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Oriental Financial Group Increases Quarterly Dividend 25%

^{Published on 2010-11-24 11:45:28 - Market Wire}
 

SAN JUAN, Puerto Rico--([ BUSINESS WIRE ])--Oriental Financial Group Inc. (NYSE: OFG) today announced it has increased its regularly quarterly cash dividend per common share by 25%, to $0.05 per share, from $0.04 per share, for the fourth quarter ending December 31, 2010. The payable date is January 14, 2011, to holders of record on December 31, 2010, with an ex-dividend date of December 29, 2010.

"The dividend increase is a tangible recognition by the Board of the strong current positioning and improving outlook for Oriental as we grow our banking activities"

On an annualized basis, the dividend increases to $0.20 per share, from $0.16, and represents a 1.68% yield based on yesterdaya™s closing price of $11.88. aThe dividend increase is a tangible recognition by the Board of the strong current positioning and improving outlook for Oriental as we grow our banking activities,a said Jos© Rafael Fernndez, Vice Chairman of the Board, President and Chief Executive Officer.

Most recently, Oriental announced a book value per common share of $14.01 and tangible common equity to total assets of 8.72% as of September 30, 2010.

About Oriental Financial Group

Oriental Financial Group Inc. is a diversified financial holding company operating under U.S. and Puerto Rico banking laws and regulations. Now in its 46^th year in business, Oriental provides a full range of mortgage, commercial and consumer banking services, as well as financial planning, trust, insurance, investment brokerage and investment banking services, primarily in Puerto Rico, through 30 financial centers. Investor information about Oriental can be found at [ www.orientalfg.com ].

Forward-Looking Statements

This news release may contain forward-looking statements that reflect management's beliefs and expectations and are subject to risks and uncertainties inherent to Orientala™s business, including, without limitation, the effect of economic and market conditions, the level and volatility of interest rates, and other risks and considerations detailed in Orientala™s filings with the Securities and Exchange Commission. These or other factors could cause actual results to differ materially from forward-looking statements. Oriental also disclaims any obligations to update information contained in this news release because of developments occurring after the date of issuance.