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FirstBank Puerto Rico Announces Acquisition of 10 Doral Bank Branches in the Island

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Aurelio Alemán, President and Chief Executive Officer of FirstBank, subsidiary of First BanCorp, announced today the bank's participation in the acquisition of Doral Bank in alliance with Banco Popular de Puerto Rico, in which FirstBank acquired 10 branches.

This transaction includes 10 branches, approximately $600 million in deposits and a mortgage loan portfolio of $300 million, solidifying FirstBank's position as the second largest bank in Puerto Rico.

Aurelio Alemán expressed that, "as part of our commitment to Puerto Rico, we forged an alliance with a local competitor, Banco Popular de Puerto Rico, to acquire 10 branches of Doral Bank and a portion of its assets. We are convinced that this investment contributes to further strengthen the local banking sector, and thus the economic condition of Puerto Rico."

This acquisition expands FirstBank's branch network in Puerto Rico to 54, increasing its presence in geographical areas with growth potential for deposits and mortgage origination, two of the main business strategies of the institution. The new branches are located at Aguadilla, Bayamón Plaza del Parque, Bayamón Santa Rosa, Las Catalinas, Isla Verde, Humacao, Mayagüez Western Plaza, Los Paseos, Condado, and Vega Baja. These branches will open for business on the next business day, Saturday, February 28th.

As part of this transaction, FirstBank adds 100 employees to its more than 2,400 employee roster and acquires approximately 203,000 accounts of which the institution estimates that around 140,000 will be new clients. Currently, FirstBank has more than 600,000 clients. In addition, FirstBank acquires from Doral Bank more than 3,000 mortgage clients.

"We welcome Doral clients and would like to reassure them that they will be receiving our superior personalized service, which sets us apart in the industry," said Alemán.

Former Doral Bank clients will continue to conduct business normally through the new FirstBank branches, online banking, phone banking and ATM network. They will also have access to the FirstBank's ATM network with no service fees.

 

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