OFG Bancorp | 7.0% Noncumulative Monthly Income Preferred Stock, Series B (OFG.PRB)
Prospectus excerpt: Oriental Financial Group Inc. is offering to the public 1,200,000 shares of its 7.0% Noncumulative Monthly Income Preferred Stock, Series B. The Series B Preferred Stock has the following characteristics: Annual dividends of $1.75 per share, payable monthly, if declared by the board of directors. Missed dividends never have to be paid. Redeemable at Oriental Financial GroupÆs option beginning on October 31, 2008. No mandatory redemption or stated maturity.
OFG Bancorp is a financial holding company. Through its subsidiaries, Co. provides banking and financial services to its clients through a range of banking and financial solutions. Co. operates through three main business segments: Banking, which provides banking products such as deposits and commercial, consumer and mortgage loans; Wealth Management, which provides planning, money management and investment banking, brokerage services, insurance sales activity, corporate and individual trust and retirement services, as well as retirement plan administration services; and Treasury, which encompasses all of Co.'s asset/liability management activities.