SAN JUAN, Puerto Rico--(BUSINESS WIRE)--
Oriental Financial Group Inc. (NYSE: OFG) today announced completion of
its current $30 million stock repurchase program and approval by the
Board of Directors of a new program to purchase an additional $70
million of common stock in the open market.
Under the $30 million program, initiated in February 2011, Oriental
purchased a total of 2,406,303 shares, equal to approximately 5.5% of
shares outstanding, at an average price of $12.15 per share. This year’s
expanded share buyback follows Oriental’s November 2010 announcement of
a 25% increase in the quarterly common stock dividend, to $0.05 per
share.
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 47th 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 30 financial centers. Investor
information about Oriental can be found at www.orientalfg.com.
Forward-Looking Statements
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 forward-looking statements. Factors that might cause
such a difference include, but are not limited to (i) the rate of
declining growth in the economy and employment levels, as well as
general business and economic conditions; (ii) changes in interest
rates, as well as the magnitude of such changes; (iii) the fiscal and
monetary policies of the federal government and its agencies; (iv)
changes in federal bank regulatory and supervisory policies, including
required levels of capital; (v) the relative strength or weakness of the
consumer and commercial credit sectors and of the real estate market in
Puerto Rico; (vi) the performance of the stock and bond markets; (vii)
competition in the financial services industry; (viii) possible
legislative, tax or regulatory changes; and (ix) difficulties in
combining the operations of any 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, 2010, 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.
Source: Oriental Financial Group Inc.
Contact:
Puerto Rico:
Oriental Financial Group Inc.
Marilyn
Santiago, 787-993-4648
msantiago@OrientalFG.com
or
U.S.:
Anreder
& Company
212-532-3232
Steven Anreder
steven.anreder@anreder.com
or
Gary
Fishman
gary.fishman@anreder.com