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First BanCorp (FBP) in San Juan, Puerto Rico, is delaying its annual filing because of issues with disclosure requirements.
March 25 -
First BanCorp in San Juan, P.R., is attempting to improve its capital position by converting preferred shares into common stock.
February 15
First BanCorp (FBP) in San Juan, Puerto Rico, has enhanced and extended an offer to convert preferred shares into common stock.
The $13 billion-asset company on Tuesday increased the value of a
The offer is intended to strengthen First BanCorp's capital, according to a prospectus it filed in February with the Securities and Exchange Commission.
Under the terms of the revised offer, holders of each of five classes of the company's preferred stock will receive 3.57 shares of common stock for each preferred share they tender, up from 3.24 shares in the original offer. The offer still requires the approval of two-thirds of each of the five classes of preferred stock.
First BanCorp is under a June 2010 order from the Federal Reserve that requires it to take steps to strengthen its balance sheet, which was burdened by nonperforming loans when the financial crisis hit.
