Regulators Approve Oriental Financial Group’s Acquisition of BBVA’s Puerto
SAN JUAN, Puerto Rico -- December 03, 2012
Oriental Financial Group Inc. (NYSE: OFG) today announced it has received all
regulatory approvals necessary to consummate its previously announced
acquisition of the Puerto Rico based operations of Banco Bilbao Vizcaya
Argentaria, S.A. (NYSE: BBVA).
The acquisition has received approvals from the Federal Reserve Bank of New
York, the Federal Deposit Insurance Corporation, the Office of the
Commissioner of Financial Institutions of Puerto Rico and the Financial
Industry Regulatory Authority.
“We are pleased to move forward with the transaction, which is expected to
close by the end of the year,” said José Rafael Fernández, President, Chief
Executive Officer and Vice Chairman of the Board of Oriental.
The combination of Oriental and BBVA’s Puerto Rico operations will create a
market leading bank that is strongly capitalized, locally controlled and
totally focused on Puerto Rico.
About Oriental Financial Group
Oriental Financial Group Inc. is a diversified financial holding company that
operates under U.S. and Puerto Rico banking laws and regulations, principally
through its two subsidiaries, Oriental Bank and Trust and Oriental Financial
Services. Now in its 48th year in business, Oriental provides a full range of
commercial, consumer and mortgage banking services, as well as financial
planning, trust, insurance, investment brokerage and investment banking
services, primarily in Puerto Rico, through 28 financial centers. Investor
information about Oriental can be found at www.orientalfg.com.
The information included in this document contains certain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management’s current expectations and
involve certain risks and uncertainties that may cause actual results to
differ materially from those expressed in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to (i)
difficulties in integrating BBVA’s Puerto Rico operations into Oriental’s
operations; (ii) the amounts by which our assumptions related to the
acquisition fail to approximate actual results; (iii) the rate of declining
growth in the economy and employment levels, as well as general business and
economic conditions; (iv) changes in interest rates, as well as the magnitude
of such changes; (v) the fiscal and monetary policies of the federal
government and its agencies; (vi) changes in federal bank regulatory and
supervisory policies, including required levels of capital; (vii) the relative
strength or weakness of the consumer and commercial credit sectors and of the
real estate market in Puerto Rico; (viii) the performance of the stock and
bond markets; (ix) competition in the financial services industry; (x)
possible legislative, tax or regulatory changes; and (xi) difficulties in
combining the operations of any other acquired entity.
For a discussion of such factors and certain risks and uncertainties to which
Oriental is subject, see Oriental’s annual report on Form 10-K for the year
ended December 31, 2011, as well as its other filings with the U.S. Securities
and Exchange Commission. Other than to the extent required by applicable law,
including the requirements of applicable securities laws, Oriental assumes no
obligation to update any forward-looking statements to reflect occurrences or
unanticipated events or circumstances after the date of such statements.
Oriental Financial Group Inc.
Alexandra Lopez, 787-522-6970
Anreder & Company, 212-532-3232
Steven Anreder, email@example.com
Gary Fishman, firstname.lastname@example.org
Press spacebar to pause and continue. Press esc to stop.