OFG reports $41.6M in profits during 3Q21, up 61% YoY
October 21, 2021
OFG Bancorp, parent company of Oriental Bank, reported $41.6 million in net income available to shareholders during the third quarter ended Sept. 30, a 61% improvement from the $25.8 million on record for the same year-ago quarter. The financial institution reported diluted earnings per share of $0.81 during the latest quarter, compared to $0.50 in […]
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Popular Inc. reports $79.7M in YoY net income growth in 3Q21
October 21, 2021
Popular Inc., the parent company of Banco Popular de Puerto Rico (BPPR), reported net income of $248.1 million for the quarter ended September 30, 2021, up $79.7 million in comparison to the $168.4 million reported for the same year-ago quarter. “The third quarter was another strong quarter. We achieved net income of $248.1 million, driven […]
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StartUp Popular looking to the future and prepared for new entrepreneurs
October 18, 2021
For more than five years, StartUp Popular has been a promoter of entrepreneurship and the economy of Puerto Rico. The program, which has been dedicated to offering financing, coaching and events to encourage networking among local entrepreneurs, will continue to receive applications. StartUp Popular is designed for entrepreneurs who have a business with two years […]
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SBA Express: A loan for small businesses
October 1, 2021
EDITOR’S NOTE: This post is sponsored by Oriental bank. It has been a hard year for small and medium businesses (SMEs). The COVID-19 pandemic stopped the economy, and SMEs were the first to feel the consequences. Months with little to no activity can have a devastating effect on a business. Luckily, the Small Business Administration […]
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Study: Puerto Rico credit unions have expansion opportunities in US Hispanic markets
September 30, 2021
Puerto Rico credit unions “have a great opportunity” for expansion with the growing Puerto Rican migratory flow to the US mainland, where they can also grab part of the Hispanic market that does not yet have banking services, according to a study by local analysis firm Estudios Técnicos. Other growth challenges for Puerto Rican credit […]
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Oriental Bank supports SMEs
September 1, 2021
Small and medium sized enterprises (SME) are often called the “backbone” of Puerto Rico’s economy. They account for 95% of the business on the island and almost half of all the jobs in the private industry, and they are key for stimulating entrepreneurship and developing a strong economy. That’s why we support SMEs. From special […]
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Triple-S Management to go private if sale to FL-based Guidewell closes
August 25, 2021
The $900 million acquisition of Triple-S Management Corp. by Florida-based Guidewell Mutual Holding Corp. will take the Puerto Rican insurer from a publicly traded to a private company, if the transaction is consummated in 2022. During a news conference with reporters a few hours after announcing the all-cash deal, Triple-S Management CEO Roberto García-Rodríguez said […]
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Triple-S Management to be sold to GuideWell in all-cash deal worth $900M
August 24, 2021
GuideWell Mutual Holding Corporation, a health solutions company and parent of Blue Cross and Blue Shield of Florida Inc., and Triple-S Management Corp. a health care services company in Puerto Rico, announced they will combine to transform the health care experience for their members in Florida and Puerto Rico. Under the terms of the definitive […]
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First BanCorp. reports $70.6M in net income, up 231% Y-O-Y
July 26, 2021
First BanCorp, the parent company of FirstBank Puerto Rico, reported net income of $70.6 million, or $0.33 per diluted share, for the second quarter of 2021, up 231% from the $21.3 million, or $0.09 per diluted share on record for the same year-ago quarter. The quarter includes a net benefit of $26.2 million recorded to […]
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Popular Inc. reports $218.1M in net income in 2Q21
July 23, 2021
Popular Inc., parent company of Banco Popular de Puerto Rico, reported $218.1 million in net income for the second quarter ended June 30, 2021, compared to the $127.6 million on record for the same period in 2020, representing $90.5M in year-over-year growth. The most recent figure compares to $262.6 million in net income reported for […]
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Oriental CEO: ‘It’s time to pull out of bankruptcy’
July 22, 2021
OFG Bancorp, the parent company for Oriental Bank, reported results for the second quarter ended June 30, 2021, that revealed diluted earnings per share of $0.78 compared to $0.56 in first quarter of 2021 and $0.39 in 2Q20. Total core revenues were $133.3 million compared to $127.7 million in first quarter of 2021 and $128.2 […]
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Anthem completes acquisition of MMM Holdings, affiliates from InnovaCare Health
July 1, 2021
Four months after announcing it had entered into an agreement to acquire Puerto Rico-based MMM Holdings, LLC and its Medicare Advantage (MA) plan MMM Healthcare, LLC., Indianapolis-based Anthem Inc. confirmed the deal has closed. “We’re pleased to complete the acquisition of MMM and work with our new colleagues to serve Medicare and Medicaid-eligible individuals and […]
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Fitch Ratings upgrades First BanCorp to ‘BB;’ assigns stable outlook
June 25, 2021
Fitch Ratings announced it has upgraded First BanCorp’s (FBP) Long-Term Issuer Default Rating to ‘BB’ from ‘B+,’ with a stable outlook. “The upgrade primarily reflects Fitch’s review of FBP’s blended operating environment score as well as the resiliency of FBP’s financial profile despite the significant challenges in Puerto Rico’s operating environment over the past several […]
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Liquidity of Puerto Rico’s banks up $16B in 1Q21, Financial Stability Index says
June 23, 2021
The Financial Stability Index of commercial banks in Puerto Rico, prepared by Estudios Técnicos Inc., shows a strengthening in the banking industry this year, mainly due to an improvement in its liquidity and increases of $16 billion in deposits in the first quarter of 2021. “The index increased from 0.52 in the first quarter of […]
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Insurer Seguros Múltiples building new $3M branch in San Juan
June 18, 2021
Insurance company Cooperativa de Seguros Múltiples de Puerto Rico announced the start of construction of its new $3 million San Juan metropolitan area branch, located on the same campus as its headquarters in Río Piedras. The new offices slated to open during the first quarter of 2022 will generate 40 direct jobs and 30 indirect […]
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