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First BanCorp (FBP) in San Juan, Puerto Rico, has resolved a large outstanding loan to Doral Financial (DRL) by taking on $242 million on mortgages that were used as collateral for the loan.
June 3 -
Whether the startup's pricey valuation makes sense depends on whether you view it primarily as a tech firm or a financial company. And the answer to that question has big implications for the broader financial services world.
December 10 -
Senate lawmakers pressed government officials about whether theyre doing enough to protect the financial system from cyberattacks on Wednesday, warning that more must be done next year to help banks defend themselves.
December 10
The Treasury Department has sold nearly a fifth of its stake in Puerto Rico's First Bancorp in recent months.
The Treasury disclosed in a recent transactions report for the Troubled Asset Relief Program that, as of Dec. 5, it had nearly 4.4 million shares of the $12.5 billion-asset company's stock, representing 22% of the agency's holdings. The Treasury still holds about 15.3 million shares, or roughly a 7% stake in First Bancorp, though more sales are expected.
Brian Klock, an analyst at Keefe, Bruyette & Woods, noted in a Wednesday note to clients that the Treasury lost $31 million on the sales. "We believe there is investor demand and if the [Treasury] opted for a more accelerated sale of the remaining stake it could more efficiently priced for them and help relieve the selling pressure of FBP's shares," Klock added.
First Bancorp accepted $424 million in Tarp capital in early 2009.
