First BanCorp Adds Former Union Bank Executive to Board

First BanCorp (FBP) in San Juan, Puerto Rico, has added a former Union Bank executive to its board of directors.

David Matson will serve on the board's asset and liability committee and on its newly created risk management committee, according to First BanCorp's Tuesday filing with the Securities and Exchange Commission.

Matson has worked in the banking industry for almost 40 years. He began his career as a vice president and area manager at a Wells Fargo (WFC) leasing subsidiary before joining San Francisco-based Union Bank in 1976. Over the course of the next several decades, Matson held a variety of management roles at Union Bank. He retired from his position as vice chairman and chief financial officer of the company's finance group in 2010.

In the years since his retirement, Matson has served as an independent director of SKBHC Holdings and its subsidiary, Starbuck Bancshares, both of which are based in Seattle.

The $12.8 billion-asset First BanCorp has been working to clean up its balance sheet this year after a turbulent period characterized by capital and credit issues. Its board hit a rocky patch of its own in the spring when director José Rodríguez-Perell- resigned because of a personal conflict with another board member.