Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 1, 2013

 

 

ORIENTAL FINANCIAL GROUP INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Commonwealth of Puerto Rico   001-12647   66-0538893

(State or other Jurisdiction

of Incorporation)

  

(Commission

File No.)

  

(I.R.S. Employer

Identification No.)

Oriental Tower

Professional Offices Park

997 San Roberto Street, 10th Floor

San Juan, Puerto Rico

   00926
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (787) 771-6800

 

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 1.02. Termination of a Material Definitive Agreement.

On February 1, 2013, Oriental Bank (“Oriental”), the commercial banking subsidiary of Oriental Financial Group Inc. (the “Company”), notified Bayview Loan Servicing, LLC (“Bayview”) of the termination of the Omnibus Asset Servicing Agreement, dated as of June 9, 2010 (the “Agreement”), by and between Oriental and Bayview. The termination is effective May 1, 2013. Pursuant to the Agreement, Bayview services and manages certain single family, multi-family, and commercial mortgage loans and certain commercial construction loans (collectively, the “Assets”) acquired by Oriental from the Federal Deposit Insurance Corporation, as receiver for Eurobank, on April 30, 2010.

The Agreement allows Oriental to terminate it upon 90 days’ prior written notice to Bayview and the payment of a termination fee. The applicable termination fee is equal to the monthly base servicing fee paid to Bayview during the previous 6 months. Pursuant to the Agreement, Bayview receives a monthly base servicing fee of one twelfth of 0.855% of the unpaid principal balance of the Assets and is reimbursed for certain out-of-pocket expenses reasonably incurred in the servicing of the Assets.

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    ORIENTAL FINANCIAL GROUP INC.
Date: February 7, 2013     By:  

/s/    Carlos O. Souffront        

      Carlos O. Souffront
      General Counsel and Secretary of
      the Board of Directors

 

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