OFG Bancorp Announces New Share Repurchase Program of $100 Million

Rhea-AI Summary

OFG Bancorp (NYSE: OFG) announced a new stock repurchase plan authorized by its Board of Directors, totaling $100 million. This buyback is part of the company’s capital actions for 2022, reflecting a commitment to enhance shareholder value. Established for 58 years, OFG Bancorp operates primarily in Puerto Rico and the U.S. Virgin Islands, offering diverse financial services through its subsidiaries.

Positive

• The new stock repurchase plan of $100 million aims to enhance shareholder value.
• Demonstrates confidence in the company's financial stability and future prospects.

Negative

• None.

SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- OFG Bancorp (NYSE: OFG) today announced its Board of Directors approved a new stock repurchase authorization plan of $100 million as part of OFG’s capital actions in 2022.

About OFG Bancorp

Now in its 58^th year in business, OFG Bancorp is a diversified financial holding company that operates under U.S., Puerto Rico and U.S. Virgin Islands banking laws and regulations. Its three principal subsidiaries, Oriental Bank, Oriental Financial Services and Oriental Insurance, provide a wide range of retail and commercial banking, lending and wealth management products, services, and technology, primarily in Puerto Rico and U.S. Virgin Islands. Visit us at www.ofgbancorp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220126005863/en/

Puerto Rico & USVI: Idalis Montalvo (idalis.montalvo@orientalbank.com) at (787) 777-2847



US: Gary Fishman (gfishman@ofgbancorp.com) and Steven Anreder (sanreder@ofgbancorp.com) at (212) 532-3232

Source: OFG Bancorp

FAQ

What is the new stock repurchase plan announced by OFG Bancorp?

OFG Bancorp announced a stock repurchase plan of $100 million approved by its Board of Directors.

How will the $100 million buyback affect OFG Bancorp's stock?

The buyback is intended to enhance shareholder value, potentially impacting stock price positively.

When was the stock repurchase plan approved by OFG Bancorp's Board?

The stock repurchase plan was announced today, with approval from the Board of Directors.

What is the significance of the stock buyback for OFG Bancorp?

The buyback signifies the company's commitment to returning capital to shareholders and reflects confidence in its financial position.