First Ban corp
Business Description
First BanCorp. is a publicly owned financial holding company that is subject to
regulation, supervision and examination by the Federal Reserve Board. The Corporation
was incorporated under the laws of the Commonwealth of Puerto Rico to serve as
the bank holding company for FirstBank. The Corporation is a full service provider
of financial services and products with operations in Puerto Rico, the United
States and the USVI and BVI.
The Corporation provides a wide range of financial services for retail, commercial
and institutional clients. FirstBank is a Puerto Rico-chartered commercial bank,
and FirstBank Insurance Agency is a Puerto Rico-chartered insurance agency.
FirstBank is subject to the supervision, examination and regulation of both the
Office of the Commissioner of Financial Institutions (“OCIF”) and
the FDIC. Deposits are insured through the FDIC Deposit Insurance Fund. In addition,
within FirstBank, the Bank’s USVI operations are subject to regulation and
examination by the United States Virgin Islands Banking Board; its BVI operations
are subject to regulation by the British Virgin Islands Financial Services Commission;
and its operations in the state of Florida are subject to regulation and examination
by the Florida Office of Financial Regulation and the FDIC. The Consumer Financial
Protection Bureau (“CFBP”) regulates FirstBank’s consumer financial
products and services. FirstBank Insurance Agency is subject to the supervision,
examination and regulation of the Office of the Insurance Commissioner of the
Commonwealth of Puerto Rico and operates three offices in Puerto Rico, and two
offices in the USVI and BVI.
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