Santander agrees to sell Island Finance to J.C. Flowers
April 4, 2017
Santander Financial Services Inc. has reached a definitive agreement to sell the personal loan and sale finance loan assets comprising the Island Finance business to funds advised by J.C. Flowers & Co. LLC and affiliates.
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Popular bets on P.R. in new institutional campaign
March 9, 2017
Under the slogan of “100 x whatever we want,” Popular bank is launching a new advertising campaign that seeks to inspire Puerto Rico residents to think differently — to see the island with new eyes and break new ground.
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Insurance sector creates $185M, 30K jobs for economy
March 3, 2017
Puerto Rico’s insurance industry represents $185 million in economic contributions to the government’s coffers and generates 30,000 direct, indirect and induced jobs, a study released Thursday shows.
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CMS pitch may usher 1.6% Medicare fund growth for PR
February 27, 2017
The Advance Notice and Draft Call Letter recently issued by the Centers for Medicare and Medicaid Services includes proposals that if finally implemented would result in a minor net increase of 1.6 percent to calendar year 2018 Medicare Advantage benchmark rates for Puerto Rico.
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Moody’s: PR banks buffers improved vs. recession
February 10, 2017
Moody's-rated Puerto Rican banks, Banco Santander Puerto Rico, Banco Popular de Puerto Rico and FirstBank Puerto Rico have improved their capitalization, reserves and core funding in the face of protracted economic recession in the Commonwealth of Puerto Rico, Moody's Investors Service said in a new report released Thursday.
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FirstBank launches lawyer trust deposit account
February 9, 2017
FirstBank and the Access to Justice Fund Foundation announced the launching of the Interest on Lawyer Trust Account (“IOLTA”,) or “Cuenta de Intereses en Fideicomiso de Abogados y Abogadas (CIFAA),” aimed at ensuring the availability and efficacy of legal services offered by nonprofit organizations to people of limited resources.
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First BanCorp.’s private equity groups selling 20M shares
February 2, 2017
First BanCorp., the bank holding company for FirstBank Puerto Rico, announced Wednesday that certain stockholders have commenced a public underwritten offering of an aggregate of 20 million shares of the corporation’s common stock, $0.10 par value per share that they currently own.
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OFG Bancorp reports $12.1M in 4Q16 net income
February 1, 2017
OFG Bancorp reported Tuesday results for the fourth quarter, reflecting an increase in net income available to shareholders to $12.1 million, or $0.27 per share fully diluted, from $11.7 million, or $0.26 per share fully diluted, in the third quarter and a loss of $4.4 million, or ($0.10) per share, in the same year-ago quarter.
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First BanCorp. reports $23.9M in net income for 4Q16
January 27, 2017
First BanCorp., the bank holding company for FirstBank Puerto Rico, reported Thursday net income of $23.9 million for the fourth quarter of 2016, or $0.11 per diluted share, compared to $24.1 million, or $0.11 per diluted share, for the third quarter of 2016 and $15.0 million, or $0.07 per diluted share, for the fourth quarter of 2015.
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Popular reports $1.4M net loss in 4Q16
January 25, 2017
Popular Inc. reported a net loss of $4.1 million for the quarter ended Dec. 31, 2016, compared to net income of $46.8 million for the quarter ended Sept. 30, 2016.
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Public can vote on PR Financial Awareness video contest
January 9, 2017
The Puerto Rico Bankers Association is asking the general public to cast their vote for the “People's Choice Award” as part of its Puerto Rico Financial Awareness Video Contest 2016, its annual video competition on financial education, aimed at college students.
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Assured Guaranty pays $42M to insured PR bondholders
January 5, 2017
Two bond insurance subsidiaries of Assured Guaranty Ltd., together with its subsidiaries, Assured Guaranty, have made interest payments to holders of insured General Obligation and other bonds after Puerto Rico and certain of its agencies failed to pay on Jan. 3.
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DCDB Group to offer enhanced services to P.R. banks
December 29, 2016
DCDB Group, a global financial services consultancy firm, and Elevation, the consulting arm of NACHA–The Electronic Payments Association, administrator of the U.S. ACH Network, have formed a strategic partnership.
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Popular will record $115M loss after losing FDIC dispute
December 15, 2016
Banco Popular de Puerto Rico lost its appeal before a review board over a dispute with the Federal Deposit Insurance Corp. earlier this year that will result in a $115 million pre-tax charge for the quarter ended Dec. 31, the bank confirmed Wednesday.
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CEO: FirstBank making strides despite economic woes
December 9, 2016
Puerto Rico’s second-largest bank, FirstBank, wrapped up 2016 with significant growth both locally and across its markets in the U.S. Virgin Islands and Florida, and is looking ahead to more advances in 2017, CEO Aurelio Alemán said Thursday.
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