Journalism in the Public Interest

First BanCorp

San Juan, Puerto Rico | See all recipients in Puerto Rico

This investment resulted in a loss to taxpayers. See below for details.

$424M Disbursed
$198M Returned
$38.7M Revenue to Gov't
$187M Net Outstanding
$424M Committed
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  • $5.7M Revenue

    May 24, 2018 Warrant Proceeds

    On 5/17/2018, Treasury exercised its warrant on a cashless basis and received (i) 730,571 shares of common stock and (ii) $6.58 in cash in lieu of fractional shares. Treasury sold such shares of common stock on 5/21/2018 for total proceeds of $5,702,106.66

    More info from

  • $57.7M Payback

    May 15, 2017 Partial Repayment

    On May 15, 2017, Treasury sold 10,291,553 shares of First BanCorp common stock at $5.61 per share for total proceeds of $57,735,612.

  • $29.1M Payback

    Mar. 6, 2015 Partial Repayment

  • $22.1M Payback

    Dec. 5, 2014 Partial Repayment

  • $8.51M Payback

    Sep. 13, 2013 Partial Repayment

  • $81M Payback

    Aug. 16, 2013 Partial Repayment

  • $26.4M Revenue

    Oct. 7, 2011 Dividend - Cumulative

  • $6.61M Revenue

    May 31, 2009 Dividends Paid Through 5/31/2009

    This amount reflects the sum of dividends paid up to 5/31/2009

  • $424M Bailout

    Jan. 16, 2009 Purchase - Preferred Stock w/ Warrants

    On 7/20/2010, Treasury completed the exchange of its $400,000,000 of Preferred Stock in First BanCorp for $424,174,000 of Mandatorily Convertible Preferred Stock (MCP), which is equivalent to the initial investment amount of $400,000,000, plus $24,174,000 of capitalized previously accrued and unpaid dividends. Subject to the fulfillment by First BanCorp of certain conditions, including those related to its capital plan, the MCP may be converted to common stock.

Date Type Amount Program Description
05/24/2018 Warrant $5,702,107 CPP Warrant Proceeds
05/15/2017 Refund $57,735,612 CPP Partial Repayment
03/06/2015 Refund $29,068,439 CPP Partial Repayment
12/05/2014 Refund $22,063,492 CPP Partial Repayment
09/13/2013 Refund $8,514,153 CPP Partial Repayment
08/16/2013 Refund $81,000,000 CPP Partial Repayment
10/07/2011 Dividend $26,388,275 CPP Dividend - Cumulative
05/31/2009 Dividend $6,611,111 CPP Dividends Paid Through 5/31/2009
01/16/2009 Purchase $424,174,000 CPP Purchase - Preferred Stock w/ Warrants

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