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July 2, 2014
09:15 EDTFBP, OFG, BPOPPuerto Rican legislation positive for banks, says Sterne Agee
Sterne Agee believes that legislation to restructure public entities in Puerto Rico is positive for banks based there. The firm does not expect Popular (BPOP), OFG Bancorp (OFG), or First BanCorp (FBP) to have any losses or significant negative impact as a result of the legislation. It identifies Popular as its favorite name in the sector, followed by OFG and First Bancorp. The firm has Buy ratings on all three names.
News For BPOP;OFG;FBP From The Last 14 Days
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May 26, 2015
08:31 EDTFBPFirst BanCorp to sell portfolio of non-performing, classified commercial loans
First BanCorp has entered into a definitive agreement to sell a portfolio comprised of mostly non-performing and classified commercial loans and real estate owned totaling $199.8M of unpaid principal balance, or $150.1M of book value, for $87.6 million in cash or 43.8% of the unpaid principal balance of the assets. This transaction is expected to close in early June.This transaction will result in a pretax loss, net of reserves, of approximately $47.2M. At the completion of the transaction, FirstBank will reduce its classified assets and nonperforming assets by approximately $149.1M and $94.7M respectively. The resulting March 31 pro form non-performing asset to total asset ratio will decline from 5.74% to 5.02%.
May 15, 2015
17:15 EDTBPOPPaulson & Co. gives quarterly update on stakes
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