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Stock Market & Financial Investment News

News Breaks
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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November 19, 2014
13:39 EDTOFGOFG Bancorp repurchased 444,613 common shares to date in Q4
OFG announced it repurchased 444,613 common shares to date in the fourth quarter, at an average price of $14.65 per share, for a total of $6.5M. Year to date, OFG repurchased 1,152,113 common shares (equal to 2.52% of total shares issued and outstanding as of 12/31/13), at an average price of $14.66 each, for a total of $16.9M. As a result, OFG Bancorp has returned 42.3% of its annualized earnings in 2014 to investors comprised of common stock dividends (21.1%) and shares repurchased (21.2%). The new increased common stock dividend will not have a material impact on the anti-dilution effect of the Series C preferred shares outstanding.
13:37 EDTOFGOFG Bancorp raises quarterly dividend 25% to 10c from 8c per share
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November 10, 2014
09:03 EDTBPOPBanc of California completes acquisition of Popular unit
Banc of California (BANC) announced the Company’s wholly owned banking subsidiary, Banc of California, N.A., completed its acquisition of select assets and assumption of certain liabilities of the California branch network of Popular Community Bank, the U.S. banking subsidiary of Popular, Inc. (BPOP) on November 8, 2014. The acquisition included twenty branch locations and approximately $1.1 billion in loans and $1.1 billion in deposit balances. The Company’s total assets upon completion of the transaction exceed $5.5 billion. In addition, the Company announced that it had completed the previously announced sale of common stock to funds affiliated with Oaktree Capital Management, L.P. and Patriot Financial Partners, L.P. Wachtell, Lipton, Rosen & Katz served as legal advisor to the Company on the acquisition and capital raise transactions.

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