<SEC-DOCUMENT>0001030469-18-000010.txt : 20180307
<SEC-HEADER>0001030469-18-000010.hdr.sgml : 20180307
<ACCEPTANCE-DATETIME>20180307171004
ACCESSION NUMBER:		0001030469-18-000010
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180307
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20180307
DATE AS OF CHANGE:		20180307

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12647
		FILM NUMBER:		18674105

	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>8-K
<SEQUENCE>1
<FILENAME>ofg8K20180307.htm
<DESCRIPTION>FORM 8-K
<TEXT>

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<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">UNITED STATES</font></b></font></p>

<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">SECURITIES AND
EXCHANGE COMMISSION</font></b></font></p>

<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">WASHINGTON, D.C.
20549</font></b></font></p>

<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">___________</font></font></p>

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

<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">FORM 8-K</font></b></font></p>

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

<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">CURRENT REPORT</font></b></font></p>

<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">Pursuant to Section
13 or 15(d) of the</font></b></font></p>

<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">Securities Exchange
Act of 1934</font></b></font></p>

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

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">Date of Report (Date of earliest event reported): March 1, 2018</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">OFG Bancorp</font></b></font></p>

<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">(Exact Name of
Registrant as Specified in its Charter)</font></i></font></p>

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

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

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; Commonwealth of Puerto Rico&#160;&#160;&#160;&#160;&#160;&#160; </font></u></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&nbsp;</font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;001-12647&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&nbsp;</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;66-0538893&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:3.0in;margin-right:0in;margin-top:0in;text-indent:-3.0in;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">(State or other Jurisdiction of Incorporation)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;(Commission
File No.)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></font><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=ES-PR style="font-size:11.0pt;line-height:normal;">(I.R.S. Employer&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=ES-PR style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Times New Roman,serif" lang=ES-PR style="font-size:11.0pt;line-height:normal;">Identification
No.)&#160;&#160; </font></i><font face="Times New Roman,serif" lang=ES-PR style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=ES-PR style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=ES-PR style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Oriental Center</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=ES-PR style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 254 Mu&#241;oz Rivera Avenue</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><u><font face="Times New Roman,serif" lang=ES-PR style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; San Juan, Puerto
Rico&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=ES-PR style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&nbsp;</font><u><font face="Times New Roman,serif" lang=ES-PR style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;00918&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&nbsp;</font></u></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Address of Principal Executive
Offices&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Zip Code)</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&nbsp;</font></font></p>

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

<p style="border:none;margin-bottom:.0001pt;margin-left:4.0in;margin-right:0in;margin-top:0in;text-indent:-4.0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">Registrant&#8217;s telephone number, including area code:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
(787) 771-6800</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:4.0in;margin-right:0in;margin-top:0in;text-indent:-4.0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p>

<p align=center style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">______________________________________________________________________________</font></font></p>

<p align=center style="border:none;margin-bottom:.0001pt;margin-left:4.0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:-4.0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">(Former Name or
Former Address, if Changed Since Last Report)</font></font></p>

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

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 (</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">see </font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">General
Instruction A.2. below):</font></font></p>

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

<p style="border:none;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">[ ]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</font></font></p>

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

<p style="border:none;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">[ ]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">[ ]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">[ ]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></font></p>


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<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>


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<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>


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<p style="border:none;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-1.0in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Item 5.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.</font></b></font></p>

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

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Jos&#233; Rafael Fern&#225;ndez entered into a new employment agreement (the
&#8220;Agreement&#8221;) with OFG Bancorp (the &#8220;Company&#8221;) effective March 1, 2018, which
replaced the employment agreement entered into on September 27, 2016.&#160;
Mr.&nbsp;Fern&#225;ndez is the President and Chief Executive Officer of the Company
and the Vice Chairman of its Board of Directors (the &#8220;Board&#8221;).&#160; The Agreement
is effective as of March 1, 2018 and ends on June 30, 2021.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">As provided in the Agreement, Mr.&nbsp;Fern&#225;ndez will report
directly to the Board and will have overall responsibility for the business and
affairs of the Company.&#160; During the term of the Agreement and in any election
of directors in which his term as director is set to expire, the Board will
nominate and recommend to the shareholders of the Company his election as a
Board member and, if elected, will appoint him as its Vice Chairman.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">The Agreement provides that Mr. Fern&#225;ndez will be compensated as
follows: (i)&nbsp;annual base salary of $865,000, which may be increased by the
Board&#8217;s Compensation Committee; (ii)&nbsp;annual target bonus of 100% of his
annual base salary payable on or before March 31 of each&#160; year pursuant to the
Company&#8217;s non-equity incentive bonus plan; (iii) annual expense allowance of
$85,000 for his car-related expenses, membership expenses for social, business
or professional organizations, and any other expenses which in his judgment are
reasonably appropriate for the performance of his duties as President and Chief
Executive Officer of the Company; (iv)&nbsp;a 10-year term life insurance
policy in the amount of $3,000,000 covering his life and having as
beneficiaries his spouse and heirs or other beneficiaries designated by him;
(v)&nbsp;25 days of paid vacation per year; (vi) the remaining balance,
$425,000, of a special bonus of $850,000 granted pursuant to the 2016
employment agreement will be payable in three equal semi-annual installments
commencing on July 1, 2018; and (vii) additional incentive compensation under
the Company&#8217;s equity-based compensation plan based on his performance
scorecard, as approved by the Company&#8217;s Compensation Committee, up to an annual
amount equal to 85% of his annual base salary, but he may elect to receive the
award in deferred cash equivalence if he is in compliance with the Company&#8217;s
Stock Ownership Policy.&#160; It also provides that Mr. Fern&#225;ndez will be entitled
to participate in any equity-based compensation plan, profit-sharing plan or
other plans, benefits and privileges offered by the Company to its employees
and executives to the extent that he is otherwise eligible and qualifies to
participate in and receive such benefits or privileges. </font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">The Agreement may be terminated by the Board for &#8220;just cause&#8221; (as
defined therein).&#160; In the event it is terminated for just cause or if Mr.
Fern&#225;ndez is removed or barred from office under applicable law, he will have
no right to compensation or other benefits for any period after such
termination.&#160; However, if the Agreement is terminated by the Board other than
for just cause and other than in connection with a change in control of the
Company (as defined in his Change in Control Compensation Agreement with the
Company), or if Mr.&nbsp;Fern&#225;ndez terminates the Agreement for &#8220;good reason&#8221;
(as defined in the Agreement), the Company will be required to pay him as
severance in lieu of any further compensation for periods subsequent to the
date of termination, a lump sum equal to the product of (a) his annual base
salary and incentive bonus (equal to the average cash bonus paid to him in the
last two fiscal years prior to the termination date), multiplied by (b) three.</font></font></p>

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


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<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>


</DIV>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SIGNATURES&nbsp;</font></b></font></p>

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

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></font></p>

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

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;
OFG BANCORP</font></b></font></p>

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

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

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

<p style="border:none;margin-bottom:.0001pt;margin-left:3.5in;margin-right:0in;margin-top:0in;text-indent:-3.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Date: </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">March
7, 2018</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; By:</font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
/s/ Carlos O.
Souffront&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Carlos
O. Souffront</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General
Counsel and Secretary</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; of
the Board of Directors</font></font></p>

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

<p style="border:none;margin:0in;margin-bottom:.0001pt;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>




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