First BanCorp struck a deal with Oaktree Capital Management L.P. for a roughly $175.5 million investment, marking the completion of the bank's effort to raise more than $500 million in fresh capital.
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The move follows a similar $180 million investment from private-equity firm Thomas H. Lee Partners L.P., disclosed in late May.
The stock sale at $3.50 share comes after the stock tumbled roughly 48% this year. It traded above $165 a share in early 2009.
Oaktree will hold a 24.9% stake in the bank.
