First BanCorp Announces Termination of Preferred Stock Exchange Offer and Consent Solicitations

First BanCorp (the “Corporation”)

, the bank holding company for FirstBank Puerto Rico (“FirstBank” or “the Bank”), announced today the termination, as of midnight on April 9, 2013 (the “Expiration Date”), of its offer to issue up to 10,087,488 shares of its common stock, par value $0.10 per share (“Common Stock”), in exchange (the “Exchange Offer”) for any and all of the issued and outstanding shares of Non-Cumulative Perpetual Monthly Income Preferred Stock, Series A through E (collectively, “Preferred Stock”). As of the Expiration Date, the Corporation did not receive the consent required from holders of shares of Preferred Stock to amend the certificates of designation of each series of Preferred Stock (the “Preferred Stock Amendment”). Such consent was a condition to completion of the Exchange Offer. In addition, the related consent solicitations have terminated, and no consent fee will be paid or become payable with respect to consents previously granted in favor of the Preferred Stock Amendment. All shares of Preferred Stock that were tendered and not validly withdrawn will be returned promptly to the tendering holders.