Add rice, oregano, cumin, salt, and black pepper; cook 2 minutes, stirring constantly.
Place reserved bacon and bay leaf in pan; stir in water and 2 cans broth. Bring to a boil; cover, reduce heat, and simmer 20 minutes or until rice is tender.
Remove from heat; discard bay leaf. Stir in remaining can of broth and beans. Cook 5 minutes over low heat or until heated through, stirring frequently.