Commercial bank assets drop 15.6% in ’10 while brokerage houses, cooperatives shine
February 28, 2011
Puerto Rico’s main banks had more than $75.6 billion in combined assets at the end of 2010, reflecting a year-over-year drop of 15.6 percent, according to a report released by the Office of the Commissioner of Financial Institutions.
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First BanCorp announces loan sale, 4Q losses
February 9, 2011
Just two months after announcing its intent, First BanCorp on Wednesday confirmed it has entered into a definitive agreement to sell a loan portfolio with an unpaid principal balance of $516.7 million to a newly created joint venture between Goldman, Sachs & Co. and Caribbean Property Group.
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Local banks banning hats, sunglasses, limiting celphone use at branches
February 8, 2011
Attention Puerto Rico bank customers: Starting Feb. 14 individuals will not be allowed to wear sunglasses or hats while conducting a transaction at a local bank branch. Mobile telephone use will also be limited.
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SEC probe targets local UBS subsidiary over ’08 mutual bonds sale
February 4, 2011
UBS Financial Services Inc. of Puerto Rico is facing a possible lawsuit by the U.S. Securities and Exchange Commission, which recently issued a Wells notice regarding the sale of mutual funds that bought $1.5 billion in bonds that the Swiss-based bank had underwritten on the island, Bloomberg reported Friday.
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Oriental Financial Group announces 4Q earnings, $30M stock repurchase plan
February 3, 2011
Oriental Financial Group on Thursday released its fourth quarter report, showing strong performance in core banking operations, just several months after settling into its expanded footprint resulting from its acquisition of the former EuroBank.
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Popular to sell $500M in bad construction loans, reclassifies U.S. mortgage portfolio
January 31, 2011
Popular Inc. continues taking steps toward improving its balance sheet with an announcement Monday that it has signed a non-binding letter of intent to sell approximately $500 million of construction and commercial real estate loans. Some 75 percent of the loans, which will be sold at book value, are non-performing.
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Triple-S to acquire American Health Inc. for $82M in cash
January 25, 2011
Putting an end to what seemed to be a pretty open secret, Triple-S Management Corp. on Tuesday announced that its subsidiary Triple-S Salud Inc. will purchase American Health Inc.’s parent company, for some $82 million in cash.
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First BanCorp ‘unaware’ of developments affecting stock
January 13, 2011
First BanCorp announced Thursday — at the request of the New York Stock Exchange — that it is not aware of any developments that would account for the market activity in the corporation's common stock today.
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First BanCorp announces 1-for-15 reverse stock split
January 5, 2011
First BanCorp, parent company of First Bank, announced Wednesday that, effective Jan. 7, it will implement a 1-for-15 reverse stock split of all outstanding shares of its common stock as it pulls at its options to remain listed on the New York Stock Exchange.
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Stateside analyst firm notes Popular Inc, Oriental’s ’10 performances
December 31, 2010
Digital financial media company TheStreet.com this week included two local banks in its list of “Bank Stock Awards” winners, recognizing their respective performance improvements in 2010.
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COSVI gets positive affirmation from A.M. Best
December 23, 2010
Insurance ratings agency A.M. Best on Wednesday revised its outlook on Cooperativa de Seguros de Vida de Puerto Rico (known as Cosvi for its acronym in Spanish), to positive from stable and affirmed the company's financial strength rating of B- (Fair) and issuer credit rating of “bb-."
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CofC, Univ. of Miami to host health insurance conference
December 14, 2010
The Puerto Rico Chamber of Commerce and the University of Miami's School of Business Administration on Tuesday announced a partnership to co-host the Puerto Rico Health & Insurance Conference 2011 "A New Economy in Health Care," on Feb. 2.
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First Bank’s parent company gearing up for stock offering
November 16, 2010
First BanCorp, parent company of First Bank, is getting ready to to price a $500 million secondary common stock offering next week, as an effort to shore up its finances.
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