Oriental rings NYSE closing bell to mark milestones
José Rafael Fernández, president of OFG Bancorp and its subsidiary, Oriental Bank, headed a delegation of company employees and clients, to ring the closing Bell of the New York Stock Exchange Thursday, celebrating the bank’s 50th anniversary and the 20th anniversary of OFG Bancorp’s exchange listing.
“We are proud of the role Oriental Bank has played over the last half century generating value for our clients, investors and the communities we serve,” Fernández said.
“Oriental Bank stands unique in our market as an established leader in developing innovative solutions, through banking that focuses on accessibility, simplicity and speed, and achieving impressive growth,” he said.
From the date of its NYSE listing on December 29, 1994 through Wednesday, OFG Bancorp’s stock price (adjusted for dividends and splits) has increased more than 650 percent, versus approximately 325 percent for the S&P 500, bank officials said.
“None of this would have been possible without our talented people, new and long-time customers, supportive investors, and the contribution of our Board members, both present and past. This is no small accomplishment as there used to be dozens of different local, mainland and foreign banks in Puerto Rico.”
Since its start as a regional savings and loan in Puerto Rico in 1964, OFG Bancorp has advanced to the number two or three market position in most categories through organic growth and its strategic acquisitions of Eurobank (2010) and BBVA’s Puerto Rico operations (2012), executives further noted.
“We have already begun working on the next 50 years, extending our legacy of being a bank that acts with our customers foremost in mind, making their lives easier and helping make their financial goals possible.”
“As we continue to execute on our strategies, both retail and commercial clients are increasingly choosing Oriental. We’re excited about what the future holds.”