First BanCorp (the “Corporation”) (NYSE:FBP) announced today that the Special Meeting of the Corporation’s Stockholders scheduled for today for the purpose of obtaining stockholder approval of the issuance of 150 million shares of the Corporation’s common stock for $3.50 per share was adjourned due to the lack of the requisite quorum. A majority of the Corporation’s outstanding common stock must be present at the Special Meeting, either in person or by proxy, to establish a quorum. Although over 92% of the votes that have been received to date have been cast in favor of the proposal, approximately 46% of the outstanding shares have voted. The Special Meeting of the Corporation’s Stockholders has been adjourned to 11:00 a.m. (EDT) on September 9, 2011 and will be held at the Sheraton Puerto Rico Hotel & Casino, 22 Convention Blvd., San Juan, Puerto Rico.

The meeting is being adjourned to provide the Corporation with additional time to solicit proxies from its stockholders to establish the requisite quorum for the conduct of business at the Special Meeting of Stockholders.

The Corporation's proxy materials, including its Notice of the Special Meeting, which were previously filed and mailed to the Corporation’s stockholders on or about July 21, 2011, as well as the agenda for the meeting set out therein, remain unchanged. The record date for the stockholders entitled to vote at the special meeting remains the close of business on July 5, 2011.

Stockholders who have already voted on the proposal do not need to take any further action. Stockholders who have not voted as of yet are encouraged to submit their votes, even if they have sold their shares subsequent to the record date. Proxies for the adjourned meeting will be accepted beginning on August 24, 2011 and until 11:59 p.m. (EDT) on September 8, 2011. Instructions for voting are provided on the proxy card sent to stockholders. Should stockholders have questions on providing voting instructions they should contact the Corporation at the number set forth below.

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