Aon study reveals property insurance rates remain on the rise
August 20, 2020
A report released by professional services firm Aon plc, confirmed that during the first quarter of this year, the property insurance market reflected a trend of rising rates and more cautious underwriting by most insurers. The first quarter of 2020 represented the 10th consecutive period of increases in property rates, according to the “2020 Property […]
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Sagrada Familia credit union invests $9M in new Naranjito branch, tech upgrade
August 4, 2020
As part of a comprehensive infrastructure and technology investment plan that exceeded $9 million, the Sagrada Familia credit union inaugurated a new branch in Naranjito, which also houses its first mortgage center in the mountain region. The recently inaugurated building represents the completion of a modernization period the cooperative began several years ago, which included […]
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First BanCorp. reports $21.3M in 2Q20 net income; $41M for 1H20
July 29, 2020
First BanCorp., parent company of FirstBank Puerto Rico, announced results for the second quarter and six months ended June 30, reporting net income of $21.3 million and $41.2 million for the periods, respectively. The second quarter result reflects a growth from the $2.2 million reported for the three-month period ended March 30, and a 48% […]
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First BanCorp. gets regulatory go-ahead to buy Banco Santander Puerto Rico
July 28, 2020
First BanCorp., the parent company for FirstBank Puerto Rico, announced it has received the requisite regulatory approvals local and federal banking regulatory agencies to wrap up its acquisition of the Puerto Rico operations of Banco Santander Puerto Rico. First BanCorp. got the go-ahead from the Board of Governors of the Federal Reserve System, Federal Deposit […]
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Oriental reports $20.2M in net income for 2Q20, capitalizes on tech during pandemic
July 27, 2020
OFG Bancorp, the parent company of Oriental bank, reported net income available to common shareholders totaled $20.2 million or $0.39 per share fully diluted, for the second quarter ended June 30. As other banks did, Oriental “faced a number of Covid-19 pandemic related challenges during the second quarter, but acting promptly and with foresight, we […]
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Popular Inc. reports net income of $127.6M in 2Q20
July 24, 2020
Popular Inc., parent company of Banco Popular de Puerto Rico, reported net income of $127.6 million for the quarter ended June 30, 2020, a 25% drop from the $171.1 million on record for the same quarter in 2019, but a significant jump from the $34.3 million reported for the first quarter of the year. For […]
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Oriental adjusts branch service hours in response to spike in COVID-19 cases
July 20, 2020
Oriental announced it will be adjusting service hours at its branches in Puerto Rico, in response to the spike in COVID-19 cases on the island. The changes go into effect today. Branches: From Monday to Friday they will offer services until 3 p.m. Customers are required to make their appointment in advance; Drive-up windows: Will […]
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FirstBank, NY Fed grant $240K to 40 small biz, nonprofits in Puerto Rico/USVI
July 16, 2020
The coronavirus pandemic has had a significant impact on people’s health and the economy, with small business owners and nonprofits being the most affected sectors. To continue to support these groups, FirstBank, in conjunction with the Federal Home Loan Bank of New York (FHLBNY), announced that they will be granting $240,000 to 40 entities in […]
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10 Puerto Rico co.’s secure SBA-backed PPP loans of between $5M-$10M
July 9, 2020
The U.S. Small Business Administration revealed it has guaranteed nearly 2,000 loans for between $150,000 and $10 million through its Payroll Protection Program in Puerto Rico, totaling a little more than $1 billion as of June 30. These loans are added to the nearly 36,000 SBA-backed loans of less than $150,000, which represent another $741.4 […]
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Rincón, Co-op Rincón partner to invest $8.7M in social interest housing
June 29, 2020
An alliance between the municipality of Rincón and Co-op Rincón will facilitate the financing of the development of affordable housing in that western town, via an investment that exceeds $8.7 million. The development of the Vista al Río urbanization, which will have 105 housing units, will have three construction phases, the first of which is […]
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Banco Popular’s digital platform reaches 1M users ahead of schedule
June 24, 2020
Banco Popular, Puerto Rico’s largest bank, confirmed that its “Mi Banco” digital platform has reached one million monthly active users, about six months ahead of schedule, officials said. The bank, which invests about $6 million a year to improve its digital offering, said more than 70% of all Banco Popular customers have enrolled in “Mi […]
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Popular sells Caparra Center building to Triple-S for undisclosed amount
June 22, 2020
Popular Inc. has sold a 180,000-square-foot building, known as Caparra Center, to Triple-S Management Corporation through a private deal that keeps the price tag under seal. “We’re viewing this transaction as a private one. However, the acquisition of this 180,000-square-foot building will allow us to have the additional space to respond to our growth in […]
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Puerto Rico Bankers Assoc. confirms shortage of coins due to COVID-19
June 18, 2020
The New York Federal Reserve’s Cash and Custody Division confirmed a drop in the nationwide availability of coins — quarters, dimes, nickels and pennies — as a result of the COVID-19 pandemic, which is also affecting the Puerto Rico market, the Bankers Association stated. The decrease is mainly due to the interruption of the circulation […]
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Triple-S Vida acquires USIC Life portfolio of insurance policies
June 5, 2020
Triple-S Vida, a subsidiary of the Triple-S Group, announced its acquisition of United Surety & Indemnity Co.’s (USIC) portfolio of cancer, life and Temporary Non-Occupational Disability Insurance (Sinot, in Spanish) policies to expand its offer in Puerto Rico’s life insurance market. “We saw the opportunity to grow our portfolio with this acquisition that includes more […]
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Puerto Rico insurers ‘ready’ for hurricane season
June 3, 2020
Insurance providers grouped under the Puerto Rico Association of Insurance Companies (ACODESE, in Spanish) have their different contingency plans ready to deal with any emergency that arises during the hurricane season that began June 1, the Association’s Executive Director Iraelia Pernas said. Pernas said that as part of the preparation process, and as a result […]
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