Who Owns FirstBank Puerto Rico?

FirstBank traces its roots to 1948, when it was founded in San Juan as First Federal Savings and Loan Association of Puerto Rico, the first savings and loan institution on the island. It was part of the post-war development of Puerto Rico's financial system and grew alongside the island's industrialization under Operation Bootstrap.

The institution converted to a commercial bank and took the FirstBank name, building the largest banking franchise in Puerto Rico over the following decades. First BanCorp incorporated in 1948 as its holding company and later listed on the New York Stock Exchange under ticker FBP.

The bank expanded beyond Puerto Rico into the U.S. Virgin Islands, the British Virgin Islands, and Florida, developing a particular franchise serving Puerto Rican and Caribbean communities. It also acquired competitors over time, including the 2020 purchase of Santander's Puerto Rico operations, which strengthened its retail franchise.

The defining modern period was the Puerto Rican debt crisis and recovery. The island's fiscal collapse, combined with Hurricanes Irma and Maria in 2017 and subsequent earthquakes, devastated the local economy and the bank's credit book. FirstBank navigated the crisis without failure, recapitalized, and emerged as the island's clear market leader as weaker competitors contracted or exited. By fiscal 2025, the parent reported record results: total revenues crossing $1.0 billion for the first time and net income of $344.9 million.