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.
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.
“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.
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.
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.
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.
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.
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.”
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.
EVERTEC Inc. announced Thursday it has priced its shares at $20 for an initial public offering through which it could raise about $500 million for up to 25.2 million shares.
FirstBank Puerto Rico has entered into three separate agreements to sell a total of $532 million bad commercial loans with a book value of $315 million, for $201 million, or 38 percent of the unpaid principal balance.
Banco Popular de Puerto Rico announced Monday it completed the previously announced sale of a portfolio of non-performing commercial and construction loans, and commercial and single-family real estate owned, with a combined unpaid principal balance on loans and appraised value of other real estate owned of approximately $995 million and book value of approximately $540 million to an entity majority owned by a joint venture between Caribbean Property Group LLC and certain affiliates of Perella Weinberg Partners’ Asset Based Value Strategy.
FirstBank Puerto Rico announced Wednesday it has formalized a seven-year strategic alliance with FIS, a global provider of banking and payment technologies, to provide state-of-the-art products and services to its clients.
The Federal Reserve Bank of New York announced Friday that Popular Inc. President Richard Carrión has been elected a Class A director for a three-year term representing Group 1 which consists of banks with capital and surplus of more than $1 billion.
EVERTEC Group, LLC reported Thursday consolidated results for the fourth quarter and year ended December 31, 2012, reporting $91 million and $341.7 million for each respective period. Both results were up 6 percent year-over-year, company executives said.
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
NIMB ON SOCIAL MEDIA