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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): September 11, 1996
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First Financial Caribbean Corporation
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(Exact name of registrant as specified in this charter)
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Puerto Rico 0-17224 66-0312162
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(State or other jurisdiction (Commission File No.) (IRS Employer Identification No.)
of incorporation)
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1159 Franklin D. Roosevelt Avenue, San Juan, Puerto Rico 00920
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (787) 749-7100
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ITEM 5. OTHER EVENTS
On September 11, 1996, First Financial Caribbean Corporation (the "Company")
issued a press release regarding the effects of the passage of Hurricane
Hortense on the operations of the Company. A copy of the press release is
attached as Exhibit 99(a) to this Current Report on Form 8-K.
On September 12, 1996, the Company issued a press release announcing that its
newly-established broker-dealer subsidiary, AAA Financial Services Corporation,
had received all required regulatory approvals to commence operations. A copy
of the press release is attached as Exhibit 99(b) to this Current Report on
Form 8-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA, FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99(a) Press Release dated September 11, 1996
99(b) Press Release dated September 12, 1996
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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 thereunto duly authorized.
FIRST FINANCIAL CARIBBEAN CORPORATION
By: /s/ Richard F. Bonini
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Richard F. Bonini
Senior Executive Vice President and
Chief Financial Officer
Date: September 13, 1996
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EXHIBIT INDEX
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EXHIBIT NUMBER DESCRIPTION PAGE
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99(a) Press Release dated September 11, 1996
99(b) Press Release dated September 12, 1996
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EXHIBIT 99(a)
LOGO FIRST FINANCIAL CARIBBEAN CORPORATION
Date: September 11, 1996
Contact: Richard F. Bonini
Senior Executive Vice President
and Chief Financial Officer
Telephone: (212) 759-7127
FOR IMMEDIATE RELEASE
FIRST FINANCIAL CARIBBEAN CORPORATION DOES NOT
ANTICIPATE ANY MATERIAL ADVERSE EFFECT ON OPERATIONS
FROM HURRICANE HORTENSE
San Juan, Puerto Rico (September 11, 1996) - First Financial Caribbean
Corporation (NASDAQ: FRCC) announced today that following the passage of
Hurricane Hortense the Company's servicing facilities was operating normally.
Mr. Salomon Levis, Chairman of the Board and Chief Executive Officer of the
Company, stated that electrical power had been restored to many of the
Company's branch offices and that the Company's origination facilities were
expected to be fully operational by Monday, September 16.
Mr. Levis underscored the fact that all residences securing mortgage
loans originated or serviced by the Company are fully insured against property
damage. Mr. Levis stated that this event would not have a material adverse
effect on the Company's operations for the rest of 1996.
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EXHIBIT 99(b)
Date: September 12, 1996
Contact: Richard F. Bonini
Senior Executive Vice President
and Chief Financial Officer
Tel. (212) 759-7127
Mario S. Levis
Executive Vice President
and Treasurer
Tel. (787) 749-7108
FOR IMMEDIATE RELEASE
FIRST FINANCIAL CARIBBEAN CORPORATION
ANNOUNCES RECEIPT OF ALL REQUIRED REGULATORY
APPROVAL BY NEW BROKER-DEALER SUBSIDIARY
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San Juan, Puerto Rico (September 12, 1996) - First Financial Caribbean
Corporation (NASDAQ:FRCC) announced today that its newly established
broker-dealer subsidiary, AAA Financial Services Corporation, had received all
necessary regulatory approvals to commence operations, including admission as a
member into the National Association of Securities Dealers.
Salomon Levis, Chariman of the Board and Chief Executive Officer of
FFCC, reported that AAA commenced operations immediately and should be fully
operational by the end of the month. Mr. Levis explained that while AAA would
be involved in a general securities business, it would pay special attention
to the sale of Puerto Rico tax exempt GNMA mortgage-backed securities and other
Puerto Rico securities. Mr. Levis also stated that AAA will operate out of
facilities located in the Hato Rey business district of San Juan and that it
commenced operations with 12 employees and will continue to recruit and hire
additional personnel in the near future. He reported that AAA expects
to have approximately 20 employees by the end of the year.
