Mergers & Acquisitions

Investor RelationsMergers & Acquisitions
FIRST BANCORP. (NYSE - FBP)  
M&A History<< Return to Mergers & Acquisitions
 Deal Overview
Buyer: First BanCorp
Actual Acquirer: First BanCorp
Target: Ponce General Corporation
Deal Type: Bank & Thrift Company
Agreement Date11/22/2004
Announcement Date11/22/2004
Announced Deal Value ($M)83.06
StatusCompleted
Completion Date3/31/2005
Announced Deal Value Per Share ($)NA
Consideration Breakout
Cash ($M)84.8

 Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)191.1187.6
Price / Tangible Book (%)191.1187.6
Price / Earnings (x)12.112.4
Price / Deposits (%)19.5120.16
Price / Assets (%)17.6217.24
Tangible Book Premium/ Deposits (%)13.1313.62
 Deal Terms
Description of Consideration
First BanCorp paid $79.63 in cash for each share of Unibank plus $5,965,000 in cash to acquire Ponce Realty plus (minus) the amount by which Unibank's equity exceeded (is less than) $43,471,182 on the closing date.
Accounting MethodPurchase
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)19,000
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)NA
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNA
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)17,000
 Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1AccretiveNANANANA
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesSandler O'Neill & Partners LP
SellerYesMilestone Advisors LLC

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesFiddler Gonzalez & Rodriguez
SellerYesAkin Gump Strauss Hauer & Feld