Regulators Approve Oriental Financial Group's Acquisition of BBVA's Puerto Rico Operations
Oriental Financial Group Inc. (NYSE: OFG) today announced it has received all regulatory approvals necessary to consummate its previously announced acquisition of the Puerto Rico based operations of Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA).
The acquisition has received approvals from the Federal Reserve Bank of New York, the Federal Deposit Insurance Corporation, the Office of the Commissioner of Financial Institutions of Puerto Rico and the Financial Industry Regulatory Authority.
“We are pleased to move forward with the transaction, which is expected to close by the end of the year,” said José Rafael Fernández, President, Chief Executive Officer and Vice Chairman of the Board of Oriental.
The combination of Oriental and BBVA's Puerto Rico operations will create a market leading bank that is strongly capitalized, locally controlled and totally focused on Puerto Rico.
About Oriental Financial Group
Oriental Financial Group Inc. is a diversified financial holding company that operates under U.S. and Puerto Rico banking laws and regulations, principally through its two subsidiaries, Oriental Bank and Trust and Oriental Financial Services. Now in its 48th year in business, Oriental provides a full range of commercial, consumer and mortgage banking services, as well as financial planning, trust, insurance, investment brokerage and investment banking services, primarily in Puerto Rico, through 28 financial centers. Investor information about Oriental can be found at www.orientalfg.com.
The information included in this document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to (i) difficulties in integrating BBVA's Puerto Rico operations into Oriental's operations; (ii) the amounts by which our assumptions related to the acquisition fail to approximate actual results; (iii) the rate of declining growth in the economy and employment levels, as well as general business and economic conditions; (iv) changes in interest rates, as well as the magnitude of such changes; (v) the fiscal and monetary policies of the federal government and its agencies; (vi) changes in federal bank regulatory and supervisory policies, including required levels of capital; (vii) the relative strength or weakness of the consumer and commercial credit sectors and of the real estate market in Puerto Rico; (viii) the performance of the stock and bond markets; (ix) competition in the financial services industry; (x) possible legislative, tax or regulatory changes; and (xi) difficulties in combining the operations of any other acquired entity.
For a discussion of such factors and certain risks and uncertainties to which Oriental is subject, see Oriental's annual report on Form 10-K for the year ended December 31, 2011, as well as its other filings with the U.S. Securities and Exchange Commission. Other than to the extent required by applicable law, including the requirements of applicable securities laws, Oriental assumes no obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.