Bailout Bank Bio: First BanCorp

Mar 23, 2009 | 2 min read | Print Article

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


Federal Equity Investment	$400 million
Total Revenue	$1.26 billion (2007) $1.20 billion (2008)
Net Income	$68.1 million (2007) $100.9 million (2008)
Number of Employees	3,000
Corporate Headquarters	San Juan, Puerto Rico
Business Sector	Bank
Officers and Directors	Luis Beauchamp-Rodirguez, Chairman of the Board, President, Chief Executive Officer Other Officers and Directors
Corporate Website	http://wwww.firstbankpr.com
Executive Compensation	First BanCorp