SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13
or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): April 26, 1999
First BanCorp.
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(Exact name of registrant as specified in this charter)
Puerto Rico 001-14793 66-0561882
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(State or other jurisdiction of (Commission File No.) (IRS Employer
Identification No.)
incorporation)
1519 Ponce De Leon Avenue, San Juan, Puerto Rico 00908-0146
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (787) 729-8200
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ITEM 5. OTHER EVENTS
On April 26, 1999, First BanCorp. (the "Company") and the Royal Bank of
Canada announced that FirstBank Puerto Rico, a wholly-owned subsidiary of the
Company, signed a Definitive Agreement to acquire Royal Bank's business unit in
Puerto Rico. A copy of the press release disclosing said event is attached as an
exhibit to this Current Report on Form 8-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA, FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99.1 Press Release dated April 26, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant had duly caused this report to be signed on its behalf of the
undersigned hereunto duly authorized.
FIRST BANCORP.
By: /s/ Annie Astor de Carbonell
Annie Astor de Carbonell
Senior Executive Vice President
and Chief Financial Officer
Date: April 27, 1999
EXHIBIT 99.1
FIRST BANK PUERTO RICO TO ACQUIRE
ROYAL BANK OF CANADA OPERATIONS
IN PUERTO RICO
San Juan, Puerto Rico, April 26, 1999-First BanCorp (NYSE:FBP) and the
Royal Bank of Canada announced today that FirstBank Puerto Rico, a wholly-owned
subsidiary of First BanCorp, signed a Definitive Agreement to acquire Royal
Bank's business unit in Puerto Rico. Royal Bank Puerto Rico reported assets of
$181 million as of December 31, 1998. The acquisition is subject to regulatory
approval.
Angel Alvarez-Perez, Chairman and CEO of First BanCorp informed, the Royal
Bank acquisition is another step in First BanCorp's strategy to grow and
strengthen its corporate lending business. This acquisition is part of an
aggressive expansion plan by First BanCorp. The Puerto Rico Banking Industry is
in constant evolution towards a full financial services industry. The
consolidation process and its resulting diversification benefits the customers,
by offering them stronger institutions which are better prepared to meet the
challenges of the new millennium. We look forward to greeting Royal Bank clients
and want to assure them they will receive our undivided attention and service,
concluded Mr. Alvarez-Perez. FirstBank will now have a presence in the Hato Rey
Golden Mile to serve its commercial and individual customers.
First BanCorp has total assets of over $4.0 billion and is the holding
company of FirstBank Puerto Rico, the second largest independently owned
commercial bank in Puerto Rico. the Bank, which is a well-capitalized
institution, operates a total of 55 financial service facilities throughout
Puerto Rico and the US Virgin Islands, FirstBank also operates Money Express, a
finance company, with 26 offices throughout the Island and First Leasing and Car
Rental, a car and truck rental leasing company, with offices in Bayamon, Rio
Piedras, Guaynabo, Isabela and Caguas.
FirstBank Puerto Rico reorganized into a Bank Holding Company effective
October 1, 1998.
