First BanCorp (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico (“FirstBank” or “the Bank”), announced that it has completed its purchase of a $402 million FirstBank-branded consumer credit card portfolio from FIA Card Services, N.A and an affiliate, effective May 31.
Last month the Corporation announced that FirstBank had signed a definitive agreement with FIA Card Services, N.A. to acquire the FirstBank-branded credit card portfolio.
"We are pleased to announce the completion of our credit card portfolio purchase from FIA Card Services," said Aurelio Alemán, president and chief executive officer of First BanCorp. "This transaction, which increases the earnings capacity of the Corporation, deepens our relationship with our customers and enables us to continue to expand in the markets we serve with a broader base of customers.”
Customers will not be impacted as FIA Card Services, N.A will continue to service the accounts under an interim servicing agreement into 2013, when FirstBank will integrate credit card servicing into its customer service environment.
About First BanCorp
First BanCorp is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the Virgin Islands and Florida, and of FirstBank Insurance Agency. First BanCorp and FirstBank Puerto Rico operate within U.S. banking laws and regulations. The Corporation operates a total of 161 branches, stand-alone offices and in-branch service centers throughout Puerto Rico, the U.S. and British Virgin Islands, and Florida. Among the subsidiaries of FirstBank Puerto Rico are First Federal Finance Corp., a small loan company; FirstBank Puerto Rico Securities, a broker-dealer subsidiary; First Management of Puerto Rico; and FirstMortgage, Inc., a mortgage origination company. In the U.S. Virgin Islands, FirstBank operates First Express, a small loan company. First BanCorp’s common shares trade on the New York Stock Exchange under the symbol FBP. Additional information about First BanCorp may be found at www.firstbankpr.com.