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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: July 14, 2000
ORIENTAL FINANCIAL GROUP INC.
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(Exact Name of Registrant as Specified in its Charter)
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Commonwealth of Puerto Rico 001-12647 66-0538893
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(State or other Jurisdiction of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
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Monacillos 1000
San Roberto Street
Rio Piedras, Puerto Rico 00926
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (787) 771-6800
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On July 14, 2000, Oriental Bank and Trust (the "Bank"), a
Puerto Rico banking corporation and a wholly owned subsidiary of Oriental
Financial Group Inc., finalized the sale of its unsecured personal loan
portfolio to Banco Popular de Puerto Rico, a Puerto Rico banking corporation, at
a price of $99,043,101 in cash. The unsecured personal loan portfolio was sold
at a premium based on a formula that equals 100.75% of the principal outstanding
balance of the loans, including the total amount of accrued interest and late
charges receivable thereunder. On July 14, 2000, the Bank also finalized the
sale of its portfolio of finance leases on vehicles and equipment to Popular
Leasing & Rental, Inc., a Puerto Rico corporation, at a price of $68,620,896 in
cash. The lease portfolio was sold at a discount based on a formula that equals
97.72% of the outstanding balance of the leases.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
(c) Exhibits
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Exhibit No. Description of Document
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2.1 Purchase Agreement, dated June 26, 2000, by and
between Oriental Bank and Trust and Banco Popular
de Puerto Rico.
2.2 Asset Purchase Agreement, dated June 30, 2000, by
and between Oriental Bank and Trust and Popular
Leasing & Rental, Inc.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ORIENTAL FINANCIAL GROUP INC.
Date: July 26, 2000 By: /s/ Rafael Valladares
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Rafael Valladares
Comptroller and Principal Financial Officer
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INDEX OF EXHIBITS
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Exhibit No. Description of Document
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2.1 Purchase Agreement, dated June 26, 2000, by and
between Oriental Bank and Trust and Banco Popular
de Puerto Rico.
2.2 Asset Purchase Agreement, dated June 30, 2000, by
and between Oriental Bank and Trust and Popular
Leasing & Rental, Inc.
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