Mergers & Acquisitions

Investor RelationsMergers & Acquisitions
M&A History<< Return to Mergers & Acquisitions
 Deal Overview
Buyer: First BanCorp.
Actual Acquirer: FirstBank of Puerto Rico
Target: Virgin Islands Community Bank
Deal Type: Bank & Thrift Company
Agreement Date1/2/2008
Announcement Date1/3/2008
Announced Deal Value ($M)3.00
Completion Date1/28/2008
Announced Deal Value Per Share ($)NA
Consideration Breakout
Cash ($M)2.5

 Deal Pricing Ratios
Price / Book (%)NM387.5
Price / Tangible Book (%)NM472.8
Price / Earnings (x)NMNM
Price / Deposits (%)4.884.39
Price / Assets (%)4.644.33
Tangible Book Premium/ Deposits (%)5.203.57
 Deal Terms
Description of Consideration
First Bancorp. paid $2.5 million in cash for 10,000 shares, representing more then 99% of the outstanding stock of Virgin Islands Community Bank. Consideration was subject to adjustment based on Virgin Islands Community Bank deposits at closing.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)0
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)NA
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)4,600