First BanCorp in Puerto Rico Completes Stock Offering

Community banking

First BanCorp in Puerto Rico Closes in on Recapitalization

First BanCorp in Puerto Rico finally received the shareholder votes it needed to close in on a $525 million recapitalization.

By Rachel Witkowski

September 9

First BanCorp in Puerto Rico said Wednesday that it had raised about $3.3 million from a rights offering.

The $13.5 billion-asset company said that it will issue more than 950,000 shares of common stock from the offering that ended on Tuesday.

The parent of FirstBank Puerto Rico is working to raise $525 million in new capital. In September, the company's shareholders approved issuing 150 million shares.

Jackie Stewart

Executive Editor, American Banker Magazine

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