporting a net loss of $28.4 million for the first quarter of 2011. However, the result for the period ended March 31 reflected a marked improvement from the $251.4 million net loss reported for the fourth quarter of 2010 and the $107 million net loss for the first quarter of 2010.
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Oriental reports $13.1M in 1Q net income
April 29, 2011
Oriental Bank, one of only several financial institutions doing business in Puerto Rico that weathered last year’s banking debacle, reported $13.1 million in net income for the first quarter of 2011, up 4.7 percent from the same period last year.
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Popular Inc. back to black, reports $10.1M net income in 1Q
April 25, 2011
Buoyed by a reduction in the island’s corporate tax rate and the sale of its equity stake in Consorcio de Tarjetas Dominicanas, S.A., Popular Inc. on Monday reported net income of $10.1 million for the first quarter ended March 31, an improvement over the net loss of $85.1 million during the same period the year before.
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Doral reports $3.3M net income increase in 1Q
April 20, 2011
Doral Financial Corp., parent company of Doral Bank, released quarterly results Wednesday that reflected $3.3 million in net income for the period ended March 31, a marked improvement from the $36.1 million in net losses on record for the prior quarter ended Dec. 31, 2010.
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FDIC set to file more than 150 lawsuits against failed banks executives
April 12, 2011
The Federal Deposit Insurance Corporation is said to be preparing to sue at least 150 banking executives responsible for the financial debacle that has prompted the closing of nearly 350 banks in the United States since 2008, including three in Puerto Rico last year.
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Doral bank unveils $1M energy conservation initiative
April 7, 2011
Doral Bank is looking to reduce its energy footprint and contribute to better local environmental conditions with a $1 million overhaul of its Roosevelt Ave. headquarters lighting systems.
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BBVA Puerto Rico discloses growth plans for ’11, long term
April 6, 2011
BBVA Puerto Rico, one of the few banks that has successfully weathered the island's protracted financial meltdown, is looking to increase its local market share to 10 percent over the next five years, a high-ranking official said Wednesday.
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