First BanCorp Announces Record Date For Proposed Rights Offering

First BanCorp (the “Corporation”) (NYSE: FBP) announced today that it has set the record date as September 6, 2011 (the “Record Date”) for its previously announced proposed rights offering (the "Rights Offering") in which the Corporation’s stockholders will receive transferable subscription rights (“Rights”) to purchase additional shares of the Corporation's common stock, par value $0.10 (the “Common Stock”). In the Rights Offering, stockholders will receive one Right for each share of Common Stock held as of the Record Date. The exercise of two Rights will entitle stockholders to purchase one share of Common Stock for a subscription price of $3.50 per share. The Corporation will raise approximately $37.3 million in the Rights Offering if fully subscribed.

The Corporation will distribute Rights to purchase up to 10,651,835 shares of Common Stock if the Corporation’s stockholders approve, and the Corporation is able to complete, the issuance of shares of Common Stock to institutional investors in the previously announced capital raise of up to 150,000,000 shares of Common Stock and if a registration statement under the Securities Act of 1933, as amended, relating to the Rights Offering (the "Registration Statement") has been filed and declared effective by the U.S. Securities and Exchange Commission. The holders of Rights who exercise their Rights in full may also exercise an over-subscription privilege to purchase, on a pro rata basis, a portion of the unsubscribed shares, at the same price of $3.50 per share, subject to certain limitations.

The Corporation may change the terms of the Rights Offering or abandon the Rights Offering at any time prior to its consummation.

BNY Mellon Shareowner Services is the Information Agent for the Rights Offering. Stockholders may direct questions regarding the Rights Offering to BNY Mellon Shareowner Services at 1-866-415-9687, 480 Washington Blvd., Jersey City, NJ 07310, attention: Corporate Action Department 27th Floor.

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