First BanCorp

This article is about the Puerto Rico–based bank. For the North Carolina–based bank, see First Bancorp. For other uses, see First Bank.

First Bancorp
Company type
Public
NYSE: FBP
S&P 600 component
IndustryBanking
Financial services
Founded1948; 78 years ago (1948)
HeadquartersSan Juan, Puerto Rico
Key people
Aurelio Aleman
(President and CEO)[1]
ProductsChecking accounts
Insurance and mortgage
Investment banking & services Consumer finance + ABL
RevenueIncrease 1.201 billion USD$ (2008)[2]
Increase 75.838 million USD$ (Q2 2024)[3]
Number of employees
3,000 (2009)
Websitewww.1firstbank.com
First Bank branch in Charlotte Amalie, U.S. Virgin Islands

First BanCorp is a publicly traded financial holding company located in San Juan, Puerto Rico.

History

FirstBank was the first Savings & Loan institution established in Puerto Rico with a capital of $200,000 in 1948. Today, the company provides financial services for retail, commercial and institutional clients in Puerto Rico, US Virgin Islands, British Virgin Islands and Florida.[4] First BanCorp is headquartered in San Juan, Puerto Rico and is ranked the 669th and 1537th Largest Company In The World in Forbes magazine by Total Assets and Profits. On 2006 it had over $18.8 billion in assets.

As of May, 2016, First owed $124.97 million to the US government Troubled Asset Relief Program.[5]

In October 2019, FirstBank announced their intention to purchase Banco Santander de Puerto Rico. The transaction was approved by regulators on July 28, 2020 and should be completed by September 1, 2020.[6]

Key leadership

  • Mr. Aurelio Aleman-Bermudez[7]

Chief Exec. Officer, Pres, Director,

  • Mr. Orlando Berges-Gonzalez CPA[8]

Chief Financial Officer and Exec. VP

Direct competition in Puerto Rico

References

  1. ^ People (July 14, 2010). "FIRST BANCORP (PUERTO RICO) (FBP)". Reuters. Retrieved July 14, 2010.
  2. ^ First BanCorp Corporate Information by Forbes.com
  3. ^ https://www.fbpinvestor.com/resources/news/press-release-details/2024/First-BanCorp.-Announces-Earnings-for-the-Quarter-Ended-June-30-2024/default.aspx
  4. ^ First BanCorp (July 14, 2010). "Corporate Overview". First BanCorp. Retrieved July 14, 2010.[permanent dead link]
  5. ^ United States Government Accountability Office, "TROUBLED ASSET RELIEF PROGRAM - Capital Purchase Program Largely Has Wound Down", United States Government Accountability Office via Report to Congressional Committees, May 2016. Retrieved 2016-06-06.
  6. ^ "First BanCorp. Receives Regulatory Approval for Acquisition of Banco Santander Puerto Rico". Business Wire. July 28, 2020.
  7. ^ "FBP Company Profile & Executives - First BanCorp (Puerto Rico) - Wall Street Journal". www.wsj.com. Retrieved January 28, 2020.
  8. ^ "FBP Company Profile & Executives - First BanCorp (Puerto Rico) - Wall Street Journal". www.wsj.com. Retrieved January 28, 2020.
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