First Bancorp New (FBP) Options

JUST IN: $FBP First BanCorp to Announce 3Q 2020 Results on October 30, 2020

First BanCorp (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, announced today that it expects to report its financial results for the third quarter ended September 30, 2020, before the market opens on Friday, October 30, 2020. First...

In case you are interested FBP - First BanCorp to Announce 3Q 2020 Results on October 30, 2020

FBP buy 7.33

long term inverted head and shoulders pattern



https://www.1firstbank.com/fl/en


First BanCorp.

First Federal Building
1519 Ponce de León Avenue Stop 23
Santurce, PR 00908

787-729-8200

First chartered in 1948, FirstBank was the first Savings & Loan institution established in Puerto Rico with a capital of $200,000.

Since its inception the bank played a fundamental role in improving the quality of life in Puerto Rico, by helping thousands of citizens to acquire their first home, thus enhancing their social and economic status.

It converted to a commercial bank charter and changed its name to First Federal Savings Bank in 1983. In 1987, First Federal became a stockholder-owned savings bank and went public, trading on Nasdaq. A few years later, in 1993, it was listed on the New York Stock Exchange under the symbol FBP and, in 1994, the name changes to FirstBank Puerto Rico. In 1998, the Bank reorganized into a holding company under the name of First BanCorp.

http://www.snl.com/irweblinkx/corporateprofile.aspx?iid=4041406&Itemid=1117
























normal chart




log chart

FBP is another one that got away.

I never invested in it.

We discussed it and DRL. He had some reservations about investing in Puerto Rico and the Virgin Islands, and I listened. Most importantly, I steered clear of DRL.

There is just not enough money to go around when it comes to bank investing.

LM!!!.....where in the world have you been! Long time no see my friend. This is a great surprise... glad to hear from you!

Banks banks banks...believe it or not, besides the big 5, there are approx 7,000 other ones that are publically traded to plow through as well. There's no shortage of banks to examine that's for sure and that's down from a list of 10,000 we had just a few years ago ":-0

Hundreds of banks have either failed or merged just since the banking crisis of 2008/09. EI has been a terrific coach/mentor in laying out the key points to look for in this post crisis environment when digging for value.

We were hoping the fed would raise interest rates long before now which would turbo charge earnings for all banks. It appears that may not happen until late 2015 or early 2016. In this low interest rate environment it really underscores the need to find banks selling at a discount.

Banks are money machines and the time to seriously put together a short list to invest in is now. There will come a day when these fairly unknown bank stock prices will jump up like scalded dogs. :)

How do you guys find all the deal banks before anyone else? FBP has looked real good since your post. It was just trading at $6.75 a couple of days ago.

FirstBank Puerto Rico Announces Acquisition of 10 Doral Bank Branches in the Island (2/27/15)

The transaction includes approximately $600 million in deposits and $300 million in mortgage loans

SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Aurelio Alemán, President and Chief Executive Officer of FirstBank, subsidiary of First BanCorp, announced today the bank’s participation in the acquisition of Doral Bank in alliance with Banco Popular de Puerto Rico, in which FirstBank acquired 10 branches.

This transaction includes 10 branches, approximately $600 million in deposits and a mortgage loan portfolio of $300 million, solidifying FirstBank’s position as the second largest bank in Puerto Rico.

Aurelio Alemán expressed that, “as part of our commitment to Puerto Rico, we forged an alliance with a local competitor, Banco Popular de Puerto Rico, to acquire 10 branches of Doral Bank and a portion of its assets. We are convinced that this investment contributes to further strengthen the local banking sector, and thus the economic condition of Puerto Rico.”

This acquisition expands FirstBank’s branch network in Puerto Rico to 54, increasing its presence in geographical areas with growth potential for deposits and mortgage origination, two of the main business strategies of the institution. The new branches are located at Aguadilla, Bayamón Plaza del Parque, Bayamón Santa Rosa, Las Catalinas, Isla Verde, Humacao, Mayagüez Western Plaza, Los Paseos, Condado, and Vega Baja. These branches will open for business on the next business day, Saturday, February 28th.

As part of this transaction, FirstBank adds 100 employees to its more than 2,400 employee roster and acquires approximately 203,000 accounts of which the institution estimates that around 140,000 will be new clients. Currently, FirstBank has more than 600,000 clients. In addition, FirstBank acquires from Doral Bank more than 3,000 mortgage clients.

“We welcome Doral clients and would like to reassure them that they will be receiving our superior personalized service, which sets us apart in the industry,” said Alemán.

Former Doral Bank clients will continue to conduct business normally through the new FirstBank branches, online banking, phone banking and ATM network. They will also have access to the FirstBank’s ATM network with no service fees.

About First BanCorp

First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the Virgin Islands and Florida, and of FirstBank Insurance Agency. First BanCorp. and FirstBank Puerto Rico operate within U.S. banking laws and regulations. The Corporation operates a total of 143 branches, stand-alone offices, and in-branch service centers throughout Puerto Rico, the U.S. and British Virgin Islands, and Florida. Among the subsidiaries of FirstBank Puerto Rico are First Federal Finance Corp., a small loan company; FirstBank Puerto Rico Securities, a broker-dealer subsidiary; First Management of Puerto Rico, a domestic corporation that holds tax-exempt assets; and SM Galeria Paseos SPV, LLC and FB Las Iguanas Holding Corporation, both real estate property management companies. In the U.S. Virgin Islands, FirstBank operates First Express, a small loan company. First BanCorp’s shares of common stock trade on the New York Stock Exchange under the symbol FBP. Additional information about First BanCorp. may be found at www.firstbankpr.com.

http://www.businesswire.com/news/home/20150227006107/en/FirstBank-Puerto-Rico-Announces-Acquisition-10-Doral#.VPKJZ4ktGUk

Marker:
First Bancorp (FBP)
$ 5.47 up 0.22 (4.19%)
Volume: 1,711,174

BV: $6.05
TBV: $5.81

Island’s Distressed Sale (11/25/14)

In the latest move by a Puerto Rican bank to unload distressed assets, FirstBank has put a mostly real-estate portfolio with a face value of $443 million on the block, according to people familiar with the matter.

The San Juan-based bank has hired Mission Capital Advisors to market the portfolio, which consists of about 531 loans to 289 different borrowers. Secured real-estate loans make up about 65% of the portfolio. About 11% of the portfolio is business loans and the rest a combination of land, property and unsecured credits, according to Stephen Emery, managing director of New York-based Mission.

Puerto Rico has been suffering from high unemployment, a shrinking population and credit woes. Financial institutions have been selling portfolios of distressed assets at prices ranging from about 30 cents to 50 cents on the dollar, Mr. Emery said.

Mr. Emery declined to confirm that the seller was FirstBank.

But he said there has been a lot of interest in the portfolio, which hit the market about two weeks ago.“As far as distressed sales go, there are a lot of high-quality assets in our pool,” he said.

—Peter Grant

http://online.wsj.com/articles/mortgage-lending-falls-plots-ploys-1416958784?KEYWORDS=island%27s+distressed+sale

BV: $6.05
TBV: $5.81

MV today: $5.13

http://ih.advfn.com/p.php?pid=nmona&article=64187098

First Bancorp (FBP)
$5.13 up 0.04 (0.79%)
Volume: 418,702

*Value found

http://www.hjsims.com/news-views/hj-sims-special-report-on-puerto-rico-bonds-by-dick-larkin/#.U8PVA41dVEh

HJ Sims Special Report on Puerto Rico Bonds by Dick Larkin
by Richard Larkin
Published June 26, 2014
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Governor’s Support for Debt Restructuring Law is a Game Changer

June 25, 2014: The Puerto Rico Public Company Debt Enforcement and Recovery Act
In the last 2 days, Governor Padilla introduced this law, which was passed by the Legislature and signed by the Governor. As stated in public documents from the Governor’s office and the Commonwealth’s Government Development Bank (GDB), the Act ensures “that vital public services such as the delivery of electricity, gas and clean water are not interrupted…(and) the jobs of the thousands of hard-working employees… are sustained in the long-term.” If there’s not enough money, essential services and employees will be paid before bondholders.

The public documents also state that that the act will give “public corporations a controlled, orderly way to negotiate with creditors to lower debt”. In simple layman’s terms, this means the Act will legally permit and allow bond defaults as one of its major goals. This is a major departure from past government statements supporting the full and complete payment on Puerto Rico debt.

Governor Padilla closed his public statement with the comment that “…..The Recovery Act is not related to the Commonwealth’s general obligations to creditors. We will continue to honor our obligations to the Commonwealth’s creditors.” In my opinion, this is a superficial statement of fiscal responsibility. Puerto Rico’s electric, water/sewer and highway utilities have long been supported by the Commonwealth during tough fiscal periods. While it is abundantly clear that bond documents for those utilities contain no financial guarantees by the general government of Puerto Rico, they are still organizations whose management is appointed by the Commonwealth, and whose financial operations have long been supported by the general government as well as the GDB.

The GDB not only serves as Puerto Rico’s financial advisor, but is also charged with providing financial support to Puerto Rico and its operating organizations. The GDB’s own mission statement says that it exists to “…..safeguard the fiscal stability of Puerto Rico and ….serve as a bank, fiscal agent and financial advisor for the Commonwealth of Puerto Rico, and its instrumentalities.” The GDB has been a key entity that has provided needed liquidity to the Commonwealth and its utilities for decades. That support now appears to have disappeared, which raises the question as to whether there continues to be a need for the GDB. With the GDB’s support of the Act, which will legalize defaults on Puerto Rico debt, it appears to me that it is failing in its mission to “safeguard the fiscal stability of Puerto Rico”.

There is an old saying by municipal bond professionals that full debt payment by a government depends on the “ability & willingness” of the government to honor its debts. It is clear that Puerto Rico’s economic and financial ability to repay bonds has been severely challenged, but until now, its “willingness” has been extraordinary: documented by the tough tax and spending decisions that needed to be made over the last several years. With the Governor’s proposal of this Act to allow defaults, Puerto Rico’s “willingness to pay” has been compromised. And its effect on the municipal market’s acceptance of Puerto Rico debt will be felt for years, if not decades.

Is This Law Beneficial To Bond Investors, As The GDB Has Stated?

This law is today the law of the land in Puerto Rico. The possibility of the law being rejected by the legislature is now in the past, and the damage to Puerto Rico’s name in the municipal debt market is real.

David Chafey, the President of the GDB’s Board of Directors, has been quoted as saying that “…many investors will see this (restructuring bill) positively because it creates a judicial framework…”. This will not comfort individual retail investors who bought Puerto Rico debt with the belief that the Government would support full debt repayment, even from subsidiary authorities whose management was appointed by elected government officials. I can see, however, how large institutional investors that have been buying large lots of bonds on speculation would see a debt restructuring law as positive, especially if the bonds were purchased at depressed prices driven by speculation in the last year. While those wealthy institutions may own a majority of Puerto Rico debt, their number is probably quite small compared to the many thousands of individual and family retail bond investors. Retail investors have little or no access to officials making decisions which will hurt their investments in Puerto Rico debt. The future market for Puerto Rico debt may well be dominated by aggressive investors and speculators as opposed to the steady retail buyers. Remember, right now aggressive investors are looking for easy prey because of headline fear.

There is still fundamental value for Puerto Rico bonds because of the government’s ability to tax and its authorities’ legal monopoly over its service areas for water, sewer and electric facilities. In my opinion, the need for this equivalent of bankruptcy law could have been averted by better management and control over the operating authorities. It is foolish and naïve for someone to think that Puerto Rico bonds will lose all their value. Even if this law reduces bond payment obligations through negotiation or legal mandate, it is very possible that a bondholder would do better under a “bankruptcy” type settlement than to sell bonds at today’s fire-sale prices. I would encourage investors to contact their HJ Sims financial advisor if they have any questions on these recent events or their Puerto Rico debt investments.

The material presented here is for information purposes only and is not to be considered an offer to buy or sell any security. This report was prepared from sources believed to be reliable but it is not guaranteed as to accuracy and it is not a complete summary of statement of all available data. Information and opinions are current up to the date of publication and are subject to change without notice. The purchase and sale of securities should be conducted on an individual basis considering the risk tolerance and investment objective of each investor and with the advice and counsel of a professional advisor.
The opinions expressed by Mr. Larkin are strictly his own and do not necessarily reflect those of Herbert J. Sims & Co., Inc. or their affiliates. This is not a solicitation to buy or an offer to sell any particular investment. All investment involves risk and may result in a loss of principal. Investors should carefully consider their own circumstances before making any investment decision.

http://www.hjsims.com/news-views/weekly-market-commentary-2014-07-08/#.U8PVBY1dVEh

Weekly Market Commentary
Published July 8, 2014
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Historically, the days leading up to the July 4th holiday are slow and uneventful as trading desks are lightly staffed and attentions drift toward barbecue and beach plans. Not so last week. In response to Puerto Rico’s new debt restructuring law, large mutual and hedge funds began a sell-off which caused the prices of Commonwealth and public corporation bonds to plummet. Major rating agencies have recently announced fierce downgrades, reflecting the market’s skepticism over the territory’s willingness to repay its lenders as it begins its eighth fiscal year in recession carrying more than $70 billion of debt. In dramatic fashion, Governor Padilla said he would sue Moody’s for acting irrationally in slashing its general obligation and sales tax-backed bonds and challenged analysts to run for office if they want to run Puerto Rico. Meanwhile, on the mainland, the employment numbers for June came out like sparklers on Independence Day. Nonfarm payrolls were up 36% above modest forecasts, and the unemployment rate fell to 6.1%.The Dow Jones Industrial Average rallied above 17,000 for the first time.

Only $2.5 billion of new and refunding issues came to market last week, and municipal bond mutual funds took in just $96 million. Municipals outperformed the Treasury market, although both weakened so far in July on improving economic news and developments in Puerto Rico and Illinois, where the state supreme court ruled that health care premium subsidies for retirees are protected by the state’s constitution. Puerto Rico Electric Power Authority (PREPA) investors held their collective breaths waiting for $417 million of interest payments due on July 1 until they were paid by the trustee. Over the course of the trading week, which ended early on Thursday, the 10-year Treasury yield rose 10 basis points, closing out Thursday at 2.63% while the 10-year AAA municipal benchmark was up 9 basis points to close at 2.35%. 30-year Treasury yields rose from 3.35% to 3.46% while the tax-exempt counterpart was up 9 basis points to close at 3.37%.

In the high yield muni sector, HJ Sims underwrote $48.9 million of non-rated project and refunding revenue bonds for Carroll Lutheran Village. Bonds maturing in 2044, issued through the Mayor and Common Council of Westminster, Maryland, were priced at 5.50% to yield 5.125%. North Dakota’s Cass County Health Facilities Authority privately placed $45 million of non-rated adjustable rate revenue bonds for Essentia Health; the 2033 maturity with a mandatory tender in 2019 was priced to yield 4.79%. The Florida Development Finance Corporation sold $13.4 million of non-rated revenue bonds for Henderson Hammock Charter School; 2044 term bonds were priced at 7.20%. The Colorado Educational and Cultural Facilities Authority sold $3.6 million of non-rated revenue bonds for Swallows Charter Academy; bonds maturing in 2019 had a coupon of 5.70%. And the Massachusetts Development Finance Agency issued $21 million of revenue bonds for BBB-minus rated Merrimack College, pricing the 2044 term bonds at 5.125% to yield 5.15%.
This week has started off quietly, but investors are starting to look for places to put their sizeable July 1 coupon payments and redemptions to work. The municipal bond calendar totals approximately $3.5 billion, led by $251 million of Massachusetts Port Authority revenue and refunding bonds. We expect to see the Colorado Educational and Cultural Facilities Authority in the market again with $29 million of BB-plus rated revenue refunding bonds for Skyview Academy and $18.4 million of non-rated refunding revenue bonds for Peak to Peak Charter School. The 30-day visible supply totals $5.58 billion, and the focus is on Treasury auctions, consumer credit data, PREPA’s negotiations with its bank lenders, the
minutes of last month’s Federal Open Market Committee, and the latest forecast from Goldman Sachs which moved up the projected date of the first rate hike by six months to the third quarter of 2015.

As part of our continuing series on members of the FOMC who will vote on future rate hikes, this week we take a look at Jerome H. Powell, 61, who has been a member of the Board of Governors of the Federal Reserve System for two years. A Republican, he was nominated by President Obama as part of a compromise that allowed Jeremy Stein, a Democrat, to be confirmed by the Senate as well. Mr. Powell, who is viewed as a centrist, was reappointed last month for a term ending in 2028; his board position pays $181,500. Jay Powell was one of six children raised in Chevy Chase, Maryland. His father was a lawyer and his mother was the daughter of a law school dean who earned her master’s degree and worked part-time for the national Republican party. Mr. Powell studied politics at Princeton University and received a J.D. from Georgetown University where he was editor-in-chief of the Law Journal. After several years in investment banking at Dillon Read, Mr. Powell served as an Assistant Secretary and later as Undersecretary of the Treasury for finance with responsibility for the Treasury debt market, where he helped to revise the procedures for government bond auctions after the Salomon Brothers bid-rigging scandal. Reported to be the Fed board’s wealthiest member, he is a former partner at the Carlyle Group where he led the Industrial Group within the U.S. Buyout Fund. Mr. Powell was a visiting scholar at the Bipartisan Policy Center, and has served as a member of the board of directors of DC Prep, a charter school in Washington, D.C. He and his wife Elissa Ann Leonard, a filmmaker, reside in Chevy Chase Village, where she is a member of the Board of Managers.

FBP still had $1.1 billion criticized/classified loans at the end of 2Q13
What will be the market reaction if FBP triggers another bulk loan sale?

First BanCorp Puerto Rico...

FBR Oversold at Friday's Close of 6.07
By MiamiGent

*RSI under 30 Friday (oversold last 6 weeks)
*Long term positive divergence- wants to reverse
*Friday close a 30% pullback from late July $8.70 high
*Negligible short interest (1.86%)
*At 200 SMA support
*Ten day average volume running twice 90 DAV
*Resale of 28M shares at 6.75 in Aug had no affect on OS/ financials. Insiders bought at 6.75
*76.3% top institutional ownership (Fidelity $73M, Vanguard 64M, etc.)
*Earning $50M quarter- pre tax, pre provision
*Strong capital ratios, $835M cash & equivalents recent 10Q
*Book value 7.17
*Targets $9 (BoA) - 10 (Credit Suisse)
*PPS up 43% YTD

Catch an early-mid stage, small cap ($1.3B) bank recovery stock on a pullback!
In Friday @ 6.18- anticipating a rally.
Good reward to risk ratio, in my opinion.


http://bit.ly/18ieWy3

http://onforb.es/18ieZtr

http://bit.ly/18ieY8U

http://bit.ly/18ieY8W#

http://on.barrons.com/...

http://www.insidermonkey.com/blog/first-bancorp-fbp-are-hedge-funds-right-about-this-stock-246408/

~ Thurs-Fri $FBP ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $FBP ~ Earnings expected on Thursday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=FBP&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=FBP&p=W&b=3&g=0&id=p54550695994



~ Google Finance: http://www.google.com/finance?q=FBP
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=FBP#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=FBP+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=FBP
Finviz: http://finviz.com/quote.ashx?t=FBP
~ BusyStock: http://busystock.com/i.php?s=FBP&v=2


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=FBP >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

PNC Bank to acquire 27 Atlanta Flagstar branches
Washington Business Journal
Date: Wednesday, July 27, 2011, 10:11am EDT
Related:
Banking & Financial Services
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PNC bank stock motley fool

The PNC Financial Services Group Inc. is making another push into Atlanta, inking a deal to buy or lease 27 bank branches in metro Atlanta from Flagstar Bancorp Inc. for $42 million.
Click here to find out more!

PNC Financial Services Group Inc.bizWatch PNC Financial Services Group Inc. Latest from The Business Journals PNC Bank to acquire 27 Atlanta Flagstar branchesPNC Bank acquires 27 Flagstar Atlanta branchesPNC to acquire 27 Atlanta-area Flagstar branches Follow this company is making another push into the South, inking a deal to buy or lease 27 bank branches in the Atlanta area from Flagstar Bancorp IncbizWatch Flagstar Bancorp Inc Latest from The Business Journals PNC Bank to acquire 27 Atlanta Flagstar branchesPNC Bank acquires 27 Flagstar Atlanta branchesPNC to acquire 27 Atlanta-area Flagstar branches Follow this company . for $42 million.

Pittsburgh-based PNC (NYSE: PNC) in June reported plans to buy RBC BankbizWatch RBC Bank Latest from The Business Journals PNC Bank to acquire 27 Atlanta Flagstar branchesPNC buying 27 Flagstar branchesPNC Bank to acquire 27 metro ATL Flagstar branches Follow this company for $3.4 billion. RBC Bank is the seventh-largest bank in metro Atlanta with 52 branches and $2.6 billion in local deposits.

PNC will buy 21 Flagstar (NYSE: FBC) branches and lease six in a seven-county area primarily north of Atlanta. It also will assume some $240 million of deposits from Troy, Mich.-based Flagstar, and the branches will take the PNC BankbizWatch PNC Bank Latest from The Business Journals PNC Bank to acquire 27 Atlanta Flagstar branchesPNC Bank acquires 27 Flagstar Atlanta branchesPNC Bank to acquire 27 metro ATL Flagstar branches Follow this company name.

The transaction is expected to close in December.

PNC, after it closes the RBC and Flagstar deals, would become the seventh-largest bank in metro Atlanta with 79 branches and $2.84 billion in local deposits.

PNC unveiled plans earlier this year to move its local headquarters into 1 E. Pratt St. in downtown Baltimore.

PNC Financial Services Group Inc.bizWatch PNC Financial Services Group Inc. Latest from The Business Journals PNC Bank to acquire 27 Atlanta Flagstar branchesPNC Bank acquires 27 Flagstar Atlanta branchesPNC to acquire 27 Atlanta-area Flagstar branches Follow this company is making another push into the South, inking a deal to buy or lease 27 bank branches in the Atlanta area from Flagstar Bancorp IncbizWatch Flagstar Bancorp Inc Latest from The Business Journals PNC Bank to acquire 27 Atlanta Flagstar branchesPNC Bank acquires 27 Flagstar Atlanta branchesPNC to acquire 27 Atlanta-area Flagstar branches Follow this company . for $42 million.

Pittsburgh-based PNC (NYSE: PNC) in June reported plans to buy RBC BankbizWatch RBC Bank Latest from The Business Journals PNC Bank to acquire 27 Atlanta Flagstar branchesPNC buying 27 Flagstar branchesPNC Bank to acquire 27 metro ATL Flagstar branches Follow this company for $3.4 billion. RBC Bank is the seventh-largest bank in metro Atlanta with 52 branches and $2.6 billion in local deposits.

PNC will buy 21 Flagstar (NYSE: FBC) branches and lease six in a seven-county area primarily north of Atlanta. It also will assume some $240 million of deposits from Troy, Mich.-based Flagstar, and the branches will take the PNC BankbizWatch PNC Bank Latest from The Business Journals PNC Bank to acquire 27 Atlanta Flagstar branchesPNC Bank acquires 27 Flagstar Atlanta branchesPNC Bank to acquire 27 metro ATL Flagstar branches Follow this company name.

The transaction is expected to close in December.

PNC, after it closes the RBC and Flagstar deals, would become the seventh-largest bank in metro Atlanta with 79 branches and $2.84 billion in local deposits.

PNC unveiled plans earlier this year to move its local headquarters into 1 E. Pratt St. in downtown Baltimore.

FBP $4.50 on raising capital:
First BanCorp raises enough capital to end bailout
First BanCorp completes capital-raise plan with $175.5M from Oaktree; bailout exit imminent


Related Quotes
Symbol Price Change
FBP 4.49 +0.87

The Associated Press, On Tuesday June 28, 2011, 11:26 am

First BanCorp will raise $175.5 million from Oaktree Capital Management LP, the final sum needed to end the Treasury Department's part-ownership and return the company to private hands, First BanCorp said Tuesday.

Investors viewed the investment as a sign of confidence in the bank. Shares surged by 14 percent in morning trading Tuesday.

First BanCorp, based in Puerto Rico, said two funds managed by Oaktree will pay $3.50 for each share -- a 3-percent discount below Monday's closing price of $3.62.

The deal is part of a plan to raise money so that First BanCorp can end its part-ownership by the U.S. Treasury. First BanCorp has drawn investments of about $515 million from private investors. If shareholders approve the plan, the Treasury Department will convert its $424.2 million of preferred stock into common shares. Once Treasury sells those shares, First BanCorp will be a private company again.

Treasury obtained its stake in First BanCorp in January 2009, as part of a capital-boosting program aimed at healthy banks. First BanCorp received $424.2 million to help it ride out the financial crisis.

Since then, banks such as First BanCorp have struggled under the weight of souring loans for commercial real estate and land development. First BanCorp was hit especially hard because of the severe real-estate busts in Puerto Rico and Florida.

After Treasury's shares are converted, Oaktree's investment will represent 24.9 percent of First BanCorp's outstanding shares, the company said.

The deal follows a similar investment last month by private-equity fund Thomas H. Lee Partners, based in Boston. THL also took a potential 24.9 percent ownership stake of the company by buying about $180 million in common stock.

The bank holding company also has investment agreements with other institutional investors and private-equity firms to sell about $164 million of common shares. It says the investments total $515 million.

Under their agreements with First BanCorp, Oaktree, based in Los Angeles, and THL each can appoint someone to the company's board of directors.

First BanCorp is the parent corporation of FirstBank Puerto Rico. FirstBank has 160 branches, stand-alone offices and in-branch service centers throughout Puerto Rico, the U.S. and British Virgin Islands and Florida. It owns a loan company, a broker-dealer, and a mortgage lender.

First BanCorp's shares leaped 52 cents, or 14 percent, to $4.14 on Tuesday. The stock has traded between $3.60 and $13.80 over the past 52 weeks.

Come on 52 week low

FBP gained 3.49% on 03/23/11 and a total percentage of 14.72% in the past 6 day
FBP is trading in the range of $4.05 - $5.70 in the past 30 days.
Average True Range (Atr) is bullish for FBP.
Commodity Channel Index (CCI) is bullish for FBP.
Money Flow Index (MFI) is bullish and moving up for FBP.
FBP formed a bullish 5-day simple moving average and 10-day simple moving average crossover.
The 10-day simple moving average is bullish and moving up for FBP.
Average volume decrease over 5% for FBP.
Stock performance base on day of week in the past 90 days.
Monday: -4.24%
Tuesday: 11.30%
Wednesday: 16.68%
Thursday: -12.65%
Friday: -21.68%

Nothing new? Are all the internet investors of this company over on Yahoo Financial boards?

Need a little time for accumulation here.

I think this could still be a good long, considering its Puerto Ricos second largest bank. It serves a big purpose, so I don't think it will be going broke too easily. It might get another, better buyout offer, or it may get healthier as time goes on. As I've said before, I've got very few shares, its mostly just beer money, so I'll be holding to see how it does.

my speculation...

either a more optimistic outlook, an earnings report that beats the expectations or mm/shorts playing this. this is one r/s that surprised me. good thing i held. bought at .35 before r/s.

anyone have other speculations and/or conspiracy theories?



"everthing is permissible but not all things are beneficial"

Went up to 7.50 today then jerked up and mostly down until it got to 6.55 so I sold my shares excepting the 350 that I have it another account because no sooner that the trade cleared it had regained about 20 cent back up to 6.72. I'll watch on that account and see what comes up.

Thanks Esss Peee...I got out today just in time...I think it will continue downward from here after FBP stated,
...that it is not aware of any developments that would account for the market activity in the Corporation's common stock today.

Panic selling made this stock look like it was going down, shorters got in, and then a short squeeze happened. This stock has been a rollercoaster because this has repeatedly happened.

Thanks for the information. I certainly did not expect FBP's performance of the last two days; it was up another .16 on top of the .78 in regular hours. Best I can figure is that selling immediately after the reverse split was mostly panic selling and that today it is trading at levels FBP saw pre-split .44; I bought the 20250 shares at .41 and the 8100 shares at .3176ish. I have 350 in one account and 1350 in the others. I am glad I did not sell when my inclination was to.

However, I did reason that FBP is the second largest bank in Puerto Rico and secondly that the sell of was panic selling. Further that increase demand would go against the very small float, 21M in my opinion.

I am concerned what the impact will be if a private or public secondary offering is announced. That would be pure dilution.

Anybody have an explanation to what I hope will be 2 consecutive days of 10%+ gains?

Also when TIBB came out the r/s it had a D added or TIBBD for 20 days, again Good luck

just saw this r/s, I do not own FBP and it does look better than TIBB which I did own when they did a r/s at 100 for 1 on 12/15/10, please use this bank as a possible guide at what happens after these splits, it took about 3 days till I could trade it agian via Scottrade, my 45400 shrs @.25 stock came out at 454 shrs at $39 share, I sold it all at $38.20 which was a ok gain on my already nice profit I already had, please look at what the stock is trading for today ($18.50) and I don't think it has hit bottom yet. I do plan on getting back in once I feel it has bottomed out. Hopefully this can help you all some, GLTY

First BanCorp (Puerto Rico)
FBP.N
$5.55
+0.70+14.43%
12:00am EST

Wed Jan 5, 2011 6:26pm EST

* Move to regain compliance with NYSE listing rules

* Share down 15 pct after-market

By Jochelle Mendonca

BANGALORE, Jan 5 (Reuters) - Puerto Rico-based First BanCorp (FBP.N) said it would implement a one-for-15 reverse stock split of its shares to regain compliance with listing rules on the New York Stock Exchange.

The U.S. regional lender, which has traded under a dollar since the end of June, received a non-compliance notice from the exchange on July 9 last year and had six months to regain compliance.

The reverse split may also help the bank in its proposed $350 million capital raise, Keefe Bruyette and Woods analyst Bain Slack told Reuters.

"Now they are trying to do it again, but obviously with a higher stock price which is likely to help the company," Slack said referring to the company's capital raise plans.

The analyst said a depressed price would have required the bank to issue more shares, putting it at risk of breaching its share-cap authorization.

The second-largest bank in Puerto Rico, whose credit quality was badly hit in the downturn, is selling $702 million in bad loans to clean up its balance sheet. [ID:nSGE6B70BJ]

Shares of the company were down 15 percent at $0.41 in trading after the bell. (Reporting by Jochelle Mendonca; Editing by Unnikrishnan Nair)

yeah.. i have been reading the yahoo message board. alot of noise on there..

No posts; everyone stupified? I am; can not believe that FBP has been driven by bank management and not a word to shareholders. Then again, it was their collective incompetence that put us where we were. Disclaimer: I did not have to buy any shares and did it on my own free will. Never the less, it is frustrating to say the least.

I was tempted to sell but Scottrade is not accepting sell orders presumable until the split is actual processed. Right now my account still shows that I hold 20250 shares and that may be the reason. What is more disturbing is that FBP may follow up with floating additional shares to increase capital (if that is the correct term). With such a short float we could find our 5.00 stock turn into a $2.50 stock and with panic go down to below $1.00 again. At this time I think that the 8100 share account is fine in terms of loss, if any, being minimal. GLTA

that sucks.. i got in at .2291 and was up a good ammount. then the split came and alot of people sold. so i almost doubled my position when the stock was down .12 cents the other day. got more and .35 so my buying price rose some but im still ahead after the split. hopefully this thing will weather the storm of sells and start moving upward reaching double digits... watching closely though.

Big mistake on my partner in buying the 20250 shares when I did. I already had 8100 shares in another account that I bought a .3197 average and did not realize that there was a r/s imminent. On a post award basis I am down .65 a share and on top of that Scottrade is not accepting sell orders on FBP.

Thats because of a 15-1 reverse split.

+1,400% in PM??

Well, so much for this stock reaching a few dollars naturally. I'm sure its gonna be a bear once it gets its R/S

this stock dropped 16% in after hours yesterday.... i hope it rebounds this morning.

im not planning on selling yet. i want to see how this pans out.

i was afraid of this. not a big fan of companys with rs. i think it's a cheap way of moving the stock price up. some say that it's the same either way but, percentage-wise, i see that the holders have more to lose than to gain.

Just bought 20250 shares at .41. After Friday, I will have just 1350 shares. Hope the price gains tomorrow enough to cover the r/s per share price which I don't know what it is but it is not free. Anyone know?

The split may not weigh heavily on the post split shares but what if it is followed up by placing additional shares? Dilution of already the split shares. Is that a rational possibility? Anyone?

you were right... 1 to 15

i looked into it some.. this article is from october though. not sure if it still stands.

http://online.wsj.com/article/BT-CO-20101029-719934.html

r/s? rumor or realistic? i was on another board and they were talking of a r/s. if anyone has the info on this that would be great.

Hopefully they will get things straightened. Maybe a dollar? That is if they aren't bought out.

where do you guys see this stock in 6 months?

Long and strong. I'm hoping this can take similar steps that C took and will get back to 3-4 dollars. You think thats realistic? I put some money in without doing much research because there isnt much to find, and I'm hoping for some good growth.

That makes 3, holding FBP and C as well

Thats the reason for playing the market. Take what you can get and be smart with your investments. Happy New years!!!!!!!!!!