Aurelio Alemán, President and Chief Executive Officer of FirstBank,
subsidiary of First BanCorp, announced today the bank’s participation in
the acquisition of Doral Bank in alliance with Banco Popular de Puerto
Rico, in which FirstBank acquired 10 branches.
This transaction includes 10 branches, approximately $600 million in
deposits and a mortgage loan portfolio of $300 million, solidifying
FirstBank’s position as the second largest bank in Puerto Rico.
Aurelio Alemán expressed that, “as part of our commitment to Puerto
Rico, we forged an alliance with a local competitor, Banco Popular de
Puerto Rico, to acquire 10 branches of Doral Bank and a portion of
its assets. We are convinced that this investment contributes to further
strengthen the local banking sector, and thus the economic condition of
Puerto Rico.”
This acquisition expands FirstBank’s branch network in Puerto Rico to
54, increasing its presence in geographical areas with growth potential
for deposits and mortgage origination, two of the main business
strategies of the institution. The new branches are located at
Aguadilla, Bayamón Plaza del Parque, Bayamón Santa Rosa, Las Catalinas,
Isla Verde, Humacao, Mayagüez Western Plaza, Los Paseos, Condado, and
Vega Baja. These branches will open for business on the next business
day, Saturday, February 28th.
As part of this transaction, FirstBank adds 100 employees to its more
than 2,400 employee roster and acquires approximately 203,000 accounts
of which the institution estimates that around 140,000 will be new
clients. Currently, FirstBank has more than 600,000 clients. In
addition, FirstBank acquires from Doral Bank more than 3,000 mortgage
clients.
“We welcome Doral clients and would like to reassure them that they will
be receiving our superior personalized service, which sets us apart in
the industry,” said Alemán.
Former Doral Bank clients will continue to conduct business normally
through the new FirstBank branches, online banking, phone banking and
ATM network. They will also have access to the FirstBank’s ATM network
with no service fees.
About First BanCorp
First BanCorp. is the parent corporation of FirstBank Puerto Rico, a
state-chartered commercial bank with operations in Puerto Rico, the
Virgin Islands and Florida, and of FirstBank Insurance Agency. First
BanCorp. and FirstBank Puerto Rico operate within U.S. banking laws and
regulations. The Corporation operates a total of 143 branches,
stand-alone offices, and in-branch service centers throughout Puerto
Rico, the U.S. and British Virgin Islands, and Florida. Among the
subsidiaries of FirstBank Puerto Rico are First Federal Finance Corp., a
small loan company; FirstBank Puerto Rico Securities, a broker-dealer
subsidiary; First Management of Puerto Rico, a domestic corporation that
holds tax-exempt assets; and SM Galeria Paseos SPV, LLC and FB Las
Iguanas Holding Corporation, both real estate property management
companies. In the U.S. Virgin Islands, FirstBank operates First Express,
a small loan company. First BanCorp’s shares of common stock trade on
the New York Stock Exchange under the symbol FBP. Additional information
about First BanCorp. may be found at www.firstbankpr.com.
Copyright Business Wire 2015