First Bank - M&A Summary and Business Overview

Financial ServicesCompany

First Bank M&A Summary

First Bank has acquired 13 companies, including 1 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 4 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 Activity14
    • M&A Buy Activity13
    • M&A Sell Activity1
  • Total Sectors Invested 2
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 8
  • M&A Advisors 6

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 (0.0/yr) # 13 - - - - - 13
vol $751M $751M
Sell (0.0/yr) # 1 - - - - - 1
  14

Most Recent M&A

Company Date Value Type
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
Ponce General Corp. 2005-03-31 83M USD Add-on Acquisition
Miami, Florida
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Financial Services 12 (92%) 751M (100%) - -
Insurance 1 (8%) - 1 (100%) -
Total 13 $751M 1 -

By Geo

State/Country Buy Value Sell Value
United States 11 688M - -
  North Carolina 2 175M - -
  Virginia 1 3M - -
  Florida 1 83M - -
Puerto Rico 1 63M 1 -
Canada 1 - - -
Domestic 1 (8%) 63M (8%) 1 (100%) -
Cross-border 12 (92%) 688M (92%) - -
Total 13 $751M 1 -

Top M&A Advisors

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

Deal Values

buy # Total
$100M to $1B 3 $602M
< $100M 3 $149M
TOTAL $751M
Largest Doral Financial - Portfolio Of Mortgage Loans
$234M (2014-05-30)

M&A Connections

Deals
Acquired from
Strategic(s)
62%
8 (62%)
Divested to
Strategic(s)
100%
1 (100%)

 Subscribe to unlock this and 203,188
investor and company profiles

Sign-up today to get full access

  • check  Unlimited Searches
  • check  Unlimited Profile Views
  • check  Build and Export Lists of
    • PE Backed Companies
    • Direct Investors & Acquirers
    • Advisors
    • Deals
    • & More

What's Mergr?

We built Mergr to save people the arduous and time-consuming process of tracking when companies are bought, sold, and who currently owns them.

Every day, new opportunities emerge around M&A and we help professionals of all types comb through transactions, investors, and corporate acquirers via an easy-to-use web database that is accessible to anyone.

Try us for 1 week free today!

Mergr, the Easiest-to-Use PE and M&A DB


Key Benefits

  • Stay informed on events in your industry
  • M&A research that takes seconds (not all afternoon)
  • Better understand your customers and prospects
  • Discover active buyers (or sellers)
Search
  • 4.6K Private Equity Firms
  • 195K M&A Transactions
  • 199K Companies Involved in M&A
    (Buyer, Seller, or Target)
  • 3.6K M&A Advisors
    (Investment Banks and Law Firms)
  • 75K M&A Contacts
    (PE and M&A Advisors)

Ready to try?

Join FREE for 1 Week

No obligation. Cancel anytime.