Oriental Financial Group Expands Stock Repurchase Program by $70M

Oriental Financial Group Inc. OFG today announced completion of its current $30 million stock repurchase program and approval by the Board of Directors of a new program to purchase an additional $70 million of common stock in the open market. Under the $30 million program, initiated in February 2011, Oriental purchased a total of 2,406,303 shares, equal to approximately 5.5% of shares outstanding, at an average price of $12.15 per share. This year's expanded share buyback follows Oriental's November 2010 announcement of a 25% increase in the quarterly common stock dividend, to $0.05 per share.