Evertec Inc. reports 11% 2Q revenue jump
August 13, 2011
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.
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BPOP buys Puerto Rico Citi/AAdvantage $130M credit card portfolio
August 8, 2011
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.
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Florida court places National Insurance Co. Coral Gables subsidiary in receivership
August 4, 2011
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.
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Oriental’s commercial loan production jumps 126% year-over-year in 2Q
August 3, 2011
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.
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Doral reports $4.5M 2Q net income
July 29, 2011
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.
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Oriental reports $25.3M in 2Q income
July 22, 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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Agreement with Treasury pumps Popular Inc.’s 2Q results
July 20, 2011
Popular Inc. reported net income of $110.7 million for the quarter ended June 30, 2011, buoyed by a tax benefit of $59.6 million granted through an agreement with the Treasury Department related to the timing of charge-offs for accounting and financial reporting purposes.
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First BanCorp amends agreement with investors, could raise up to $562.3M in new capital
July 19, 2011
FirstBank Puerto Rico’s parent company, First BanCorp, announced Monday it has amended the agreements struck with private equity firms Thomas H. Lee Partners, L.P., Oaktree Capital Management, L.P., and other investors to increase the amount of the proposed capital raise from $515 million to $525 million.
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2 major Spanish banks doing business in P.R. ace European ‘stress test’
July 19, 2011
Two major Spanish banks with long-standing presence in Puerto Rico passed the European Banking Authority’s 2011 stress test of institutions in 21 countries, to assess their resilience against the current economic scenario.
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Doral launches new online mortgage service
July 14, 2011
Looking to offer “better service and transparency” to its mortgage clients, Doral Bank unveiled Monday a new online service through which account holders can immediately access their history and information with the bank.
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Popular Inc. to buy Wells Fargo Advisors LLC Puerto Rico branch assets
July 13, 2011
Popular Inc. announced Wednesday the signing of a definitive agreement with Wells Fargo Advisors LLC Puerto Rico for the acquisition of the latter company’s assets. This agreement allows Popular to acquire 1,750 accounts and assets under management for approximately $500 million, which will be handled by Popular Securities.
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Scotiabank ready to expand local footprint
July 13, 2011
Scotiabank de Puerto Rico’s successful takeover of R-G Premier bank’s failed assets some 15 months ago was “the best decision” the institution could have made, as it has increased its customer base tenfold and opened the door to expanding its footprint, high-ranking officials said during a roundtable discussion with members of the local media.
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San Juan-based Syndicate Holdings picks up insurance division in U.K. for $110M
July 11, 2011
San Juan-based Syndicate Holding Corp. is buying HSBC Holdings PLC’s United Kingdom motor vehicle insurance division for $110 million in cash, the latter company announced Monday.
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Health Dept. owes MCS-HMO $242M
July 11, 2011
MCS-HMO, the private company that for the past nine months managed MI Salud health benefits throughout most of the island, presented documentation Monday confirming it is owed $242.6 million in payments and premiums by the Health Services Administration, known as ASES in Spanish.
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MCS, Health Dept. break up after 9 months, affecting 800,000 beneficiaries
July 8, 2011
Nine months after being selected to participate in the government’s public healthcare program, insurance provider MCS has reportedly walked away in a move that could affect more than 800,000 beneficiaries.
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