Oriental Prices $24M Preferred Stock Offering

Oriental Financial Group (OFG) in San Juan, Puerto Rico, has priced its public offering of preferred shares that will help fund its purchase of Banco Bilbao Vizcaya Argentaria's Puerto Rican operations.

The $6.3 billion-asset company is offering 960,000 shares of preferred stock at $25 each to raise up to $24 million, Oriental said Wednesday.

In October Oriental said it raise as much as $50.5 million through a common stock offering to help fund the deal.

In June, BBVA agreed to sell its banking operations in Puerto Rico to Oriental for $500 million in cash. Oriental is funding the transaction through a combination of cash on hand and a series of capital raises.