Monday, November 20, 2017

FirstBank announces payment of dividends

By on March 7, 2017

SAN JUAN – First BanCorp., the bank holding company for FirstBank Puerto Rico, announced Tuesday that its board has declared the following monthly cash dividends on its outstanding shares of Series A through E Noncumulative Perpetual Monthly Income Preferred Stock as follows:

Series

Monthly

Dividend Per

Share

Outstanding

Shares

Record Date

Payment Date

A $0.14843750 197,386 March 29, 2017 March 31, 2017
B $0.17395800 296,146 March 15, 2017 March 31, 2017
C $0.15416670 249,852 March 15, 2017 March 31, 2017
D $0.15104167 285,522 March 15, 2017 March 31, 2017
E $0.14583330 415,240 March 15, 2017 March 31, 2017

The corporation’s 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 requirements of the written agreement dated June 3, 2010, that the corporation entered into with the Federal Reserve Bank of New York that, among other things, prohibits the corporation from paying dividends to stockholders without the Federal Reserve’s consent.

firstbankThe bank, however, said there were no assurances it could pay dividends in the future.

“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 pursuant to the requirements of the Written Agreement to enable it to continue to pay the monthly dividends on its Preferred Stock,” the bank says in Tuesday’s press release.

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