First BanCorp announces voluntary delisting of preferred stock from NYSE
First Bank's parent seems to have secured the tools toward achieving financial solvency, analyst firm says.
First BanCorp, the bank holding company for FirstBank Puerto Rico, announced late Wednesday that it will delist its preferred stock from the New York Stock Exchange, effective before the market opens Jan. 17.
The financial company notified NYSE of its decision Wednesday, according to a statement. The future delisting will involve the bank’s 7.125 percent Noncumulative Perpetual Monthly Income Preferred Stock, Series A, 8.35 percent Noncumulative Perpetual Monthly Income Preferred Stock, Series B, 7.40 percent Noncumulative Perpetual Monthly Income Preferred Stock, Series C, 7.25 percent Noncumulative Perpetual Monthly Income Preferred Stock, Series D, and 7.00 percent Noncumulative Perpetual Monthly Income Preferred Stock, Series E.
“The corporation has not arranged for listing and/or registration on another national securities exchange or for quotation of the preferred stock in a quotation medium. The corporation initially announced its intention to delist the preferred stock at the time it made an offer to issue shares of its common stock in exchange for any and all outstanding shares of the preferred stock,” the bank said.
The exchange offer, which was conducted pursuant to a prospectus dated August 25, 2010, expired on August 25, 2010, and approximately 89 percent of the outstanding preferred stock was exchanged for the corporation’s common stock.
