Santander BanCorp, the San Juan, Puerto Rico, bank whose majority owner is the Spanish bank Banco Santander Central Hispano, has agreed to purchase the Puerto Rican operations of Island Finance, a real estate-secured and consumer lender based in San Juan, from Wells Fargo & Co., San Francisco.Santander will pay $734.5 million in cash for the unit, which had been a part of Wells Fargo Financial, the consumer finance subsidiary of Wells Fargo & Co. Norwest Corp., now part of Wells Fargo, acquired Island Financial from ITT Corp. in May 1995. Wells Fargo is retaining the Island Finance operations in Trinidad & Tobago, Aruba, and the Netherlands Antilles. A new subsidiary, Santander Financial Services Inc., will operate that company's consumer finance and auto loan businesses. The acquired operations will retain the Island Finance brand name. Island Finance is the second-largest consumer lender in Puerto Rico. As of the end of last year, it had $627 million in loan receivables from borrowers on the island.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28