PROFILED ON AUGUST 10, 2007
First BanCorp. (NYSE: FBP)....................................................................................................>>Back

Estimated Holding Period: 1-3 months

Profile:

First BanCorp. is a bank holding company. The Company is a full-service provider of financial services and products with operations in Puerto Rico, the United States and British Virgin Islands. It provides a range of financial services for retail, commercial and institutional clients. As of December 31, 2006, the Company controlled four wholly owned subsidiaries: FirstBank Puerto Rico (FirstBank or the Bank), FirstBank Insurance Agency, Inc., Grupo Empresas de Servicios Financieros (doing business as PR Finance Group) and Ponce General Corporation, Inc. (Ponce General). FirstBank is a state-chartered commercial bank. FirstBank Insurance Agency is a state-chartered insurance agency. PR Finance Group is a domestic company, and Ponce General is the holding company of a federally chartered stock savings association, FirstBank Florida. First BanCorp operates through four segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail), and Treasury and Investments.

As of December 31, 2006, FirstBank conducted its business through its main offices located in San Juan, Puerto Rico, 48 full-service banking branches in Puerto Rico, 14 branches in the United States Virgin Islands and British Virgin Islands, and a loan agency in Coral Gables, Florida. As of December 31, 2006, FirstBank had four wholly owned subsidiaries with operations in Puerto Rico: First Leasing and Rental Corporation, a vehicle leasing and daily rental company with eight offices in Puerto Rico; First Federal Finance Corp. (doing business as Money Express La Financiera), a finance company with 39 offices in Puerto Rico; First Mortgage, Inc., a residential mortgage loan origination company with 35 offices in FirstBank branches and at standalone sites, and FirstBank Overseas Corporation, an international banking company. At December 31, 2006, FirstBank had two subsidiaries with operations outside of Puerto Rico, which were First Insurance Agency VI, Inc., an insurance agency with four offices that sell insurance products in the United States Virgin Islands, and First Express, a finance company specializing in the origination of small loans with four offices in the United States Virgin Islands.

Full Disclosure: Bones has no position at this time