FirstBank closes in on capital goal
(NYSE: FBP), lost $16.2 million in the second quarter, according to regulatory filings. That’s improved from its $27.3 million loss in the first quarter. First BanCorp has yet to announced its consolidated earnings.The bank also received $22 million in capital through its parent company in the second quarter, which caused its capital ratios to improve.
FirstBank finished the second quarter with a Tier 1 leverage capital ratio of 7.85 percent and a total risk-based capital ratio of 12.14 percent, up from 7.6 percent and 11.71 percent, respectively, on March 31.
A May 2010 enforcement action from federal regulators required FirstBank to keep those ratios above 8 percent and 12 percent, respectively, so the bank has little work to do on its Tier 1 capital ratio.
In July, First BanCorp said it had signed deals with Thomas H. Lee Partners LP , among other investors, to raise $562.3 million in capital. Those deals are contingent on the company selling $37.3 million shares on the open market at $3.50 each.
FirstBank reported $1.4 billion in noncurrent loans, or 13.04 percent of total loans, on June 30. That’s up from $1.37 billion in noncurrent loans, or 12.04 percent, on March 31. It also had $96.6 million in repossessed properties on June 30, up from $91.9 million.
First Bank Of Puerto Rico - News
FirstBank Puerto Rico , which also operates as FirstBank Florida, drew closer to its goal of regaining “well capitalized” status as it attempts to completed several major deals with investors. The bank, a subsidiary of San Juan, Puerto Rico-based First
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. First BanCorp and FirstBank Puerto Rico all operate
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. First BanCorp and FirstBank Puerto Rico all operate
First BanCorp is a bank holding company for FirstBank Puerto Rico, which provides a range of financial services for retail, commercial, and institutional clients. Buy, sell, or hold?: Analysts like First BanCorp better than competitor Republic Bancorp
Trinidad and Tobago's female trio had a good day yesterday in the RBC Royal Bank-sponsored 55th annual Caribbean Amateur Golf Championships (CAGC), but Puerto Rico took the overall lead from the hosts on Day Three.
First BanCorp amends agreement with investors, could raise up to ...
FirstBank Puerto Rico’s parent company, First BanCorp, announced Monday it has amended the agreements struck with private equity firms Thomas H. Lee Partners, L.P., Oaktree Capital Management, L.P., and other investors to increase the amount of the proposed capital raise from $515 million to $525 million.
The higher capital raise, together with a planned common stock offering, will provide First BanCorp up to $562.3 million in new common capital.
The transactions are part of First BanCorp’s strategy to raise capital to improve the delicate financial situation it has been navigating for the better part of the last two years. In May, it agreed to selling off about 24.9 percent of its common stock to Thomas H. Lee and the same proportion of its shares to Oaktree Capital Management.
Both transactions require First Bancorp to convert into common stock its Series G preferred stock currently owned by the U.S. Department of Treasury and raising a total of at least $500 million but no more than $550 million of new capital.
The amended agreements announced Monday also will enable First BanCorp to increase the size of the proposed rights offering from $35 million to $37.3 million, which will allow each stockholder of record on the record date — which has not yet been established — to purchase one share of common stock for every two shares of the common stock held on the record date at $3.50 per share.
The proposed rights offering will allow the financial institution’s stockholders to purchase up to an aggregate of 10,657,142 shares of common stock.
First Bank Of Puerto Rico - Bookshelf
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FirstBank Puerto Rico
Offers full-service banking, including loan and brokerage services.
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First Bank ... unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit ...
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First Bank ... Unclaimed Funds. Repossessed Boats. Foreclosed Properties. New projects. Copyright © 2005-2011 First BanCorp. All rights reserved. Only for Puerto Rico residents. ...
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First Bank of Puerto Rico - Miami, FL - Bank in Miami, Florida
First Bank of Puerto Rico company profile in Miami, FL. Our free company profile report for First Bank of Puerto Rico includes business information ...