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First BanCorp. Announces Extension Of The Expiration Date Of Preferred Stock Exchange Offer

First BanCorp. (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico (“FirstBank” or “the Bank”), announced today that it has extended the expiration date for its offer to issue up to 10,087,488 shares of its common stock, par value $0.10 per share (“Common Stock”), in exchange (the “Exchange Offer”) for any and all of the issued and outstanding shares of Non-Cumulative Perpetual Monthly Income Preferred Stock, Series A through E (collectively, “Preferred Stock”) until midnight on Monday, March 25, 2013, unless the Corporation further extends the Exchange Offer or terminates it prior to such date.

This extension will require a recalculation of the Relevant Price and Exchange Ratios for the Exchange Offer. In accordance with the terms of the Exchange Offer, the Relevant Price will be based on the average Volume Weighted Average Price of a share of Common Stock during the five trading-day period ending on the second business day immediately preceding the March 25, 2013 expiration date. Thus, by 9:00 a.m. on Friday, March 22, 2013, the Corporation will announce the Relevant Price and Exchange Ratios in connection with the Exchange Offer.

As of 5:00 p.m., New York City time, on March 18, 2013, 68,076 shares of Series A Preferred Stock, 30,887 shares of Series B Preferred Stock, 45,275 shares of Series C Preferred Stock, 42,543 shares of Series D Preferred Stock, and 116,947 shares of Series E Preferred Stock have been validly tendered and not withdrawn.

Except as otherwise stated in this release, all of the terms and conditions of the Exchange Offer, as set forth in the Corporation’s Prospectus dated February 14, 2013, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 15, 2013, and the related letter of transmittal, are unchanged.

Sandler O’Neill + Partners, L.P. is acting as the sole dealer manager, Computershare is acting as exchange agent, and Georgeson Inc. is acting as information agent for the Exchange Offer. For further details, please contact Sandler O’Neill + Partners, L.P. at 866-805-4128 (toll-free) or 212-466-7807 (collect), or Georgeson Inc. at 866-856-6388 (toll-free) or 212-440-9800 (collect).

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