The Federal Home Loan Bank of New York announced Tuesday it will be providing up to $500 million in disaster relief loans to help communities affected by Hurricane Irene begin the process of rebuilding.
Looking to promote entrepreneurship among the island's neediest populations, including recent college graduates, inmates about to complete their sentence and medical professionals participating in the government's health reform program, Governor Luis Fortuño announced Tuesday the start of the new "Because you can" financing program.
Earlier this month, Banco Popular announced it had entered into an agreement with American Airlines Inc. to become the exclusive issuer of AAdvantage co-branded credit cards in Puerto Rico and the U.S. Virgin Islands. On Tuesday, both companies formalized the new partnership, offering details of the benefits now available to cardholders.
Two days after ratings agency A.M. Best downgraded its ratings, National Life Insurance Company announced its operational results for the first six months ended June 30, reporting $4.5 million in net revenue.
Puerto Rico’s financial sector, one of the island’s key economic components, seems to be rebounding for the first time in four years, reporting $171 billion in combined assets during the second quarter of 2011.
For the second time this year, A.M. Best Co. has downgraded National Life Insurance Company’s ratings, this time to C++ (Marginal) from B- (Fair) and issuer credit rating to “b” from “bb-.” The agency left the door open to further downgrades Friday.
Banco Popular is launching today a yearlong celebration of its 30th anniversary of operations in the U.S. Virgin Islands, where it began doing business in 1981 through the acquisition of the assets of the Royal Bank of Canada.
Doral Financial Corp. is moving on up in Manhattan, with the recent renewal of its eight-year lease for office space on Fifth Avenue, and the addition of an additional 14,500 square feet in the same building at 623 Fifth Ave., between East 50th and East 51st streets, Crain’s reported Tuesday.
Credit rating agency Fitch Ratings on Thursday reviewed and affirmed the ratings assigned to $691.8 million in notes and stock issued by 12 Puerto Rico Investors Tax-Free closed-end funds advised by UBS Asset Managers of Puerto Rico.
Evertec Inc. reported Thursday that its total revenue increased by $7.4 million during the second quarter ended June 30, or 11 percent to $76.2 million, when compared to the same period in 2010, an improvement the company attributed in part to last year’s banking consolidation and certain improvements in the island’s economic activity.
Banco Popular announced Monday it has entered into an agreement with American Airlines Inc. to become the exclusive issuer of AAdvantage co-branded credit cards in Puerto Rico and the U.S. Virgin Islands, and the acquisition of the Citi/AAdvantage co-branded credit card portfolio, which represents approximately $130 million in balances.
The Second Judicial Circuit Court in Leon County, Florida ordered National Group Insurance Company, a subsidiary of Hato Rey’s embattled National Insurance Company, into receivership earlier this week, News is my Business learned.
Oriental Bank and Trust’s new and expanded commercial banking structure is starting to show the results of the growth that came with last year’s acquisition of the defunct Eurobank, with commercial loan production reaching $46 million during the second quarter, an increase of about 126 percent year-over-year, bank officials said Tuesday.
Doral Financial, the holding company of Doral Bank and Doral Bank FSB, reported net income of $4.5 million for the quarter ended June 30, 2011, compared to $3.3 million for the quarter ended March 31, 2011.
Oriental Financial Group Inc. released results for the second quarter ended June 30 that reflected income of $25.3 million, a significant increase from the $4.2 million loss reported for the same quarter in 2010 and a profit of $1.9 million for the first quarter that ended in March.
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