OFG Bancorp unit Oriental Bank completed its acquisition of Scotiabank de Puerto Rico from Toronto-based Bank of Nova Scotia on Dec. 31, 2019, for $550 million in cash.
Following the deal completion, Oriental Bank has a loan portfolio of $7.2 billion, deposits of $7.9 billion, about 500,000 customers and a mortgage servicing portfolio of about $5 billion.
Oriental Bank also completed its acquisition of Bank of Nova Scotia's branch operations in Puerto Rico and the U.S. Virgin Islands on the same date.
Per the purchase agreement for the U.S. Virgin Islands operations, Bank of Nova Scotia paid Oriental Bank about $178.3 million in cash upon closing, according to a regulatory filing. Oriental Bank acquired certain assets, including loans, ATMs and physical branch locations, and assumed certain liabilities, including deposits, in the U.S. Virgin Islands from Bank of Nova Scotia.
Oriental Bank paid Bank of Nova Scotia approximately $53.5 million in cash to assume certain loans and other assets, and certain liabilities of Bank of Nova Scotia's Puerto Rico branch.