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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
First BanCorp on Friday informed the Securities and Exchange Commission that it will not be able to file its annual report for the year ended Dec. 31, 2010 on time, “without unreasonable effort and expense,” as it has not finished preparing the documents for that filing period.
New York-based real estate auctioneer Sheldon Good & Co. and Banco Popular de Puerto Rico announced Wednesday an upcoming joint auction of 101 luxury residences and villas located in five developments throughout the island.
For the fourth time in the past five years, Banco Santander Puerto Rico has landed a spot on the list of “Best Emerging Market Banks in Latin America,” a ranking published by the editors of Global Finance magazine that includes 23 countries in Central and South America and the Caribbean.
FirstBank Puerto Rico recently won a foreclosure case worth $83.1 million related to an upscale residential development project located at the heart of Coral Gables, the South Florida Business Journal reported.
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