First Bancorp’s capital raise to ‘position bank for the future,’ analyst firm says
October 11, 2011
First Bancorp’s recently completed $525 million capital raise will enable it to be “more aggressive” in resolving its problem loans and putting itself back on the path of profitability, research, trading and investment banking analyst firm B. Riley said Monday.
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First Bancorp gets stockholder OK to raise up to $525M in capital
September 9, 2011
First BanCorp, parent company for FirstBank Puerto Rico, announced that it has received approval at the special meeting of stockholders held earlier today to issue 150 million shares of its common stock for $3.50 per share to institutional investors.
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First BanCorp sells 24.9% stake to private equity firm
May 31, 2011
After many months of talk that it would sell its operation off partially or entirely to offset its financial problems, First BanCorp on Tuesday announced it has entered into a definitive investment agreement with private equity firm Thomas H. Lee Partners, L.P. under which THL would purchase about $180 million of the bank’s common stock.
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FirstBank sells off Ft. Lauderdale properties, at 62% discount
May 18, 2011
FirstBank Puerto Rico recently sold a couple of office buildings in Fort Lauderdale for $2.3 million, or 62 percent off their foreclosed mortgage value, according to the South Florida Business Journal.
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First BanCorp reports $28.4M 1Q loss
May 6, 2011
First BanCorp continued its path of negative quarterly growth, reporting a net loss of $28.4 million for the first quarter of 2011. However, the result for the period ended March 31 reflected a marked improvement from the $251.4 million net loss reported for the fourth quarter of 2010 and the $107 million net loss for the first quarter of 2010.
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First BanCorp unable to file timely ’10 annual report with SEC
April 1, 2011
First BanCorp on Friday informed the Securities and Exchange Commission that it will not be able to file its annual report for the year ended Dec. 31, 2010 on time, “without unreasonable effort and expense,” as it has not finished preparing the documents for that filing period.
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