First BanCorp
| File:First BanCorp logo.png | |
| Company type | Public |
|---|---|
| NYSE: FBP S&P 600 component | |
| Industry | Banking Financial services |
| Founded | 1948 |
| Headquarters | San Juan, Puerto Rico |
Key people | Aurelio Aleman (President and CEO) |
| Products | Checking accounts Insurance and mortgage Investment banking & services Consumer finance + ABL |
| Revenue | Increase 1.201 billion USD$ (2008) |
| Increase 75.838 million USD$ (Q2 2024) | |
Number of employees | 3,000 (2009) |
| Website | www |
First BanCorp operates as a publicly listed financial holding entity with its main office located in San Juan, Puerto Rico.
History
Established in 1948 as Puerto Rico’s inaugural Savings & Loan institution with an initial capital of $200,000, FirstBank currently provides services to retail, commercial, and institutional customers throughout Puerto Rico, the US Virgin Islands, the British Virgin Islands, and Florida. In Forbes rankings, it was positioned 669th by total assets and 1537th by profits globally, reporting assets exceeding $18.8 billion in 2006.
By May 2016, First BanCorp had an outstanding balance of $124.97 million from the US government's Troubled Asset Relief Program.
In October 2019, FirstBank revealed intentions to purchase Banco Santander de Puerto Rico. Regulatory authorities approved the transaction on July 28, 2020, with the deal expected to close by September 1, 2020.
Key leadership
- Mr. Aurelio Aleman-Bermudez
Chief Executive Officer, President, and Director
- Mr. Orlando Berges-Gonzalez CPA
Executive Vice President and Chief Financial Officer
Direct competition in Puerto Rico
- Banco Popular de Puerto Rico (BPOP)
- OFG Bancorp (OFG)