OFG Bancorp Announces New Share Repurchase Program of $50 Million

Rhea-AI Summary

OFG Bancorp (NYSE: OFG) has authorized a new stock repurchase program worth $50 million, replacing the previous plan. This initiative is part of the company's ongoing capital actions for 2021. The repurchase reflects OFG's commitment to enhancing shareholder value and indicates confidence in its financial health.

Positive

• Authorization of a new $50 million stock repurchase program enhances shareholder value.
• Replacement of the previous plan indicates continued confidence in the company's capital management.

Negative

• None.

OFG Bancorp (NYSE: OFG) today announced its Board of Directors approved a new stock repurchase authorization plan of $50.0 million as part of OFG’s capital actions thus far in 2021. The new stock repurchase program replaces and supersedes the previous stock repurchase program approved by the Board.

About OFG Bancorp

Now in its 57^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/20210728006035/en/

FAQ

What is the amount of the new stock repurchase plan for OFG Bancorp?

The new stock repurchase plan for OFG Bancorp is worth $50 million.

Why did OFG Bancorp replace its previous stock repurchase program?

OFG Bancorp replaced its previous stock repurchase program as part of its ongoing capital actions in 2021.

What does the new stock repurchase plan signify for OFG Bancorp shareholders?

The new stock repurchase plan signifies enhanced shareholder value and reflects the company's confidence in its financial position.

When was the new stock repurchase plan approved by the Board?

The new stock repurchase plan was approved by the Board of OFG Bancorp on July 28, 2021.