Just to add to Telcowave's post, if you go to the FFIEC website and look up the 12-31-09 Call Report for BPOP's Puerto Rico bank, you'll see that the Puerto Rico operation had a Net Income of $125 million. While that doesn't yet compare to prior years' profitability, it shows the bank is on the right path and that the worst may be over.
Except for the very rough patch of the last 2 or 3 years, the bank has a 115-year history of profitability and continues to be the #1 bank on the island in terms of market share of both assets and deposits.
An interesting thing about their deposit structure is that core deposits make up 90% of their total deposits, resulting of course in much lower funding costs.
If we look at the Core to Total Deposits % for the three banks that are under Cease & Desist Orders by the FDIC, we can see that those banks have core deposits of only:
Westernbank 27% Eurobank 39% R&G Bank 50%
Even the second largest bank on the island, Firstbank, has core deposits of only 39%. So by not having to depend on brokered deposits as these other banks have to do, BPOP is way ahead of the pack.
Just in case it isn't obvious, I am a long-time holder of BPOP, and taking advantage of dips by averaging down by adding to my position at these prices.