First Bancorp sells off another block of stock
June 28, 2011
First Bancorp announced Tuesday it has entered into a definitive agreement with Oaktree Capital management to sell 24.9 percent of its common stock, for $175.5 million. The transaction comes a month after FirstBank’s parent company entered into a similar agreement with private equity firm Thomas H. Lee Partners, L.P.
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Former GDB president García appointed chief of staff at Sovereign Bank
June 27, 2011
Boston-based Sovereign Bank, a wholly owned subsidiary of Banco Santander, has named former Government Development Bank President Carlos García to the position of chief of staff reporting directly to Jorge Morán, president and CEO of Sovereign Bank and country head of Santander businesses in the United States.
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Research firm: Popular Inc. “turning corner”
June 24, 2011
Los Angeles-based financial research firm B Riley gave Popular Inc. a cautious pat on the back this week, saying the banking institution has “solidified its capital base, and it appears to be turning the corner on asset quality,” following several years of substantial losses.
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Wright steps down as Scotiabank CEO, moves to Canada operations
June 10, 2011
Troy Wright, who steered Scotiabank de Puerto Rico through last year’s acquisition of R-G Premier Bank’s failing assets, is stepping down as CEO to join Scotiabank Group's operations in Canada as executive vice-president, retail distribution, Canadian banking, effective July 18.
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Doral stock wavers on housing stimulus extension buzz
June 10, 2011
Doral Financial Corp.’s stock has been on a rollercoaster ride on Wall Street this week, declining by 13.9 percent Wednesday, but climbing back 6.59 percent to $1.78 a share at the end of business Thursday.
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First BanCorp sells 24.9% stake to private equity firm
May 31, 2011
After many months of talk that it would sell its operation off partially or entirely to offset its financial problems, First BanCorp on Tuesday announced it has entered into a definitive investment agreement with private equity firm Thomas H. Lee Partners, L.P. under which THL would purchase about $180 million of the bank’s common stock.
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Most banks closed on Memorial Day, BBVA operating half-day
May 30, 2011
The majority of Puerto Rico’s banks will remain closed today, in observance of Memorial Day, resuming operations Tuesday.
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Advent-Morro pumps $5M into La Familia pawnshop chain
May 24, 2011
Private equity firm Advent-Morro announced Tuesday it is investing $5 million in pawnshop chain La Familia to support its expansion plans in Florida and Puerto Rico.
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MCS invests $600K to open 3 new regional offices
May 23, 2011
Insurance provider Medical Card Systems Inc. recently completed a $600,000 investment to open three new customer service offices in Bayamón, Vega Alta and Naranjito that will benefit a combined 342,000 insured customers along the northern-central region, company officials said.
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NIC interim management tells employees, business partners liquidation not an option
May 21, 2011
Despite the fact that the San Juan Superior Court placed National Insurance Corp. under trusteeship this week, the company’s interim management is giving employees and affiliated insurance agencies a positive outlook on the situation.
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Popular Inc. desists from selling $500M loan portfolio
May 19, 2011
Four months after announcing its intention of selling some $500 million in non-performing construction and commercial real estate loans to a newly created joint venture with an unrelated third party, Popular Inc. said Thursday it has walked away from the deal.
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FirstBank sells off Ft. Lauderdale properties, at 62% discount
May 18, 2011
FirstBank Puerto Rico recently sold a couple of office buildings in Fort Lauderdale for $2.3 million, or 62 percent off their foreclosed mortgage value, according to the South Florida Business Journal.
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Scotiabank grants $1.5M loan to build ‘green’ pharmacy in Río Grande
May 18, 2011
Local drugstore operator Farmacia Sally has secured a $1.5 million loan from Scotiabank de Puerto Rico to build a second location in Río Grande that will be completely “green,” company officials said.
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New player enters P.R. reverse mortgage market
May 18, 2011
The island’s reverse mortgage market is getting more competitive this week with the arrival of Atlanta-based Generation Mortgage, which is introducing its retail banking services to the market.
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P.R. insurance commissioner intervenes with National Insurance Company’s operations
May 17, 2011
A month after insurance rating agency A.M. Best Co. downgraded National Insurance Company’s financial standing, the Office of the Puerto Rico Insurance Commissioner has stepped in to intervene with the insurance provider’s operations.
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