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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Popular Inc. wraps up $500M accelerated share repurchase transaction
May 28, 2020
Popular Inc. announced the completion of its $500 million accelerated common stock repurchase transaction announced for 2020. The completion came earlier than expected, as the counterparty in the transaction exercised its right under the agreement to implement the early termination date clause when the trading price of Popular’s common stock fell below a specified level […]
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New York Fed announces new format for ‘High School Fed Challenge’
May 28, 2020
The Federal Reserve Bank of New York today announced a new format for the “High School Fed Challenge,” an annual competition designed to enhance and promote economic education. Any high school in the Federal Reserve’s second district — which includes New York State, Northern New Jersey, Puerto Rico, the U.S. Virgin Islands, and Fairfield County, […]
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Triple-S reports $896.4M in 1Q20 operating revenue
May 11, 2020
Insurance provider Triple-S reported $896.4 million in total operating revenues for the first quarter of 2020, a 13.8% increase from the prior year, company CEO Bobby García said. The company recorded adjusted net income of $17.7 million or $0.75 per diluted share, in line with the same quarter last year, he said. “Overall, we’re pleased […]
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Popular Inc. subsidiaries in P.R., U.S. mainland approve $1.2B in SBA loans
May 5, 2020
Popular Inc. announced that as of May 1st, it had processed more than $1.2 billion in loans under the second round of the U.S. Small Business Administration’s Paycheck Protection Program. The loans have benefited 16,397 small- and medium-sized businesses that employ more than 235,000 people, the bank said. Of the total, $1.05 billion were granted […]
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Banco Popular receives 127K applications for loan moratoriums
May 1, 2020
Banco Popular de Puerto Rico has received a total of 127,000 moratorium applications, split between auto, personal and mortgage loans, Popular Inc. CEO Ignacio Álvarez confirmed. Of that number, 100,000 are in its own portfolio, and the remaining 27,000 are mortgage loans owned by third-parties such as Fannie Mae, Freddie Mac and the Federal Housing […]
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First BanCorp. reports net income of $2.3M in 1Q20
May 1, 2020
First BanCorp., the bank holding company for FirstBank Puerto Rico (reported net income of $2.3 million, or $0.01 per diluted share, for the first quarter of 2020, compared to $36.4 million, or $0.16 per diluted share, for the fourth quarter of 2019, and $43.3 million, or $0.20 per diluted share, for the first quarter of […]
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OFG Bancorp reports $131.3M in 1Q20 revenue, remains well-capitalized in pandemic
April 30, 2020
OFG Bancorp, parent of Oriental bank, reported $131.3 million in revenue for the first quarter ended Mar. 31, 2020, with a strong increase in due to its acquisition of the Puerto Rico and U.S. Virgin Islands operations of The Bank of Nova Scotia (Scotiabank), bank officials said. Upon disclosing its latest results, the financial institution […]
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Popular approves close to $500M in SBA-backed loans
April 17, 2020
Popular announced that the Small Business Administration approved a total of $494 million in loans to its clients under the Paycheck Protection Program (PPP). Of these, $398 million was granted through Banco Popular de Puerto Rico and $96 million through Popular Bank, Popular’s banking subsidiary on the U.S. mainland. The Paycheck Protection Program was well received in Puerto […]
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Puerto Rico Bankers Association warns about COVID-19-related fraud schemes
April 9, 2020
The Puerto Rico Bankers Association is urging residents to stay “informed and alert” to the various fraud schemes that have arisen related to the coronavirus COVID-19 pandemic. Additionally, the trade group is emphasizing the importance of learning how to properly manage these schemes to protect personal and financial information. Scammers have taken advantage of the […]
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Popular disburses $2.6M in emergency loans, adjusts operations in wake of COVID-19
April 6, 2020
Banco Popular announced the approval and disbursement of the first loans granted by the institution under the Paycheck Protection Program established by the Coronavirus Aid, Relief, and Economic Security Act (CARES). The program went into effect on April 3 and will run through June 30. On Friday, Popular approved some $2.6 million in loans and, […]
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FirstBank offers automatic moratoriums; Oriental unveils online help
March 30, 2020
Two of Puerto Rico’s main banks unveiled different measures over the weekend to help customers whose finances have been affected by the lockdown and mandatory curfew in place since Mar. 15, offering moratoriums and online help. FirstBank announced automatic stays on loan payments, offering qualifying clients the benefit for the months of April, May and […]
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Triple-S launches mobile app for prescriptions home delivery
March 26, 2020
Triple-S Salud announced the launch of “Triple-S at Home,” a platform that allows members of its commercial and Medicare Advantage plans to order, manage and schedule home delivery of their prescription drugs through a mobile application. The launch moved ahead of schedule in response to the COVID-19 outbreak to give members an additional option to […]
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