First BanCorp in Puerto Rico Begins $63M Exchange Offer

Cumming, Chris
February 2013
American Banker;2/19/2013, Vol. 178 Issue 26, p4
Trade Publication
The article mentions First BanCorp in San Juan, Puerto Rico is issuing 10 million shares of common stock that will be used in an exchange for outstanding preferred stock, noting the offering will close on March 18, 2013. The $63 million stock conversion is the bank holding company's attempt to improve its capital position. The article also mentions First BanCorp received a bailout from the U.S. Troubled Asset Relief Program.


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