U.S. markets open in 2 hours 30 minutes
  • S&P Futures

    4,257.50
    +2.75 (+0.06%)
     
  • Dow Futures

    34,371.00
    -10.00 (-0.03%)
     
  • Nasdaq Futures

    14,141.50
    +16.75 (+0.12%)
     
  • Russell 2000 Futures

    2,322.40
    -1.20 (-0.05%)
     
  • Crude Oil

    71.46
    +0.58 (+0.82%)
     
  • Gold

    1,866.90
    +1.00 (+0.05%)
     
  • Silver

    27.78
    -0.26 (-0.92%)
     
  • EUR/USD

    1.2121
    -0.0001 (-0.01%)
     
  • 10-Yr Bond

    1.5010
    0.0000 (0.00%)
     
  • Vix

    16.54
    +0.89 (+5.69%)
     
  • GBP/USD

    1.4086
    -0.0022 (-0.16%)
     
  • USD/JPY

    110.0650
    +0.0040 (+0.00%)
     
  • BTC-USD

    39,927.50
    +568.12 (+1.44%)
     
  • CMC Crypto 200

    1,000.58
    +31.74 (+3.28%)
     
  • FTSE 100

    7,169.02
    +22.34 (+0.31%)
     
  • Nikkei 225

    29,441.30
    +279.50 (+0.96%)
     

OFG Bancorp Announces Redemption of Series A, B and D Preferred Stock

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

OFG Bancorp (NYSE: OFG) today announced the redemption of all three series of currently outstanding preferred stock, each at a redemption price of $25.00 per share.

José Rafael Fernández, Chief Executive Officer, said: "This announcement reflects our continuous and proactive capital management strategy. Redeeming the $92.0 million of preferred stock will enable us to effectively deploy some excess liquidity, improve our capital structure, and increase net income available to shareholders by $6.5 million on an annual basis."

  • 7.125% Noncumulative Monthly Income Preferred Stock, Series A, 1,340,000 shares outstanding, CUSIP 67103X201: The redemption date will be April 30, 2021. The previously announced monthly dividend payment of $0.1484375 per share is payable April 30, 2021 to shareholders of record April 15, 2021.

  • 7.0% Noncumulative Monthly Income Preferred Stock, Series B, 1,380,000 shares outstanding, CUSIP 67103X300: The redemption date will be April 30, 2021. The previously announced monthly dividend payment of $0.1458333 per share is payable April 30, 2021 to shareholders of record April 15, 2021.

  • 7.125% Noncumulative Perpetual Preferred Stock, Series D, 960,000 shares outstanding, CUSIP 67103X409: The redemption date will be July 15, 2021. The accrued and unpaid quarterly dividend of $0.4453125 per share is payable on the redemption date together with the redemption price.

Holders of record of the Series A, Series B and Series D Preferred Stock will receive official notice of the redemption in accordance with the provisions of the Company’s Certificate of Designation for each series.

American Stock Transfer & Trust Company, LLC is the redemption and paying agent. For more information, registered holders of the securities to be redeemed may contact the redemption and paying agent at 877-248-6417 (toll free) or 718-921-8317 or at 6201 15th Avenue, Brooklyn, NY 11219. Shareholders owning shares through a broker, bank or other nominee should contact that party for information. Funds for each redemption will be deposited by the Company with the redemption and paying agent on or before the corresponding redemption date.

About OFG Bancorp

Now in its 57th 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/20210329005405/en/

Contacts

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