First BanCorp. is a financial holding company that owns FirstBank Puerto Rico (FirstBank or the Bank). The Company is a full service provider of financial services and products with operations in Puerto Rico, the United States and the United States and British Virgin Islands. First BanCorp. provides different financial services for retail, commercial and institutional clients. The Company controlled four wholly owned subsidiaries: FirstBank, FirstBank Insurance Agency, Inc. (FirstBank Insurance Agency), Grupo Empresas de Servicios Financieros (d/b/a PR Finance Group) and Ponce General Corporation, Inc. (Ponce General). It was founded in 1948 and is headquartered in Santurce, Puerto Rico.
In January the company initiated its participation in the Treasury Department’s Capital Purchase Program when it received $400 million in exchange for preferred stock and warrants. FirstBank was the first savings and loan chartered in Puerto Rico and has since converted to a commercial bank.
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Bailout Bank Bio: First BanCorp
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Federal Equity Investment |
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Total Revenue |
$1.26 billion (2007) |
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Net Income |
$68.1 million (2007) |
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Number of Employees |
3,000 |
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Corporate Headquarters |
San Juan, Puerto Rico |
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Business Sector |
Bank |
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Officers and Directors |
Luis Beauchamp-Rodirguez, Chairman of the Board, President, Chief Executive Officer |
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Corporate Website |
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Executive Compensation |
2008 First BanCorp 10-K (Annual Report)
No federal contracts located.
No lobbying reports located.
No political contributions located.
February 13, 2009 First BanCorp blames shorts for stock price decline
February 3, 2009 First BanCorp Turns To Profit In Q4 On Higher Interest Income (RTTNews)
January 19, 2009 First BanCorp Completes Sale of $400 Million in Preferred Shares to the United States Treasury (Reuters)
Last Updated March 23, 2009
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