Oriental Financial Group, Inc. (NYSE:OFG) has announced a public offering of $50 million of its common stock. The acting book running manager for the offering is Keefe, Bruyette & Woods, Inc. Oriental Financial Services Corporation is acting as the co-manager of the offering. The net proceeds from the offering will be used for general corporate purposes. General corporate purposes may include the funding of organic and acquisition growth opportunities, such as potential participation in government assisted transactions in Puerto Rico. The underwriters of the offering will be granted a 30 day option for the purchase of an additional 15% of the common stock to cover any over allotments.
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Oriental Financial Group Inc. is a financial holding company that provides a range of financial services through its subsidiaries. The Company provides financial services to its clients through a range of banking and financial solutions, including mortgage, commercial and consumer lending; checking and savings accounts; financial planning, insurance, asset management, and investment brokerage, and corporate and individual trust and retirement services. It operates through three segments: Banking, Financial Services and Treasury. It provides service and marketing to mid and high-net-worth individuals and families, including professionals and owners of small and mid-sized businesses, primarily in Puerto Rico. The Company has 23 financial centers in Puerto Rico and a subsidiary, Caribbean Pension Consultants Inc. (CPC), based in Boca Raton, Florida.
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