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.
FirstBank conducts its business through its main office located in San Juan,
Puerto Rico, 51 banking branches in Puerto Rico, 11 branches in the USVI and
BVI, and 10 branches in the state of Florida (USA). FirstBank has 6 wholly owned
subsidiaries with operations in Puerto Rico: First Federal Finance Corp. (d/b/a
Money Express La Financiera), a finance company specializing in the origination
of small loans with 27 offices in Puerto Rico; First Management of Puerto Rico,
a domestic corporation, which holds tax-exempt assets; FirstBank Puerto Rico
Securities Corp., a broker-dealer subsidiary engaged in municipal securities
underwriting and selling for local Puerto Rico municipal bond issuers and other
investment bearing activities, such as advisory services, capital raise efforts
on behalf of clients and assist in financial transaction structuring; FirstBank
Overseas Corporation, an international banking entity organized under the International
Banking Entity Act of Puerto Rico; and two other companies that hold and operate
certain particular other real estate owned properties. FirstBank had one active
subsidiary with operations outside of Puerto Rico: First Express, a finance
company specializing in the origination of small loans with 2 offices in the
USVI.
2.7% 
17.76 %