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 $11.5 billion in assets (2024), and approximately 2,246 employees (2024).
| Company type | Public |
|---|---|
| NYSE: OFG S&P 600 Component | |
| Industry | Finance and Insurance |
| Founded | Humacao, Puerto Rico; 1964 |
| Headquarters | San Juan, Puerto Rico |
Key people | Jose Rafael Fernandez, Chief Executive Officer, Chairman
Maritza Arizmendi Díaz, CFO |
| Products | Banking Checking accounts Insurance Stock brokerage Asset-based lending Consumer finance |
| Revenue |  US$ 709.62 million (2024)[1] |
| US$ 198.17 million (2024)[1] | |
| Total assets | US$ 11.523 billion (2024)[1] |
| Total equity | US$ 1.256 billion (2024)[1] |
Number of employees | 2,246 (2024)[1] |
| Website | www.ofgbancorp.com |
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] He was named Chairman of OFG Bancorp in 2024.[7]
Subsidiaries
edit- Oriental Bank
- Oriental Financial Services LLC
- Oriental Insurance LLC
References
edit- ^ a b c d e "OFG Bancorp Form 8-K". U.S. Securities and Exchange Commission. 22 January 2025.
- ^ Oriental Financial to buy BBVA's Puerto Rican bank
- ^ Shareholders Approve Changing Name of Oriental Financial Group Inc. to OFG Bancorp
- ^ Scotiabank to sell Puerto Rico, U.S. Virgin Islands operations to Oriental Bank
- ^ "Community Banker of the Year: OFG Bancorp's José Rafael Fernández". 16 November 2023.
- ^ "American Banker Magazine names Oriental CEO 'Community Banker of the Year'". 20 November 2023.
- ^ "FORM 8-K". Securities & Exchange Commission. 14 May 2024.
External links
edit- Official site (Puerto Rico) (in Spanish)
- Official site (Puerto Rico) (in English)
- Financial highlights
