First BanCorp adds regulatory experience with director appointment

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First BanCorp in San Juan, Puerto Rico, has added a former regulator to its board.

Daniel Frye, who has more than 40 years of banking experience, is a former special adviser for the Federal Deposit Insurance Corp., the $12.4 billion-asset First BanCorp noted in a Friday regulatory filing. The appointment was made on Wednesday.

First BanCorp continues to face challenges. Earlier this year it disclosed an issue with the way it calculates its loan-loss provision. The company, like the rest of Puerto Rico, is still struggling with the aftermath of Hurricane Maria, which devastated the island last year.

Frye held various posts at the FDIC before retiring in December 2016. Besides serving as special adviser, he was area director of the agency’s Boston-area office, where he led the risk management supervisory activities for six states from 2002 to 2014. He was acting regional director for the FDIC’s New York region for roughly two years.

Frye has been an independent director for the privately held Shinhan Bank America since April 2017.

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Community banking Financial regulations Accounting regulations Corporate governance Puerto Rico