Bank holding company providing banking and financial services through its subsidiary, FirstBank Puerto Rico.
First BanCorp. operates as a bank holding company for FirstBank Puerto Rico, providing various financial services for retail, commercial, and institutional clients. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations. The Commercial and Corporate Banking segment offers commercial loans, including commercial real estate and construction loans and floor plan financings; and other products, such as cash management and business management services. The Mortgage Banking segment engages in the origination, sale, and servicing of various residential mortgage loans; acquisition and sale of mortgages in the secondary markets; and purchase of mortgage loans from other local banks and mortgage bankers. The Consumer (Retail) Banking segment provides auto, boat, credit card, and personal loans; lines of credit; deposit products comprising interest bearing and non-interest bearing checking and savings accounts, individual retirement accounts, and retail certificates of deposit (CDs); and finance leasing and insurance agency services. The Treasury and Investments segment offers funding and liquidity management services. The United States Operations segment provides checking, savings, and money market accounts, as well as retail CDs; traditional commercial and industrial, and commercial real estate loans; and internet banking, cash management, remote deposit capture, and automated clearing house, and transactions services. The Virgin Islands Operations segment is involved in consumer, commercial lending, and deposit-taking activities. The company operates 64 branches in Puerto Rico, 8 branches in the U.S. Virgin Islands and British Virgin Islands, and 11 branches in the state of Florida. First BanCorp. was founded in 1948 and is headquartered in San Juan, Puerto Rico.
First BanCorp. serves as a pivotal bank holding company overseeing FirstBank Puerto Rico, which provides a wide range of financial services tailored for retail, commercial, and institutional clients. Operating through six distinct segments Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations the company offers a comprehensive suite of financial solutions. The Commercial and Corporate Banking segment focuses on commercial loans including real estate and construction financing, along with cash management and business management services. Meanwhile, the Mortgage Banking segment is involved in the origination, sale, and servicing of residential mortgage loans, contributing significantly to the secondary mortgage market in Puerto Rico.
In addition to its lending activities, First BanCorp. provides a spectrum of consumer banking services through its Consumer (Retail) Banking segment, offering auto loans, credit cards, deposit products, and personal loans. The Treasury and Investments segment enhances the company's capabilities with funding and liquidity management services, ensuring robust financial support for its diverse client base. Operating in multiple regions, including Puerto Rico, the U.S. Virgin Islands, British Virgin Islands, and Florida, First BanCorp. maintains a strong branch network of 64 branches in Puerto Rico, 8 branches across the U.S. Virgin Islands and British Virgin Islands, and 11 branches in Florida.
Founded in 1948 and headquartered in San Juan, Puerto Rico, First BanCorp. has adapted to evolving market dynamics while embracing technological advancements. In line with emerging trends in the financial sector, the company has started exploring opportunities within the cryptocurrency space. This strategic initiative reflects its proactive approach to integrating digital innovations into its service offerings, potentially enhancing operational efficiencies and meeting the evolving needs of its clients in a digital-first economy. By considering the adoption of cryptocurrency services, First BanCorp. aims to bolster its competitive edge and broaden its appeal to tech-savvy customers seeking innovative financial solutions.