Oriental Financial Group in San Juan, Puerto Rico, is looking to raise $36 million of common equity.
The funds would help the company complete its purchase of the Puerto Rico banking operations of Banco Bilbao Vizcaya Argentaria. The raise, which Oriental disclosed in a regulatory filing on Thursday, was an expected component of the company's transformational acquisition.
The $6.3 billion-asset company is financing the $500 million cash deal through a series of steps. In early July, it raised $84 million by offering preferred stock. It is plans to hold another preferred stock offering and sell $1.8 billion of investment securities, including $450 million of securities on BBVA Puerto Rico's balance sheet.
The deal is expected to close by the end of this year, making Oriental Puerto Rico's third-largest bank with nearly $12 billion in assets.
