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BRIEF-Ofg Bancorp To Acquire Scotiabank Operations In Puerto Rico And Us Virgin Islands

Published 2019-06-26, 04:31 p/m
© Reuters.  BRIEF-Ofg Bancorp To Acquire Scotiabank Operations In Puerto Rico And Us Virgin Islands

OFG Bancorp OFG.N :

* OFG BANCORP TO ACQUIRE SCOTIABANK OPERATIONS IN PUERTO RICO AND US VIRGIN ISLANDS

* OFG BANCORP - DEAL FOR $550 MILLION IN CASH

* OFG BANCORP - SCOTIABANK'S PUERTO RICO AND USVI OPERATIONS WILL BE MERGED INTO ORIENTAL BANK AND ITS RELATED BUSINESSES

* OFG BANCORP - TRANSACTION WILL BE FUNDED BY OFG'S EXCESS CAPITAL

* OFG BANCORP- DEAL EXPECTED TO BE APPROXIMATELY 40% ACCRETIVE TO OFG'S EPS IN 2020

* OFG BANCORP - CO'S UNIT, ORIENTAL BANK, TO ACQUIRE SCOTIABANK'S PUERTO RICO OPERATION FOR $550 MILLION IN CASH

* OFG BANCORP - TO ACQUIRE SCOTIABANK'S US VIRGIN ISLAND (USVI) BRANCH OPERATION FOR A $10 MILLION DEPOSIT PREMIUM.

* OFG BANCORP - CO'S UNIT, ORIENTAL BANK, TO ACQUIRE SCOTIABANK'S US VIRGIN ISLAND (USVI) BRANCH OPERATION FOR A $10 MILLION DEPOSIT PREMIUM

* OFG BANCORP - OFG EXPECTS TO INCUR CERTAIN ONE-TIME RESTRUCTURING CHARGES OF APPROXIMATELY $45 MILLION IN CONNECTION WITH TRANSACTION

* OFG BANCORP - PRIOR TO CLOSING OF SCOTIABANK PUERTO RICO DEAL, SCOTIABANK PUERTO RICO MAY ELECT TO PAY ADDITIONAL DIVIDENDS TO PARENT OF UP TO $125 MILLION

* OFG BANCORP - IF SCOTIABANK PUERTO RICO TO PAY ADDITIONAL DIVIDENDS,PURCHASE PRICE OF DEAL WILL BE ADJUSTED DOWNWARD BY AMOUNT OF ADDITIONAL DIVIDENDS

* OFG BANCORP - ACQUISITION HAS BEEN UNANIMOUSLY APPROVED BY OFG'S AND ORIENTAL BANK'S BOARDS OF DIRECTORS

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