8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): March 5, 2013

First BanCorp.
__________________________________________
(Exact name of registrant as specified in its charter)

Puerto Rico	001-14793	66-0561882
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
1519 Ponce de Leon Ave., PO Box 9146, San Juan, Puerto Rico		00908-0146
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 787-729-8041

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 (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(a) On March 5, 2013, First BanCorp. (the "Corporation") received correspondence from José F. Rodríguez-Perelló in which Mr. Rodríguez-Perelló resigned from the Corporation’s Board of Directors (the "Board") effective as of March 5, 2013. In his correspondence, Mr. Rodríguez-Perelló explained that his resignation relates to an incident that occurred during an audit committee meeting held in October 2012 during which, according to Mr. Rodríguez-Perelló, another director commented inappropriately on a personal matter that involved Mr. Rodríguez-Perelló’s family and was unrelated to the Corporation. In his recent correspondence, Mr. Rodríguez-Perelló accused the other director for the first time of violating the Corporation’s Code of Ethical Conduct. The Corporation does not agree with Mr. Rodríguez-Perelló’s characterization of the conduct of the other director involved in the incident as violating the Corporation’s Code of Ethical Conduct. Immediately after the October 2012 incident, the Board investigated the incident and concluded that no Board action was necessary. The Corporation views this matter as a strictly personal incident between Mr. Rodríguez-Perelló and the other director.

Mr. Rodríguez-Perelló’s correspondence as well as an English-language summary of the correspondence is attached hereto as Exhibit 17.1 and 17.2, accordingly.

Item 9.01 Financial Statements and Exhibits.

(d)
Exhibit 17.1 - Correspondence from José Rodríguez-Perelló dated March 5, 2013
Exhibit 17.2 - English-language summary of Correspondence from José Rodríguez-Perelló dated March 5, 2013

SIGNATURES

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.

	First BanCorp.
March 11, 2013	By:	/s/ Lawrence Odell
		Name: Lawrence Odell
		Title: Executive Vice President and General Counsel

Exhibit Index

Exhibit No.	Description
17.1	Correspondence from José Rodríguez-Perelló dated March 5, 2013
17.2	English-language summary of Correspondence from José Rodríguez-Perelló dated March 5, 2013

EX-17.1

José F. Rodríguez-Perelló
Box 8848
San Juan, P.R. 00910

5 de Marzo, 2013

Sr. Roberto R. Herencia
Presidente, Junta de Directores
First Bank Corp.
San Juan, P.R.

Estimado Roberto:

Lamento mucho tener que dirigir este tipo de carta a tu atención, pero es lo que corresponde por tu ostentar la posición que ocupas. La referencia a un incidente desagradable que sigue siendo extremadamente desagradable. Los particulares del referido vergonzoso incidente es de tu pleno conocimiento. En mi opinión, fue un acto reprochable de conducta impropia de parte de un director, lo que sucedió el pasado 5 de Octubre durante la Agenda formal de trabajo del Comité de Auditoría. Lo sucedido constituyó una grave violación cometida por un director, abogado residente local, a nuestro propio Código de Conducta Ética ( CODE OF ETHICAL CONDUCT ), particularmente en cuanto se refiere a decencia personal y respeto humano. Este director abogado fue osado e irrespetuoso al traer fuera de Agenda, un tema personal de mi familia que en nada estaba ( o está ) relacionado con el banco. Y, para añadir insulto a la injuria, lo hizo intencionalmente, con cinismo y menosprecia a la VIDA de un SER QUERIDO.

El siguiente es un Principio Sagrado e Inviolable al que nos sometemos todos los seres humanos que gozamos de dignidad y decencia. La familia de cualquier persona, en este caso mi familia, es como un menor indefenso ante el ataque injustificado de un tercero que la injurie. El Código más Básico de Decencia y Buen Comportamiento dicta este principio. Máxime, cuando mi familia no está vinculada directa, indirectamente o remotamente con ninguna actividad del banco. No tiene relación alguna como suplidor, proveedor o cliente. A distinción de otros casos de directores, en mi caso no hay ( ni puede haber ) una pizca apariencia de conflicto con familiares, amigos o allegados. Por eso es que la indecorosa actuación del director abogado, de forma flagrante, intencional y con menosprecio, es una grave violación a nuestro propio Código de Etica ( Copias Adjuntas ). El abogado director “ violó la frontera ”, trascendió la línea de la decencia y de respeto a la dignidad humana.

La Junta ha decidido permitir que esta severa violación continúe sin reparo alguno y tampoco ha habido ninguna expresión de rectificación. Según tu sabes, desde el bochornoso suceso, yo me he visto moralmente impedido de participar en las funciones que me atañen como director de FBP ( el pasado 7 de FEBRERO yo fui removido por la Junta, que tu presides, como miembro de todos los Comités a los que pertenecía ), en espera de una Resolución correctiva de parte de la Junta. Ante la ausencia de ustedes de hacer lo correcto, y ya HOY

transcurridos 5 meses, con esta carta presento mi renuncia como director de la Corporación.

Atentamente,

José F. Rodríguez Perelló
Cc:Sara Alvarez
Familiares

Nota: “RELEVANT PARTS OF CODE OF ETHICAL CONDUCT”:

I am an Ethical and Honest Person.
I know our Code – Exceptions and SPECIAL WAIVERS.
I respect everyone around me—Fair Treatment, equal opportunity and
RESPECT FOR HUMAN BEINGS.

The Code applies to EVERYONE at FIRSTBANK.
I RESPECT EVERYONE AROUND ME—Fair Treatment, Equal Opportunity and
RESPECT TOWARD HUMAN BEINGS.

Relationships Among Coworkers-Respect and Dignity are ESSENTIAL for Human Relationships.

We CANNOT USE Our Authority inappropiately when dealing with OTHER COWORKERS. THEREFORE, ANY ACTIVITY that PROMOTES a HOSTILE WORK ENVIRONMENT IS PROHIBITED.

COMPOSITION OF THE BOARD AND QUALIFICATIONS OF DIRECTORS:

3. ALL DIRECTORS SHOULD BE PERSONS OF THE HIGHEST INTEGRITY, WHO ABIDE BY EXEMPLARY STANDARDS OF BUSINESS AND PROFESSIONAL CONDUCT.

4. EACH DIRECTOR IS EXPECTED TO ADHERE TO THE POLICIES in the Corporation’s CODE OF BUSINESS CONDUCT AND TO THE CODE OF ETHICS FOR CEO AND SENIOR FINANCIAL OFFICERS.

ANY WAIVER TO THE REQUIREMENTS OF THE CODE OF BUSINESS CONDUCT AND THE CODE OF ETHICS FOR CEO AND SENIOR FINANCIAL OFFICERS FOR ANY DIRECTOR MUST BE

APPROVED BY THE BOARD AND PROMPTLY DISCLOSED ON THE CORPORATION’S WEBSITE.

Summary of March 5, 2013 Resignation Letter of
Mr. José F. Rodríguez-Perelló to
Mr. Roberto R. Herencia, Chairman of the Board of Directors of
First BanCorp.

Mr. Rodríguez-Perelló explains in his letter that he is resigning as a director of First BanCorp. because the Board has not addressed what he describes as a grave violation of the Corporation’s Code of Ethical Conduct during an Audit Committee meeting on October 5, 2012 by another member of the Audit Committee. Mr. Rodríguez-Perelló’s letter states that the incident involved a matter that was personal to Mr. Rodríguez-Perelló’s family and which he found to be demeaning and reproachable. Mr. Rodríguez-Perelló also states that the incident did not relate in any respect to the Corporation. Mr. Rodríguez-Perelló claims that the incident violated the Corporation’s Code of Ethical Conduct and that the Board has not taken any action to remedy this violation, which morally impeded him from participating in any Board functions after October 12, 2012. Mr. Rodríguez-Perelló notes that, on February 7, 2013, the Board removed him from membership on the Board committees on which he had served.

Mr. Rodríguez-Perelló lists in his letter, in English, the relevant parts of the Code of Ethical Conduct.