First Bancorp Announces CFO Change and Board Appointments

Ticker: FBP · Form: 8-K · Filed: 2025-03-25T00:00:00.000Z

Sentiment: neutral

Topics: executive-changes, board-appointments, cfo-departure

Related Tickers: FBP

TL;DR

First Bancorp CFO out, new CFO in, board shakeup.

AI Summary

On March 19, 2025, FIRST BANCORP. reported changes in its executive team. The company announced the appointment of Luis M. Betancourt as Chief Financial Officer and the departure of its previous CFO, Carlos M. Rodriguez. Additionally, the board elected new directors and approved new compensatory arrangements for certain officers.

Why It Matters

Changes in key financial leadership and board composition can signal shifts in company strategy or financial oversight, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Changes in executive leadership and board composition can introduce uncertainty regarding future strategy and financial management.

Key Players & Entities

FAQ

Who has been appointed as the new Chief Financial Officer of FIRST BANCORP.?

Luis M. Betancourt has been appointed as the new Chief Financial Officer.

Who is the departing Chief Financial Officer?

Carlos M. Rodriguez is the departing Chief Financial Officer.

What is the exact date of the earliest event reported in this 8-K filing?

The date of the earliest event reported is March 19, 2025.

What other significant events are reported in this filing besides the CFO change?

The filing also reports the election of directors and the approval of compensatory arrangements for certain officers.

What is the principal executive office address for FIRST BANCORP.?

The address of the Principal Executive Offices is 1519 Ponce de Leon Ave., P.O. Box 9146, San Juan, Puerto Rico 00908-0146.

From the Filing

0001140361-25-010259.txt : 20250325 0001140361-25-010259.hdr.sgml : 20250325 20250325165527 ACCESSION NUMBER: 0001140361-25-010259 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20250319 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20250325 DATE AS OF CHANGE: 20250325 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST BANCORP /PR/ CENTRAL INDEX KEY: 0001057706 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance EIN: 660561882 STATE OF INCORPORATION: PR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14793 FILM NUMBER: 25769112 BUSINESS ADDRESS: STREET 1: 1519 PONCE DE LEON AVE STREET 2: SANTURCE CITY: SAN JUAN STATE: PR ZIP: 00908-0146 BUSINESS PHONE: 7877298200 MAIL ADDRESS: STREET 1: 1519 PONCE DE LEON AVE STREET 2: PO BOX 9146 CITY: SAN JUAN STATE: PR ZIP: 00908-0146 8-K 1 ef20046105_8k.htm 8-K false 0001057706 66-0561822 0001057706 2025-03-19 2025-03-19 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 19, 2025     FIRST BANCORP. (Exact name of registrant as specified in its charter)   Puerto Rico 001-14793 66-0561822 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 1519 Ponce de Leon Ave. , P.O. Box 9146 San Juan , Puerto Rico 00908-0146 (Address of Principal Executive Offices) (Zip Code) ( 787 ) 729-8200 Registrant’s 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 (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)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock ($0.10 par value) FBP New York Stock Exchange 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 5.02 (e) Compensatory Arrangements of Certain Officers   On March 19, 2025, the Board of Directors (the “Board”) of First BanCorp. (the “Corporation”), as part of its annual competitive review of executive compensation, and with guidance from its independent compensation consultant, Pearl Meyer & Partners LLC, approved the following changes to the compensation structure for the Corporation’s Chief Executive Officer (“CEO”). Except for the changes to compensation discussed below, there were no changes to the terms and conditions of the short-term incentive program, long-term

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