First BanCorp, the parent company of FirstBank Puerto Rico, announced today that it has received the necessary regulatory approvals from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Commissioner of Financial Institutions of Puerto Rico. to complete the previously announced acquisition of Banco Santander Puerto Rico operations.

Likewise, it was indicated in a written communication that subject to compliance with the usual remaining conditions for closing, the Corporation expects to complete the acquisition by September 1, 2020.

On a pro-forma basis as of June 30, 2020, at the close of the transaction, FirstBank anticipates having approximately $ 18.8 billion in assets, a loan portfolio of $ 12 billion, $ 15.4 billion in deposits and approximately 650,000 clients.

In addition, FirstBank expands its channel network to 450 ATMs, 73 branches, and more than 3,500 employees throughout the Corporation.

Transitional period

Aurelio Alemán, President and Chief Executive Officer of the Corporation, commented: “We are very pleased to have received the regulatory approvals for this transaction of a transformational nature for our Corporation. We hope that this acquisition will significantly improve our scale and competitiveness in Puerto Rico at the same time. that maximizes the return on our excess capital. “

“We have been preparing for a strategic transaction of this magnitude and have been working diligently on integration planning. The Santander team expands our talent bank in individual, commercial and business banking. FirstBank will become a competitor with greater distribution channels in Puerto Rico with the scale and breadth to better serve customers, and increase our investments in innovation and talent development.We are very pleased to expand our customer base and will work hard to continue improving our portfolio of products, services and channels to meet their needs and exceed their expectations, “added Alemán.

Furthermore, after the closure and during a transitional period until the conversion of the systems is completed, current Santander customers will continue to carry out transactions as they currently do without any impact on their service as a result of the transaction. In addition, upon closing the transaction, Santander customers will be able to use all FirstBank ATMs free of charge.

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