First BanCorp

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

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
TypePublic
NYSE: FBP
S&P 600 component
IndustryBanking
Financial services
Founded1948 (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 109.937 million USD$ (2008)[3]
Number of employees
3,000 (2009)
Websitewww.firstbankpr.com
First Bank branch in Charlotte Amalie, U.S. Virgin Islands

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 (2010-07-14). "FIRST BANCORP (PUERTO RICO) (FBP)". Reuters. Retrieved 2010-07-14.
  2. First BanCorp Corporate Information by Forbes.com
  3. First BanCorp (FBP) Company Financials by NASDAQ.com
  4. First BanCorp (2010-07-14). "Corporate Overview". First BanCorp. Retrieved 2010-07-14.
  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. Business Wire, , July 28, 2020. Retrieved 2020-07-28.
  7. "FBP Company Profile & Executives - First BanCorp (Puerto Rico) - Wall Street Journal". www.wsj.com. Retrieved 2020-01-28.
  8. "FBP Company Profile & Executives - First BanCorp (Puerto Rico) - Wall Street Journal". www.wsj.com. Retrieved 2020-01-28.



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