March 17, 2010 (FinancialWire) — Oriental Financial Group Inc. (NYSE: OFG) has launched an underwritten public offering of around $50 million of its common stock. Keefe, Bruyette & Woods, Inc. is acting as the sole book-running manager.

The company plans to grant the underwriters a 30-day option to purchase up to an additional 15% of the common stock sold in the offering to cover over-allotments.

Oriental Financial Group plans to use the net proceeds of this offering for general corporate purposes, which may include funding organic and acquisition growth opportunities, including possible participation in government assisted transactions in Puerto Rico.

The company said it may also contribute a portion of the net proceeds in the form of capital to Oriental Bank and Trust, which will use such amount to bolster its regulatory capital needs and for general corporate purposes.

Puerto Rico-based Oriental Financial Group is a financial holding company operating under U.S. and Puerto Rico banking laws and regulations.

The company provides a ull range of mortgage, commercial and consumer banking services through 21 financial centers in Puerto Rico, as well as financial planning, trust, insurance, investment brokerage and investment banking services.

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