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Puerto Rico's economy has been in disarray for eight years, and it's taken many banks down with it. OFG weathered the financial crisis and is considering how to capitalize on its status as the island's healthiest bank.
November 3 -
Banco Popular got the most press for agreeing to buy the failed Doral Bank. But the deal also revealed one surprise winner, First BanCorp, while another institution, OFG Bancorp, was shut out of the process.
March 5
OFG Bancorp in San Juan, Puerto Rico, has expanded its ATM network 34% by adding 85 machines throughout the territory.
The $7.4 billion-asset company said Thursday that it had opened 72 ATMs in Walgreens stores and 13 at other retail locations. The new ATMs give the company more than 330 across the territory.
"The expansion is another step forward in Oriental's strategy to lead Puerto Rico with the most extensive, most convenient array of technology enhanced services," José Rafael Fernández, OFG's president and chief executive, said in a press release. "We want to make it easy for our customers to 'vive la diferencia' and bank anytime and anywhere they like, quickly, without waiting in lines."
The expansion was completed with Sharenet in Syracuse, N.Y., a third-party ATM service provider that has a relationship with Walgreens. Roughly 80% of Puerto Ricans use ATMs and 40% consider ATM proximity and convenience as a primary reason for selecting a bank, OFG said in its release.
The Puerto Rican banking industry has undergone vast changes in recent weeks with the
