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Oriental Bank starts 50th year with strong balance sheet

Oriental President José Rafael Fernández

Oriental President José Rafael Fernández

Oriental Bank kicked off the start of its 50th anniversary celebration Tuesday by highlighting its strong financial performance, its track record of bringing innovative financial services to Puerto Rico, and its heritage helping build strong communities.

During a meeting with the media at the bank’s headquarters, Oriental President José Rafael Fernández said, “Oriental began business as a small savings and loan, helping residents finance purchase of their first homes. Today, we are one of the leading banks in Puerto Rico.”

“Throughout our 50-year history, we have demonstrated a record of financial solidity that has successfully allowed us to overcome challenges and enabled us to grow,” he said.

Oriental’s parent company, OFG Bancorp, marked the start of its golden anniversary by announcing solid gains in 2013 fourth quarter and full year results.

  • For the fourth quarter of 2013, income available to common shareholders amounted to a solid $16.6 million, or $0.35 per share diluted.
  • With its strong 4Q13 performance, full year 2013 income available to common shareholders totaled $84.6 million, or $1.73 per share diluted, markedly exceeding OFG‟s earlier guidance of $1.55 per share on a GAAP basis.
  • 2013 results reflect in part the successful integration of BBVA PR, following 2010‟s acquisition and FDIC-assisted rescue of Eurobank, which OFG acquired.

“Oriental has always differentiated itself by developing new and innovative banking products and services for the local consumer,” said Fernández. “This year, our objective is to exceed expectations creating a new formula of banking that focuses on accessibility, simplicity and speed.”

“We will continue our legacy of being a bank that acts with the customer in mind, making their lives easier and helping make their financial goals possible. Recent market studies demonstrate that service is one of the top three reasons to choose a bank, and it was the number one reason our clients choose Oriental as their primary bank,” said Fernández, while thanking the institution’s 1,600 employees.

Founded in 1964, Oriental is one of the Commonwealth’s largest banks, reaching that status through the acquisition in the last five years of two other banks, Eurobank and BBVA Puerto Rico.

Author Details
Author Details
Business reporter with 30 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.

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