SAN JUAN, Puerto Rico--(BUSINESS WIRE)--OFG Bancorp (NYSE: OFG) announced receipt of final regulatory approval and related licenses from the US Virgin Islands Banking Board that are required for OFG’s banking subsidiary, Oriental Bank, to consummate the previously announced acquisition of the US Virgin Islands operations of Scotiabank (NYSE: BNS).
OFG expects to complete the acquisition by December 31, 2019. The company previously announced regulatory approval for the acquisition of the Puerto Rico operations of Scotiabank.
Dr. Ganesh Kumar, Senior Executive Vice President of OFG Bancorp, said: “Oriental is eager to start serving Scotiabank customers in the US Virgin Islands. We look forward to providing the highest level of customer engagement with a wide array of products and services. Customer deposits will be covered by applicable FDIC insurance. We intend to grow our business in the US Virgin Islands.”
Upon closing and during a transitional period, Oriental will continue using the Scotiabank technology platforms. As a result, USVI customers can interact with the bank, and use branches, as they do currently without any need for change. Over the next few months, USVI customers will be migrated to the Oriental platform, enabling them to access new capabilities.
About OFG Bancorp
Now in its 55th year in business, OFG Bancorp is a diversified financial holding company that operates under U.S. and Puerto Rico banking laws and regulations. Its three principal subsidiaries, Oriental Bank, Oriental Financial Services and Oriental Insurance provide retail and commercial banking, lending and wealth management products, services and technology, primarily in Puerto Rico. Visit us at www.ofgbancorp.com.
Forward Looking Statements
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) the rate of growth in the economy and employment levels, as well as general business and economic conditions; (ii) changes in interest rates, as well as the magnitude of such changes; (iii) changes to the financial condition of the government of Puerto Rico; (iv) amendments to the fiscal plan approved by the Financial Oversight and Management Board of Puerto Rico; (v) determinations in the court-supervised debt-restructuring process under Title III of PROMESA for the Puerto Rico government and all of its agencies, including some of its public corporations; (vi) the amount of government, private and philanthropic financial assistance for the reconstruction of Puerto Rico’s critical infrastructure, which suffered catastrophic damages caused by hurricane Maria; (vii) the pace and magnitude of Puerto Rico’s economic recovery; (viii) the potential impact of damages from future hurricanes and natural disasters in Puerto Rico; (ix) the fiscal and monetary policies of the federal government and its agencies; (x) changes in federal bank regulatory and supervisory policies, including required levels of capital; (xi) the relative strength or weakness of the commercial and consumer credit sectors and the real estate market in Puerto Rico; (xii) the performance of the stock and bond markets; (xiii) competition in the financial services industry; and (xiv) possible legislative, tax or regulatory changes.
For a discussion of such factors and certain risks and uncertainties to which OFG is subject, see OFG’s annual report on Form 10-K for the year ended December 31, 2018, 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, OFG assumes no obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.