Oriental unveils relief program for Puerto Rico businesses clients
April 1, 2020
Looking to support Puerto Rico’s small and medium-sized businesses, financial institution Oriental unveiled another initiative within the “Relief Program for Businesses” for commercial customers that have been economically affected by the coronavirus COVID-19 shutdown. The Relief Program for Businesses includes several loans alternatives, including an option through the U.S. Small Business Administration to cover payroll […]
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FirstBank offers automatic moratoriums; Oriental unveils online help
March 30, 2020
Two of Puerto Rico’s main banks unveiled different measures over the weekend to help customers whose finances have been affected by the lockdown and mandatory curfew in place since Mar. 15, offering moratoriums and online help. FirstBank announced automatic stays on loan payments, offering qualifying clients the benefit for the months of April, May and […]
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Puerto Rico bank Oriental will offer in-person branch services by appointment only
March 27, 2020
Puerto Rico-based financial institution, Oriental, announced that starting Mar. 30, it will only offer service at 41 branches that are operating during special hours, to customers who request an appointment through its website. Services will be offered until 1 p.m., the bank said. “For Oriental, the most important thing right now is the health of […]
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Puerto Rico banks, financial institutions inform special lockdown measures
March 16, 2020
Given the crisis that Puerto Rico is experiencing due to the coronavirus (COVID-19) preventive lockdown, several major banks and financial institutions are taking special measures to attend to customers, mostly remotely. The Puerto Rico Bankers Association said among other measures, local banks have implemented recurring periods of hand washing for employees, a control of the […]
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OFG Bancorp reports -$2.3M net income loss in 4Q19, $47.7M profit for ’19
January 30, 2020
OFG Bancorp reported results for the fourth quarter and full-year 2019, reflecting the previously announced acquisition of Scotiabank’s Puerto Rico and U.S. Virgin Islands operations. OFG reported a net loss to shareholders of $2.3 million, or ($0.04) per share, which included $21.5 million in acquisition related merger and restructuring charges and $6.6 million in additional […]
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OFG gets regulatory approval to pick up Scotiabank’s USVI operations
December 17, 2019
OFG Bancorp announced it has received final regulatory approval and related licenses from the U.S. Virgin Islands Banking Board required for its subsidiary, Oriental Bank, to close the previously announced acquisition of Scotiabank’s USVI operations. The approval comes less than a week after the financial institution announced it had received the OK from the Board […]
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Op-Ed: Prepare for your retirement
December 12, 2019
If you haven’t thought about your retirement years, now is the time to start. The sooner you start saving for retirement, the more you will achieve because it potentially increases the amount of money you will contribute for a longer time. It is estimated that you will need approximately 70% of your current income to […]
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Oriental grants $1.5M loan for new multi-use complex
November 4, 2019
As part of its commitment to small- and medium-sized business, Oriental confirmed it has granted a $1.5 million loan Eventiu Corp. for the development of the SportLand Center multipurpose complex. SportLand Center will be the first and only indoor multi-purpose sports complex with air conditioning in Puerto Rico, company officials said. It will feature four […]
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Popular Inc. CEO: ‘The 3 local banks that will remain will compete fiercely’
October 24, 2019
If the two banking consolidations currently underway in Puerto Rico materialize, after the dust settles, the trio of big financial institutions that will be left will “compete fiercely” for the local market, Popular Inc. CEO Ignacio Álvarez said. While Oriental is moving forward on its acquisition of Scotiabank’s assets in a deal that should close […]
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Oriental CEO says P.R. economy ‘transitioning,’ as co. reports 3Q19 results
October 22, 2019
Oriental CEO José Rafael Fernández believes Puerto Rico has an economy that is “transitioning, from not only the aftermath of [Hurricane] María reconstruction, but also for the last 12, 13 years of economic contraction.” During a call with analysts to discuss its third quarter results, Fernández said while federal funds are trickling in, “there is […]
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Oriental files applications to regulators for approval of proposed Scotiabank purchase
August 14, 2019
OFG Bancorp announced it has filed applications at four regulatory agencies for consent of its proposed acquisition of Scotiabank de Puerto Rico, according to public notices published Tuesday. The petitions to the Federal Reserve, the Federal Deposit Insurance Corp., the Puerto Rico Office of the Commissioner of Financial Institutions and the U.S. Virgin Islands Banking […]
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Oriental awards $55K in college scholarships
August 6, 2019
Oriental recently granted $55,000 to university students as part of its internal scholarship program for employees’ children. The scholarships aim to benefit students in the areas of Science, Technology, Engineering, Mathematics and Business Administration. “In Oriental we support our employees in their most important investment, and we bet on youth investing in their educational development,” […]
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OFG Bancorp clears 1st hurdle in acquisition of Scotiabank’s USVI operations
July 26, 2019
OFG Bancorp, parent company of Oriental Bank, announced the Virgin Islands Banking Board approved the first regulatory step related to the acquisition of Scotiabank’s U.S. Virgin Island operations. The permit authorizes Oriental to organize a bank in the territory. To assume Scotiabank’s operations and start serving customers in the USVI, Oriental will also need a license and approval from […]
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Oriental CEO: Political crisis could have future ‘economic consequences’ for P.R.
July 23, 2019
Upon revealing a 3.3% net revenue increase to $99.2 million from $96 million during the second quarter, Oriental CEO José Rafael Fernández said the events of the past week have not had an economic impact so far but could create them in the long-run. In a call with analysts to discuss the results, Fernández said […]
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What’s the better IRA for you?
April 4, 2019
[SPONSORED POST] It’s tax season, and you are looking for a tax relief. An IRA could be the perfect option for you, and it will help you save for your retirement and at the same time it would give you that relief that you are looking for. Before you choose a product, it is important […]
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