The Public Corporation for the Supervision of Puerto Rico Cooperatives, or COSSEC as the entity is known in Spanish, said Tuesday that the island’s credit unions approved some $1.3 billion in mortgage and mortgage-related loans during the first quarter of 2015, for a combined portfolio of 18,385 financing agreements.
Puerto Rico managed care provider Triple-S Management Corp. announced Monday the retirement of Ramón Ruiz-Comas, its president and chief executive officer, effective Jan. 1, 2016.
Despite the current economic challenges facing Puerto Rico, the financial strength of the Commonwealth’s insurance carriers remains generally solid, according to a new A.M. Best briefing.
Small loans company Money Express, a FirstBank sister operation, is marking 20 years of doing business in Puerto Rico, where it commands a 22 percent market share with a $104 million loan portfolio.
Arturo Carrión, who for the last 29 years served as executive vice president of the Puerto Rico Bankers Association, is retiring from his post on June 30, when he will be succeeded by Zoimé Álvarez-Rubio, trade group President José Rafael-Fernández announced Tuesday.
First BanCorp., the bank holding company for FirstBank Puerto Rico on Monday reported net income of $25.6 million for the first quarter of 2015, or $0.12 per diluted share, compared to $330.8 million, or $1.56 per diluted share, for the fourth quarter of 2014 and $17.1 million, or $0.08 per diluted share, for the first quarter of 2014.
Nearly five years after falling under the Federal Deposit Insurance Corp.’s watch, First BanCorp, parent company of FirstBank Puerto Rico, announced Thursday the regulator has terminated the Consent Order under which it had been operating since June 2, 2010.
The heads of the island’s two largest banks took turns in recent days expressing their concerns about the current fiscal scenario and whether political leaders are willing to make the right decisions to put Puerto Rico’s economy back on track.
Medicare Advantage provider Constellation Health is looking to expand its services to Puerto Rico’s 78 municipalities starting January 2016, anticipating that the move will create more jobs and usher in the acceptance of more members who will benefit from the advantages of that health plan.
Two weeks after picking up the majority of the assets of the failed Doral Bank, Popular Inc. is reviewing the six corporate social responsibility programs the former institution had going, which benefited hundreds of Puerto Rico residents over the years.
First BanCorp., the bank holding company for FirstBank Puerto Rico, announced Thursday the reversal of a significant portion of the valuation allowance recorded against the deferred tax assets of its subsidiary bank, FirstBank.
Less than two weeks after the Federal Deposit Insurance Corp. ordered the closing of its banking arm, Doral Financial Corp. announced Wednesday that it has filed for chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York.
Popular Inc., which on Friday picked up the lion’s share of Doral Bank’s assets, announced Monday it won its bid to also take over the mortgage servicing rights on three pools of residential mortgage loans serviced for Ginnie Mae, Fannie Mae and Freddie Mac held by the shuttered bank.
Following weeks and months of speculation about its fate, the Puerto Rico Office of the Commissioner of Financial Institutions and the Federal Deposit Insurance Corporation, announced Friday the closing of Doral Bank’s local and stateside operations.
Doral Bank was on the receiving end of major blows by the Federal Deposit Insurance Corp. and the Appellate Court Wednesday, just before it's time as a member of Puerto Rico’s financial community could come to an end.
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