August 09, 2007

Approval of proposal by The Bank of Nova Scotia

For immediate release

The Federal Reserve Board on Thursday announced its approval of the application and notice under sections 3 and 4 of the Bank Holding Company Act by The Bank of Nova Scotia, Toronto, Canada, to acquire 10 percent of the outstanding voting shares of First BanCorp, San Juan, and, indirectly, its subsidiary bank, FirstBank of Puerto Rico, Santurce, both in Puerto Rico, and its subsidiary savings association, FirstBank Florida, Miami, Florida.

Attached is the Board's Order relating to this action.

Last Update: August 09, 2007