Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - FIRST BANCORP /PR/ | exhibit1.htm |
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): | December 6, 2010 |
First BanCorp.
__________________________________________
(Exact name of registrant as specified in its charter)
| Puerto Rico | 001-14793 | 66-0561882 |
|
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
| 1519 Ponce de Leon Ave., PO Box 9146, San Juan, Puerto Rico | 00908-0146 | |
|
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
| Registrant’s telephone number, including area code: | 787-729-8041 |
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))
Item 8.01 Other Events.
First BanCorp (the "Corporation") announced today its rejection of an unsolicited acquisition proposal received from Doral Financial Corporation ("Doral"). On December 2, 2010, the Corporation received a letter from Doral proposing a stock-for-stock exchange valued at $0.30 for each share of the Corporation’s common stock. Doral’s proposal contemplates that it will raise $550 million prior to transaction closing and reach a new agreement with the U.S. Treasury to exchange the Corporation’s Series G Preferred Stock the U.S. Treasury currently holds into shares of common stock of the combined company at a discount. The Corporation’s Board of Directors concluded that the acquisition proposal received from Doral is not in the best interest of the Corporation and its stockholders. A copy of the press release is incorporated herein by reference from Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
Exhibit No. - Description
99.1 - Press Release dated December 6, 2010
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| First BanCorp. | ||||
| December 6, 2010 | By: |
/s/ Lawrence Odell
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| Name: Lawrence Odell | ||||
| Title: Executive Vice President and General Counsel | ||||
Exhibit Index
| Exhibit No. | Description | |
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99.1
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Press Release dated December 6, 2010 |