First BanCorp Elects New Directors, Updates Executive Compensation

TL;DR

First BanCorp adds 2 directors, inks new exec pay deals.

AI Summary

On June 16, 2025, First BanCorp announced changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Carlos M. Garcia and Maria Elena Rodriguez, to its Board of Directors, effective immediately. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Aurelio Fernandez-Conesa, and Chief Financial Officer, Raul A. Rodriguez, detailing their compensation and terms of employment.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: low — This filing reports routine corporate governance changes and executive compensation adjustments, which are common and typically do not indicate significant new risks.

Key Players & Entities

• First BanCorp (company) — Registrant
• Carlos M. Garcia (person) — Newly Elected Director
• Maria Elena Rodriguez (person) — Newly Elected Director
• Aurelio Fernandez-Conesa (person) — Chief Executive Officer
• Raul A. Rodriguez (person) — Chief Financial Officer
• June 16, 2025 (date) — Date of Report

FAQ

From the Filing

0001140361-25-022678.txt : 20250616 0001140361-25-022678.hdr.sgml : 20250616 20250616163552 ACCESSION NUMBER: 0001140361-25-022678 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20250616 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20250616 DATE AS OF CHANGE: 20250616 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: 251050681 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 ef20050690_8k.htm 8-K false 0001057706 0001057706 2025-06-16 2025-06-16 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): June 16, 2025 First BanCorp . (Exact Name of Registrant as Specified in its Charter) Puerto Rico 001-14793 66-0561882 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. 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 On June 16, 2025, First BanCorp. (the “Corporation”), the bank holding company for FirstBank Puerto Rico (“FirstBank” or the “Bank”), announced a strategic reorganization aligned with the Corporation’s corporate succession plan (the “Strategic Reorganization”). As part of the Strategic Reorganization, the Corporation announced that Mr. Donald Kafka, Executive Vice President and Chief Operating Officer (“COO”), will retire from his position at the Corporation effective September 15, 2025.  In connection with Mr. Kafka’s retirement, the Corporation also announced that Mr. Juan C