Doral announces 1-for-20 reverse stock split
June 25, 2013
Doral Financial Corporation today announced a 1-for-20 reverse stock split of its common stock that will be effective June 28, at 4 p.m.
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First BanCorp sells $223M of non-performing residential mortgage loans, OREO
June 21, 2013
First BanCorp, the parent company of FirstBank Puerto Rico, announced today it has completed a sale of non-performing residential mortgage loans with an unpaid principal balance of $236.6 million (book value of $203.6 million), as well as other real estate owned (“OREO”) properties with an appraised value of $22.3 million (book value $19.2 million).
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LIU LatAm offers maritime cargo insurance to Puerto Rico
June 21, 2013
Liberty International Underwriters is adding maritime cargo insurance to its Puerto Rico portfolio, looking to tap into that business line via a web-based service through which clients can obtain required coverage for their inbound and outbound shipments.
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A.M. Best affirms MAPFRE PRAICO’s ratings
June 3, 2013
Insurance industry credit ratings agency A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit ratings (ICR) of “a” of MAPFRE PRAICO Insurance Company, its wholly owned subsidiary, MAPFRE Preferred Risk Insurance Company, and an affiliate, MAPFRE Pan American Insurance Company, collectively known as the MAPFRE PRAICO Group.
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Doral’s ‘Ruta Mujeres d Éxito’ returns this summer
May 31, 2013
Doral Bank announced Thursday the return of its “Ruta Mujeres d Éxito” educational initiative that supports professional and entrepreneurial women free of charge. The events will take place on Saturdays, June 8, 15, 22 and 29 at Doral’s Mayagüez, Ponce Town Center, Río Grande and San Juan (Roosevelt Avenue) branches from 9 a.m. to 2 p.m.
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FirstBank launches ‘Smart Cash,’ ‘Smart Check’ services
May 23, 2013
FirstBank’s commercial clients now have an additional tool to conduct their transactions remotely, with the availability of new “Smart Cash” and “Smart Check” services, unveiled Wednesday. Available to small and medium businesses, as well as corporate clients, these new products expand the bank’s reach to all geographic areas.
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First BanCorp taking $66.6M charge on Lehman collateral
May 14, 2013
First BanCorp on Monday announced the U.S. Bankruptcy Court for the Southern District of New York denied the bank’s motion for summary judgment filed in connection to $66.6 million it had posted as collateral with Lehman Brothers Inc., which filed for Ch. 11 nearly five years ago.
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Insurance industry weathers regulatory, tax changes
May 13, 2013
Despite the challenges Puerto Rico’s insurance industry has faced related to new federal health regulations and local tax changes, it remains one of the local economy’s strongest sectors and industry members continue to develop products and services in benefit of consumers.
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FirstBank unveils brand ‘evolution’ campaign
May 9, 2013
“Emotions” — or the transformation of a frame of mind, typically accompanied by physiological and behavioral changes in the individual — is the title of FirstBank’s new brand campaign, representing the evolution of its previous institutional efforts.
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Evertec reports $27.5M in 1Q13 adjusted net income
May 7, 2013
Transaction processing firm Evertec Inc. announced $27.5 million in adjusted net income, or a 37 percent year-over-year increase, for the first quarter ended March 31, during which it completed two key transactions: an initial public offering and debt refinancing in April.
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Triple-S reports $592M in 1Q13 revenue
May 2, 2013
Triple-S Management Corporation, a managed care company in Puerto Rico, announced Wednesday consolidated revenues of $592 million and consolidated operating income of $22.7 million for the three months ended March 31, 2013.
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Popular grants $2.5M for eco-friendly medical facility in Rincón
April 30, 2013
Banco Popular de Puerto Rico recently approved $2.5 million in financing to Rincón Health Center Inc. for the construction of the Costa Salud community health center in the western municipality of Rincón.
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OFG Bancorp reports $17.7M in 1Q13 income
April 26, 2013
OFG Bancorp, which until earlier this week was known as Oriental Financial Group Inc., revealed its first quarter results Thursday, which reflected income of $17.7 million for the three-month period, up from the $9.5 million reported for the same year-ago quarter.
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Doral launches 2nd round of ‘Mujeres d Éxito’ program
April 25, 2013
Doral Bank unveiled details Wednesday of the second edition of its “Mujeres d Éxito,” institutional program that aims to bolster Puerto Rican women’s professional and economic development. The bank will be investing $1 million in several initiatives within the community program, namely “Despegue Empresarial,” “Fondo Doral,” “Internado Doral” and “Ruta Mujeres d Éxito.”
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Popular Inc. reports 1Q loss tied to one-time charges
April 19, 2013
Popular Inc. reported a first quarter loss of $120.3 million that reflected some $189.6 million in after-tax losses and adjustments related to the sale of a bad loan portfolio and other assets.
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