8/14/2018 -- OFG Bancorp today announced it has elected to effect the conversion of all of its outstanding 8.750% Non-Cumulative Convertible Perpetual Preferred Stock, Series C into OFG Bancorp common stock pursuant to the terms of the Series C Preferred Stock. On August 14, 2018, the closing sale price of the Common Stock was $17.50, which marked the 20th trading day in the previous 30 consecutive trading days that the Common Stock closed above $15.04 (which is equal to 130% of the applicable conversion price for the Series C Preferred Stock), triggering the right of OFG Bancorp to elect to mandatorily convert all shares of Series C Preferred Stock into shares of Common Stock in accordance with the terms of the Series C Preferred Stock. The conversion will be effective on October 22, 2018. On the Mandatory Conversion Date, each share of Series C Preferred Stock will be converted into 86.4225 shares of Common Stock. Cash will be paid in lieu of fractional shares of Common Stock. No action by holders of the Series C Preferred Stock is required. There are currently 84,000 shares of Series C Preferred Stock outstanding, all of which will be converted to Common Stock on the Mandatory Conversion Date. The conversion of the Series C Preferred Stock will not impact OFG Bancorp’s previously announced per share results, which included the dilutive impact of the conversion. Upon conversion at the close of business on the Mandatory Conversion Date, the Series C Preferred Stock will no longer be outstanding and all rights with respect to the Series C Preferred Stock will cease and terminate, except the right to receive the number of whole shares of Common Stock issuable upon conversion of the Series C Preferred Stock and any required cash-in-lieu of fractional shares. Following the Mandatory Conversion Date, the holders of the Series C Preferred Stock will not be entitled to receive any dividends on their converted shares of Series C Preferred Stock payable to holders as of a record date that is on or after the Mandatory Conversion Date. ____________ 7/12/2013 Shown on the Other OTC as an OATS reportable flag change. ____________ On July 3, 2012, Oriental completed its sale to various institutional purchasers of $84 million of its 8.750% Non-Cumulative Convertible Perpetual Preferred Stock, Series C, through a private placement.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  OFG Bancorp, 8.750% Non-Cumulative Convertible Perpetual Preferred Stock, Series C, liquidation preference $1000 per share, and with no stated maturity. Non-cumulative distributions of 8.75% per annum ($87.50 per annum or $21.875 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the first day of the month in which the payment is due (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders. The preferred shares are convertible any time at the holder's option into 84.9798 common shares of Oriental Financial Group (NYSE: OFG), an initial conversion price of $11.7675 per common share. On or after 7/15/2017, if the price of the common stock exceeds 130% of the conversion price for 20 of any 30 consecutive trading days, the company may, at their option, cause the preferred shares to be converted into common shares at the then prevailing conversion price. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the convertible preferred stock and the conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Conv Shrs Conv Price	Distribution Dates	15% Tax Rate
OTOTCn OTOTCps	8.75% $87.5	$1,000.00 n.a.	Called for 10/22/2018 None	NF CCC 3/24/2016	84.9798 $11.7675	1/15, 4/15, 7/15 & 10/15 Click for MW ExDiv Date Click for Yahoo ExDiv Date	YES

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Email Address	ofg@anreder.com
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Address and Phone Numbers

Address:   997 San Roberto Street, Oriental Center 10th Floor, San Juan, PR 00926 (Puerto Rico)
Main Phone Number	787-771-6800
Fax Number	787-771-6770
Investor Relations   Steven Anreder	212-532-3232   Ext: 6137
Toll Free Phone Number	800-421-1003

CEO - Jose Rafael Fernandez

IR - Gary Fishman

CFO - Rafael Valladares