First Bank - M&A Summary and Business Overview

Financial ServicesCompany

First Bank M&A Summary

First Bank has acquired 14 companies, including 2 in the last 5 years. It has also divested 1 asset.

First Bank’s largest acquisition to date was in 2014, when it acquired Doral Financial - Portfolio Of Mortgage Loans for $234M. First Bank has acquired in 5 different US states, and 3 countries. The Company’s most targeted sectors include financial services (93%) and insurance (8%).

First Bank Business Overview

Where is First Bank headquartered?

First Bank is headquartered in San Juan, Puerto Rico.

What is First Bank’s revenue?

First Bank disclosed revenue of 897M USD for 2023 and 904M USD for 2022.

How many employees does First Bank have?

First Bank has 3,168 employees.

What sector is First Bank in?

First Bank is a financial services company.

When was First Bank founded?

First Bank was founded in 1948.

M&A Summary

  • M&A Total Activity15
    • M&A Buy Activity14
    • M&A Sell Activity1
  • Total Sectors Invested 2
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 8
  • M&A Advisors 7

First Bank

First BanCorp.

1519 Ponce de Leon Ave. Stop 23 PO Box 9146,
San Juan, 00908
Puerto Rico,
(787) 760-8200
www.1firstbank.com

First Bank is a financial holding company offering commercial banking, residential mortgage loan, finance lease, personal loan, small loan, auto loan, insurance, and broker dealer products and services to retail, commercial, and institutional customers primarily in Puerto Rico, and to a lesser extent in the U.S. and British Virgin Islands and Florida. First Bank was incorporated in 1948 and is based in San Juan, Puerto Rico.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.2/yr) # 13 - - 1 - - 14
vol $751M $181M $932M
Sell (0.0/yr) # 1 - - - - - 1
  15

Most Recent M&A

Company Date Value Type
GrandSouth Bank 2022-06-21 181M USD Add-on Acquisition
Greenville, South Carolina · www.grandsouth.com
Banco Santander S.A. - Puerto Rico 2019-10-21 63M USD Add-on Acquisition
, Puerto Rico · www.santander.pr
Bear Insurance Service 2017-08-21 - Add-on Acquisition
Albemarle, North Carolina · www.bearinsurance.com
ASB Bancorp, Inc. 2017-05-01 175M USD Add-on Acquisition
Asheville, North Carolina · www.ashevillesavingsbank.com
FirstBank Insurance Agency, Inc. 2016-06-03 - Divestiture
San Juan, Puerto Rico
Banco Popular de Puerto Rico 10 Branches 2015-02-27 - Divestiture
, United States
Doral Financial - Portfolio of Residential Mortgage Loans 2014-10-03 193M USD Divestiture
, United States
Doral Financial - Portfolio Of Mortgage Loans 2014-05-30 234M USD Divestiture
, United States
Bank of America - Credit Card Portfolio 2012-05-30 - Divestiture
, United States
Virgin Islands Community Bank 2008-01-28 3M USD Add-on Acquisition
St. Croix, Virginia
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Financial Services 13 (93%) 932M (100%) - -
Insurance 1 (7%) - 1 (100%) -
Total 14 $932M 1 -

By Geo

State/Country Buy Value Sell Value
United States 12 869M - -
  North Carolina 2 175M - -
  Virginia 1 3M - -
  South Carolina 1 181M - -
  Florida 1 83M - -
Puerto Rico 1 63M 1 -
Canada 1 - - -
Domestic 1 (7%) 63M (7%) 1 (100%) -
Cross-border 13 (93%) 869M (93%) - -
Total 14 $932M 1 -

Top M&A Advisors

Financial Deals
RBC Capital Markets
1
First Analysis Corp.
1
Sandler O'Neill + Partners LP
1
Legal Deals
Fiddler Gonzalez & Rodriguez
4
Brooks, Pierce, McLendon, Humphrey & Leonard
1
Skadden, Arps, Slate, Meagher & Flom
1

Deal Values

buy # Total
$100M to $1B 4 $783M
< $100M 3 $149M
TOTAL $932M
Largest Doral Financial - Portfolio Of Mortgage Loans
$234M (2014-05-30)

M&A Connections

Deals
Acquired from
Strategic(s)
57%
8 (57%)
Divested to
Strategic(s)
100%
1 (100%)

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