<SEC-DOCUMENT>0001030469-14-000050.txt : 20150106
<SEC-HEADER>0001030469-14-000050.hdr.sgml : 20150106
<ACCEPTANCE-DATETIME>20141203151141
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001030469-14-000050
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20141203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OFG BANCORP
		CENTRAL INDEX KEY:			0001030469
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				660538893
		STATE OF INCORPORATION:			PR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		254 MU?OZ RIVERA AVENUE
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00918
		BUSINESS PHONE:		7877716800

	MAIL ADDRESS:	
		STREET 1:		254 MU?OZ RIVERA AVENUE
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00918

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ORIENTAL FINANCIAL GROUP INC
		DATE OF NAME CHANGE:	19970110
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





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<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:4.25in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">December
3, 2014</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Gus Rodriguez</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Accounting Branch Chief</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Division of Corporation Finance</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">U.S. Securities and Exchange
Commission</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">100 F Street</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Washington, DC 20549</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;
OFG Bancorp</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Form
10-K for Fiscal Year Ended December 31, 2013</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Filed
March 3, 2014</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Response
dated October 2, 2014</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=ES-PR style="font-size:11.0pt;line-height:115%;">File No. 001-12647</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=ES-PR style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=ES-PR style="font-size:11.0pt;line-height:115%;">Dear Mr. Rodriguez:</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=ES-PR style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">We are responding to your letter,
dated November 11, 2014, relating to the filing referenced above of OFG Bancorp
(the &#8220;Company&#8221;). Your comment is set forth below, together with our
corresponding response.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Form 10-K for the Year Ended
December 31, 2013</font></u></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;text-decoration:none;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Note 24. OFG Bancorp (Holding
Company Only) Financial Information, page 193</font></u></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">1.</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">We
note your response to comment 5 in our letter dated September 22, 2014.&#160; Cash
receipts from dividends received from your wholly-owned subsidiaries are cash
flows from operating activities based on ASC 230-10-45-16(b).&#160; The reference in
your response to ASC 230-10-45-12(b) applies to returns on investments from
other entities as opposed to your wholly-owned subsidiaries.&#160; Please revise the
dividends received from your wholly-owned subsidiaries to cash flows from
operating activities in future filings.</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">We acknowledge the Staff&#8217;s
comments and confirm that in future filings we will include dividends received
from our wholly-owned subsidiaries in cash flows from operating activities.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">*****************</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">As requested, we hereby
acknowledge that:</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">The Company is responsible for the adequacy and accuracy of the
disclosure in the filing;</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">Staff comments or changes to disclosure in response to staff
comments do not foreclose the Commission from taking any action with respect to
the filing; and</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





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<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">The Company may not assert staff comments as a defense in any
proceeding initiated by the Commission or any person under the federal
securities laws of the United States.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Please do not hesitate to contact
the undersigned if you have any questions or if you require additional
information regarding this matter.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:4.25in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Respectfully
submitted,</font></p>

<p style="margin-bottom:.0001pt;margin-left:4.25in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:4.25in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">/s/
Ganesh Kumar</font></p>

<p style="margin-bottom:.0001pt;margin-left:4.25in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:4.25in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Ganesh
Kumar</font></p>

<p style="margin-bottom:.0001pt;margin-left:4.25in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Executive
Vice President and CFO</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>




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