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PUERTO RICO'S FIRSTBANK TAKING OVER FVI

The acquisition of the locally owned First Virgin Islands Federal Savings Bank by FirstBank of Puerto Rico has been completed. Public announcement of the move was expected as early as Wednesday morning.
Senior banking industry sources confirmed to the Source late Tuesday that the acquisition includes FVI's loan portfolio and all banking services offered by the St. Thomas institution, located in the GERS Building in downtown Charlotte Amalie.
The deal had been rumored for months but, negotiations continued through this past week, according to one industry source. The effective date of the takeover has not been announced.
According to the same industry source, FirstBank will retain FVI president James Crites as senior vice president for bank operations in the region. Crites is the second person to serve as president of FVI, the first federally chartered banking institution to be locally owned and operated in the territory. It was begun in the mid-'80s by Albert Graf, who served as president until his retirement several years ago.
The move marks the second major acquisition for FirstBank this year in the Virgin Islands. In late February, the Puerto Rico institution purchased the sole St. Thomas Citibank branch, at Port of Sale Mall in Havensight. FirstBank's main branch on St. Thomas is the location at Rothschild Francis "Market" Square of the former First Federal Savings Bank of Puerto Rico, which it acquired a couple of years ago. FirstBank also has one St. Croix branch, on King Street in Christiansted.

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The acquisition of the locally owned First Virgin Islands Federal Savings Bank by FirstBank of Puerto Rico has been completed. Public announcement of the move was expected as early as Wednesday morning.
Senior banking industry sources confirmed to the Source late Tuesday that the acquisition includes FVI's loan portfolio and all banking services offered by the St. Thomas institution, located in the GERS Building in downtown Charlotte Amalie.
The deal had been rumored for months but, negotiations continued through this past week, according to one industry source. The effective date of the takeover has not been announced.
According to the same industry source, FirstBank will retain FVI president James Crites as senior vice president for bank operations in the region. Crites is the second person to serve as president of FVI, the first federally chartered banking institution to be locally owned and operated in the territory. It was begun in the mid-'80s by Albert Graf, who served as president until his retirement several years ago.
The move marks the second major acquisition for FirstBank this year in the Virgin Islands. In late February, the Puerto Rico institution purchased the sole St. Thomas Citibank branch, at Port of Sale Mall in Havensight. FirstBank's main branch on St. Thomas is the location at Rothschild Francis "Market" Square of the former First Federal Savings Bank of Puerto Rico, which it acquired a couple of years ago. FirstBank also has one St. Croix branch, on King Street in Christiansted.