March 17, 2006
Cease and desist order against First BanCorp
For immediate release
The Federal Reserve Board on Friday announced the issuance of a consent Cease and Desist Order against First BanCorp, Santurce, Puerto Rico, a registered bank holding company that owns and controls FirstBank Puerto Rico, San Juan, Puerto Rico, a state nonmember bank, and indirectly owns and controls FirstBank Florida, Miami, Florida, a federal savings and loan association.
In a separate, coordinated action, the Federal Deposit Insurance Corporation contemporaneously issued a consent Cease and Desist Order against FirstBank Puerto Rico, San Juan, Puerto Rico.
A copy of the Board's Cease and Desist Order is attached.