Oriental Financial Group (OFG) in San Juan, Puerto Rico, hopes a new name will reflect a recent expansion.

The $9.2 billion-asset company's board has proposed that it change its name to OFG Bancorp. The company said Tuesday that shareholders will vote on the proposal at its annual meeting in April.

The company's bank, Oriental Bank and Trust, will not change its name. Other subsidiaries, such as Oriental Insurance and Oriental Financial Group, would also keep their names.

"OFG Bancorp better reflects the Company's broader banking scope," José Rafael Fernández, the company's president, chief executive officer and vice chairman, said in a press release.

Last year, Oriental Financial Group agreed to buy the Puerto Rican operations of Spain's Banco Bilbao Vizcaya Argentaria for $500 million.

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