First chartered in 1948, FirstBank was the first Savings & Loan institution
established in Puerto Rico with a capital of $200,000.
Since its inception the bank played a fundamental role in improving the quality
of life in Puerto Rico, by helping thousands of citizens to acquire their first
home, thus enhancing their social and economic status.
It converted to a commercial bank charter and changed its name to First Federal
Savings Bank in 1983. In 1987, First Federal became a stockholder-owned savings
bank and went public, trading on Nasdaq. A few years later, in 1993, it was
listed on the New York Stock Exchange under the symbol FBP and, in 1994, the
name changes to FirstBank Puerto Rico. In 1998, the Bank reorganized into a
holding company under the name of First BanCorp.
Thanks to the visionary leadership of its management team, the institution
experienced an impressive growth and transformation, becoming one of Puerto
Rico's leading financial institutions with approximately 2,500 employees. It
offers a full range of financial services to individual, commercial, and corporate
customers through its more than a hundred and seventy financial facilities in
Puerto Rico, the US mainland, and the US and British Virgin Islands.
First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered
commercial bank with operations in Puerto Rico, the Virgin Islands and Florida,
and of FirstBank Insurance Agency. FirstBank Puerto Rico, in turn, has the following
wholly-owned subsidiaries: FirstBank Puerto Rico Securities, a broker-dealer
subsidiary; First Insurance Agency, Inc, an insurance agency in USVI; First
Management of Puerto Rico, a domestic corporation that holds tax-exempts assets;
First Federal Finance Corp. (d/b/a Money Express La Financiera), a small loan
company; and FirstBank Overseas Corp., an international banking entity organized
under the laws of the Commonwealth of Puerto Rico.
In 2002, and after acquiring Chase Manhattan Bank, FirstBank became the largest
bank in the Virgin Islands (USVI & BVI), serving St. Thomas, St. Croix, St.
John, Tortola and Virgin Gorda, with 14 branches. In the US and British Virgin
Islands, the Corporation operates FirstBank in addition to the subsidiary First
Express, a finance company specializing in the origination of small loans. In
2008, FirstBank acquired the Virgin Island Community Bank in St. Croix, increasing
its customer base and share in this market.
In the United States, FirstBank operates a full-line commercial bank under
the brand name FirstBank Florida. In March 31, 2005, FirstBank acquired Ponce
General Corporation and its subsidiaries FirstBank Florida, a federal savings
and loan association, and Ponce Realty Corporation, a company with real estate
holdings. FirstBank Florida has a network of 10 branch offices in Miami/Dade
and Broward counties in Florida, and regional headquarters in Miami, Florida.
First BanCorp and its subsidiaries are subject to supervision, examination,
and regulation of the Federal Reserve Board, the Federal Deposit Insurance Corporation
(FDIC) and the Office of the Commissioner of Financial Institutions of the Commonwealth
of Puerto Rico. FirstBank Insurance Agency, Inc. is regulated by the Office
of the Insurance Commissioner of the Commonwealth of Puerto Rico. The Virgin
Islands operations are supervised by the Virgin Islands Banking Board (for the
USVI) and by the British Virgin Islands Financial Services Commission (for the