Oriental Bank completed the acquisition of the Puerto Rico and U.S. Virgin Islands operations of Scotiabank on Dec. 31, 2019. Upon closing, Scotiabank’s PR and USVI operations will further strengthen Oriental’s position as the premier retail bank in Puerto Rico.
Oriental will have a well-diversified loan portfolio totaling $7.2 billion, deposits of $7.9 billion and approximately 500,000 customers. Its mortgage servicing portfolio will expand five-fold to approximately $5 billion, providing critical mass to become a meaningful source of non-interest income. In addition, Oriental will have more than 2,400 employees and will have 55 branches, 11 Interactive Teller Machines, 460 ATMs, and access to 55,000+ surcharge free Allpoint ATM’s in Puerto Rico and Stateside.
“This year was our 55th year in business and 25th year on the (New York Stock Exchange) NYSE. We started as a regional savings and loan institution, and in less than six decades we have become Puerto Rico’s most innovative and financially solid bank. Now we are combining two excellent franchises to create a strongly capitalized, market-leading institution,” said José Rafael Fernández, president and chief executive officer of Oriental. “We’re excited about welcoming Scotia’s valued customers and talented team into the Oriental family.”
“The new Oriental will offer a wide array of products and services with a special emphasis on consumers and small businesses in Puerto Rico and U.S. Virgin Islands, building upon our differentiated reputation for convenience and helping customers better manage their finances.”
Upon opening in the former Scotiabank locations on St. Thomas and St. Croix, Oriental will continue to use certain Scotiabank technology platforms and services for a transitional period following the closing. As a result, customers can interact with the bank and use branches as they do currently without any need for change. In addition, customers will be able to use all Oriental ATMs at no charge and make credit card, mortgage, car and personal loan payments, and make deposits by cash or check through express mailboxes in all branches.
Oriental’s USVI customer deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum provided by law (https://www.fdic.gov/deposit/covered/categories.html ). The FDIC is an independent agency of the United States government that protects depositors against the loss of a insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government. (www.orientalbank.com)
