First Bancorp announced Tuesday it has entered into a definitive agreement with Oaktree Capital management to sell 24.9 percent of its common stock, for $175.5 million. The transaction comes a month after FirstBank’s parent company entered into a similar agreement with private equity firm Thomas H. Lee Partners, L.P.
Boston-based Sovereign Bank, a wholly owned subsidiary of Banco Santander, has named former Government Development Bank President Carlos García to the position of chief of staff reporting directly to Jorge Morán, president and CEO of Sovereign Bank and country head of Santander businesses in the United States.
Los Angeles-based financial research firm B Riley gave Popular Inc. a cautious pat on the back this week, saying the banking institution has “solidified its capital base, and it appears to be turning the corner on asset quality,” following several years of substantial losses.
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