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First BanCorp Announces Increase In The Amount Of The Proposed Capital Raise And Rights Offering

First BanCorp (the “Corporation”) (NYSE:FBP), the bank holding company for FirstBank Puerto Rico (“FirstBank” or “the Bank”), today announced it has entered into amended agreements with Thomas H. Lee Partners, L.P., funds managed by Oaktree Capital Management, L.P. and other institutional investors to increase the maximum size of the previously announced proposed capital raise from $515 million to $525 million.

The amended agreements also will enable the Corporation to increase the size of the proposed rights offering from $35 million to $37.3 million, which will allow each stockholder of record on the record date (which has not yet been established) to purchase one share of the Corporation’s common stock for every two shares of the common stock held on the record date at $3.50 per share. The proposed rights offering will allow the Corporation’s stockholders to purchase up to an aggregate of 10,657,142 shares of common stock. The Corporation intends to file a registration statement covering the rights offering with the U.S. Securities and Exchange Commission and the rights offering is expected to begin after the registration statement is declared effective by the U.S. Securities and Exchange Commission. The higher capital raise, together with the rights offering, will provide the Corporation up to $562.3 million in new common capital.

This press release is not an offer to sell nor a solicitation of any offer to buy any securities in any state or jurisdiction nor shall there by an sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any jurisdiction. These securities may not be offered or sold in the United States absent registration under or any exemption from the registration requirements of the Securities Act of 1933, as amended. Any public offering of the Company’s securities to be made in the United States will be made only by means a registration statement that is filed with and declared effective by the Securities and Exchange Commission.

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