SAN JUAN, Puerto Rico--(BUSINESS WIRE)--
Oriental Financial Group Inc. (NYSE: OFG) today announced that its Board
of Directors has approved a new stock repurchase program pursuant to
which Oriental is authorized to purchase in the open market up to $30
million of its outstanding shares of common stock. The shares of common
stock so repurchased are to be held by Oriental as treasury shares.
The new program replaces the prior $15 million program, announced July
31, 2007. The unused repurchase authority of approximately $11.3 million
under the previous program will no longer be available. The expanded
share buyback program follows Oriental’s November 24, 2010 announcement
that its Board had approved a 25% increase in the quarterly common stock
dividend, to $0.05 per share, as a tangible recognition of the strong
current positioning and improving outlook for Oriental’s core banking
and wealth management operations.
About Oriental Financial Group
Oriental Financial Group Inc. is a diversified financial holding company
operating under U.S. and Puerto Rico banking laws and regulations. Now
in its 47th year in business, Oriental provides a full range
of mortgage, commercial and consumer 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, 2009, and its quarterly reports on Form 10-Q for the
quarters ended March 31, 2010, June 30, 2010, and September 30, 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-Colón, 787-993-4648
or
U.S.:
Anreder &
Company
Steven Anreder / Gary Fishman, 212-532-3232