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 Feb. 27 failure of Doral Financial. Doral's closure left just seven banks operating on the island, though more consolidation is expected. OFG didn't participate in the deal.