Summary
First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides various financial services for retail, commercial, and institutional clients. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations. The Commercial and Corporate Banking segment offers commercial loans, including commercial real estate and construction loans and floor plan financings; and other products, such as cash management and business management services. The Mortgage Banking segment engages in the origination, sale, and servicing of various residential mortgage loans; acquisition and sale of mortgages in the secondary markets; and purchase of mortgage loans from other local banks and mortgage bankers. The Consumer (Retail) Banking segment provides auto, boat, credit card, and personal loans; lines of credit; deposit products comprising interest bearing and non-interest bearing checking and savings accounts, individual retirement accounts, and retail certificates of deposit (CDs); and finance leasing and insurance agency services. The Treasury and Investments segment offers funding and liquidity management services. The United States Operations segment provides checking, savings, and money market accounts, as well as retail CDs; traditional commercial and industrial, and commercial real estate loans; and internet banking, cash management, remote deposit capture, and automated clearing house, and transactions services. The Virgin Islands Operations segment is involved in consumer, commercial lending, and deposit-taking activities. The company operates 64 branches in Puerto Rico, 8 branches in the U.S. Virgin Islands and British Virgin Islands, and 11 branches in the state of Florida. First BanCorp. was founded in 1948 and is headquartered 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. 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.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.
Mission
The mission of First Bancorp is to provide our customers with the highest quality of banking and financial services with a personal commitment to integrity and customer service.
Vision
The vision of First Bancorp is to be the leading financial services provider in the Southeast, focusing on customer service, innovation and financial strength.
Key Team
Mr. Cassan A. Pancham (Exec. VP & Bus. Group Exec.)
Ms. Nayda Rivera-Batista CPA (Exec. VP & Chief Risk Officer)
Mr. Said Ortiz CPA (Chief Accounting Officer, Controller & Sr. VP)
Ramon Rodriguez C.F.A. (Sr. VP of Corp. Strategy / Investor Relations)
Ms. Sara Alvarez-Cabrero (Exec. VP, Gen. Counsel & Sec. of the Board)
Ms. Ginoris López-Lay (Exec. VP & Strategic Management Director)
Mr. Thomas Michael McDonald (Exec. VP & Bus. Group Director)
Recognition and Awards
First Bancorp has been recognized as one of the top performing banks in the country in the areas of customer service, innovation, and financial strength. We have also been honored with several awards for our commitment to community banking, customer service, and financial literacy.
References
United States 