First BanCorp. Receives Regulatory Approval for Acquisition of Banco Santander Puerto Rico
Retrieved on:
Tuesday, July 28, 2020
(the Corporation) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico (FirstBank), announced today that it has received the requisite regulatory approvals from the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and the Office of the Commissioner of Financial Institutions of Puerto Rico for FirstBank to consummate the previously announced acquisition of the Puerto Rico operations of Banco Santander Puerto Rico (Santander).
Key Points:
- (the Corporation) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico (FirstBank), announced today that it has received the requisite regulatory approvals from the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and the Office of the Commissioner of Financial Institutions of Puerto Rico for FirstBank to consummate the previously announced acquisition of the Puerto Rico operations of Banco Santander Puerto Rico (Santander).
- We expect that this acquisition will significantly improve our scale and competitiveness in Puerto Rico and will be financially compelling to optimize the use of our excess capital.
- is the parent corporation of FirstBank Puerto Rico, a Puerto Rico-chartered commercial bank with operations in Puerto Rico, the U.S. and British Virgin Islands and Florida, and of FirstBank Insurance Agency, LLC.
- Among the subsidiaries of FirstBank Puerto Rico are First Federal Finance Limited Liability Company and First Express, Inc., both small loan companies.