OFG Bancorp

"Oriental Bank and Trust" redirects here. For other uses of "Oriental Bank", see Oriental Bank (disambiguation).
OFG Bancorp
Company typePublic
NYSE: OFG
S&P 600 Component
IndustryFinance and Insurance
FoundedHumacao, Puerto Rico; 1964
HeadquartersSan Juan, Puerto Rico
Key people
Jose Rafael Fernandez, CEO
Julian S. Inclán, Chair
Maritza Arizmendi Díaz, CFO
ProductsBanking
Checking accounts
Insurance
Stock brokerage
Asset-based lending
Consumer finance
RevenueIncrease US$ 682.73 million (2023)[1]
Increase US$ 181.87 million (2023)[1]
Total assetsIncrease US$ 10.588 billion (2023)[1]
Total equityIncrease US$ 1.111 billion (2023)[1]
Number of employees
2,248 (2023)[1]
Websitewww.ofgbancorp.com
OFG Bancorp Headquarters
OFG Bancorp headquarters

OFG Bancorp, founded in 1964, is the financial holding company for Oriental Bank, located in San Juan, Puerto Rico. OFG offers a wide range of retail and commercial banking, lending and wealth management products, services and technology, primarily in Puerto Rico and the U.S. Virgin Islands through its principal subsidiaries: Oriental Bank, Oriental Financial Services LLC, and Oriental Insurance LLC. Its headquarters are located at Oriental Center, 254 Muñoz Rivera Avenue, San Juan, PR 00918. OFG Bancorp has $10.6 billion in assets (2023), and approximately 2,248 employees (2023).

In 2010, Oriental acquired failed competitor Eurobank. In late 2012, Oriental completed the acquisition of Spain's Banco Bilbao Vizcaya Argentaria's Puerto Rican unit for $500 million in cash.[2]

The company changed its name to OFG Bancorp from Oriental Financial Group in 2013.[3]

In 2019, OFG Bancorp acquired all operations of Scotiabank within Puerto Rico and The United States Virgin Islands territories as part of a $550M cash deal.[4]

In 2023, OFG CEO José Rafael Fernández was named American Banker's Community Banker of the Year.[5] Fernández credited the honor to the efforts of the entire team at Oriental over the last 20 years.[6]

Subsidiaries

  • Oriental Bank
  • Oriental Financial Services LLC
  • Oriental Insurance LLC

References

  1. ^ a b c d e "OFG Bancorp Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 2023-02-24.
  2. ^ Oriental Financial to buy BBVA's Puerto Rican bank
  3. ^ Shareholders Approve Changing Name of Oriental Financial Group Inc. to OFG Bancorp
  4. ^ Scotiabank to sell Puerto Rico, U.S. Virgin Islands operations to Oriental Bank
  5. ^ "Community Banker of the Year: OFG Bancorp's José Rafael Fernández". 16 November 2023.
  6. ^ "American Banker Magazine names Oriental CEO 'Community Banker of the Year'". 20 November 2023.

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