UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 14, 2018
FIRST BANCORP.
(Exact Name of Registrant as Specified in its Charter)
001-14793
(Commission File Number)
Puerto Rico | 66-0561882 | |
(State or Other Jurisdiction of Incorporation) |
(I.R.S. Employer Identification No.) |
1519 Ponce de Leon
San Juan, Puerto Rico 00908-0146
(Address of Principal Executive Offices) (Zip Code)
(787) 729 8200
(Registrants Telephone Number, including Area Code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 | Other Events. |
On November 14, 2018, First BanCorp (the Corporation) issued a press release announcing that its Board of Directors declared a quarterly cash dividend of $0.03 per share on its outstanding common stock. The dividend will be payable on December 14, 2018 to shareholders of record at the close of business on November 30, 2018.
A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
99.1 | Press release dated November 14, 2018 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 14, 2018 | FIRST BANCORP | |||||||
By: | /s/ Lawrence Odell | |||||||
Name: | Lawrence Odell | |||||||
Title: | Executive Vice President and General Counsel |
Exhibit 99.1
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FIRST BANCORP. REINSTATES QUARTERLY CASH COMMON STOCK DIVIDEND
Company Release November 14, 2018
SAN JUAN, Puerto Rico(BUSINESS WIRE) First BanCorp. (the Corporation) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, announced today that its Board of Directors has declared a quarterly cash dividend of $0.03 per share on its outstanding common stock. The dividend will be payable on December 14, 2018 to shareholders of record at the close of business on November 30, 2018.
We are pleased to reinstate a quarterly cash dividend, which is a reflection of our confidence in the Corporations financial and capital strength, said Aurelio Alemán, President and CEO of the Corporation. We believe that the considerable achievements weve made over the past several years have allowed us to create value for our shareholders, significantly improving the Corporations capital and risk profile while returning the Corporation to a sustainable and profitable business model, even in a challenging economic environment continued Alemán.
The Corporations ability to continue to declare and pay dividends on the Common Stock is dependent on certain Federal regulatory considerations, including the guidelines and regulations of the Federal Reserve Board regarding capital adequacy and distributions and on the Corporations agreement with the Federal Reserve Bank of New York (the Federal Reserve) as to the payment of dividends to stockholders.
About First BanCorp.
First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the U.S. and British Virgin Islands and Florida, and of FirstBank Insurance Agency, LLC. Among the subsidiaries of FirstBank Puerto Rico are First Federal Finance Limited Liability Company, a small loan company, and FirstBank Puerto Rico Securities Corp., a broker-dealer subsidiary. First BanCorps shares of common stock trade on the New York Stock Exchange under the symbol FBP.
Safe Harbor
This press release may contain forward-looking statements concerning the Corporation. The words or phrases expect, anticipate, intend, look forward, should, would, believes and similar expressions are meant to identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created by such sections. Such forward-looking statements include, but are not limited to, statements regarding the Corporations ability
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to declare dividends on the Corporations Common Stock in any future periods and the Corporations intention to request the Federal Reserves approval to enable it to continue to pay quarterly dividends on its Common Stock once regulatory approvals expire. Such statements are subject to known and unknown risks, uncertainties and contingencies that may cause actual results to differ materially from the expectations, intentions, beliefs, plans, estimates or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to the factors described in the Corporations Annual Report on Form 10-K, in its Quarterly Reports on Form 10-Q and in other filings with the SEC. The Corporation does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements, except as required by the federal securities laws.
First BanCorp.
John B. Pelling III
Investor Relations Officer
787-729-8003
john.pelling@firstbankpr.com
Source: First BanCorp.
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