Puerto Rico

First BanCorp's bid to raise more than $560 million of fresh capital hit a snag this week after the San Juan, P.R., company failed to obtain enough shareholder votes to proceed with its plan to issue 150 million of new shares.

First BanCorp of Puerto Rico reported a smaller second-quarter loss than it did a year earlier, due in part to a smaller loan-loss provision and a pair of special gains.

First BanCorp in San Juan, P.R., has increased the maximum amount of its planned capital raise from $550 million to more than $562 million.

Private-equity groups and other have investors have committed roughly $515 million to recapitalize the ailing First BanCorp in San Juan, P.R., setting the stage for the $15 billion-asset company to convert its preferred stock owned by the Treasury Department into common stock.

Now that its private-equity injection is almost a done deal, First BanCorp's natural next move would be to consolidate power in Puerto Rico. Unless it sells itself instead.

First BanCorp in San Juan, Puerto Rico, said Tuesday that it struck an agreement under which the private-equity firm Thomas H. Lee Partners LP may buy $180 million of the company's common stock.

First BanCorp in San Juan, Puerto Rico, on Tuesday said it struck an agreement under which the private equity firm Thomas H. Lee Partners LP may buy $180 million of its common stock as part of a capital improvement plan.

First BanCorp in San Juan, Puerto Rico, increased capital ratios slightly in the first quarter, though they remain below the levels mandated by regulators.

First BanCorp in San Juan, Puerto Rico, said late Thursday that the Treasury Department has given it more time to raise capital.

First BanCorp in San Juan, Puerto Rico, has reduced its shares outstanding to 21 million after a 1-for-15 reverse stock split.

First BanCorp said Wednesday that it plans to sell nearly $702 million in loans to a new joint venture in order to reduce its high-risk exposure to Puerto Rico's crippled economy.

An M&A situation playing out in Puerto Rico is shining a light not only on the banks involved, but also on the U.S. government's strategy for salvaging its endangered Tarp investments.

First BanCorp on Monday said it rejected a takeover offer from Doral Financial Corp. last week in favor of a deal with the Treasury Department to bolster its balance sheet by raising capital.

First BanCorp in San Juan, Puerto Rico, had cut the size of a planned common stock offering after securing a concession from the Treasury Department.

Oriental Financial Group Inc. in San Juan, Puerto Rico, has joined a handful of banking companies by raising its quarterly dividend.

The collapse last week of three of Puerto Rico's 10 banks significantly consolidated the commonwealth's banking system and marked one of the most complicated days in the history of the Federal Deposit Insurance Corp.

The collapse on Friday of three of Puerto Rico's 10 banks significantly consolidated the commonwealth's banking system and marked one of the most complicated days in the history of the Federal Deposit Insurance Corp.