First BanCorp in San Juan, Puerto Rico, has reduced its shares outstanding to 21 million after a 1-for-15 reverse stock split.

The $16.7 billion-asset company paid cash for fractional shares that resulted from the split, which took place Thursday night. Shareholders approved a reverse stock split during a special meeting in August.

Aurelio Aleman, the company's president and chief executive, said in a press release that the split "better positions the corporation to accomplish its capital strategies and regain compliance with the NYSE listing rules."

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