Oriental Financial in Puerto Rico Close to Becoming OFG Bancorp

Oriental Financial Group (OFG) in San Juan, Puerto Rico, is being rebranded as OFG Bancorp.

Shareholders approved the name change at the $9.2 billion-asset company's annual meeting Wednesday. The change will take effect Thursday. The names of its three units - Oriental Bank, Oriental Financial Services and Oriental Insurance - will not change.

"OFG Bancorp better reflects the transformation of the company, and its future growth plans," José Rafael Fernández, the company's president and chief executive, said in a press release.

The new name reflects Oriental's recent expansion; it agreed last year to pay $500 million for the Puerto Rican operations of the Spanish bank Banco Bilbao Vizcaya Argentaria.