First BanCorp. Announces Payment of Dividends on Preferred Stock
SAN JUAN -First BanCorp., the bank holding company for FirstBank Puerto Rico, announced Thursday that its board declared the following monthly cash dividends on its outstanding shares of Series A through E Noncumulative Perpetual Monthly Income Preferred Stock (the “Preferred Stock”):
In its release, the corporation explains that its “ability to continue to declare and pay dividends on the Preferred Stock is dependent on certain Federal regulatory considerations, including the guidelines of the Federal Reserve Board regarding capital adequacy and dividends and on the Corporation’s agreement with the Federal Reserve Bank of New York (the “Federal Reserve”) to obtain regulatory approval to pay dividends to stockholders.
“Although there is no assurance that any dividends will be declared on the Corporation’s Preferred Stock in any future periods, the Corporation intends to continue to request the Federal Reserve’s approval to enable it to continue to pay the monthly dividends on its Preferred Stock,” it further added.
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.