First BanCorp, parent company of First Bank, announced Wednesday that, effective Jan. 7, it will implement a 1-for-15 reverse stock split of all outstanding shares of its common stock as it pulls at its options to remain listed on the New York Stock Exchange.

First BanCorp, parent company of First Bank, is getting ready to to price a $500 million secondary common stock offering next week, as an effort to shore up its finances.