FirstBank
Corporate brand
UnclaimedA Puerto Rico-rooted, full-service bank serving retail, business, mortgage, and institutional customers in Puerto Rico, Florida, and the U.S. and British Virgin Islands.
Last updated November 4, 2026
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Overview
FirstBank is a banking brand associated with First BanCorp, a financial holding company headquartered in San Juan, Puerto Rico. The institution traces its origins to 1948, when it was established as Puerto Rico's first savings and loan institution with initial capital of $200,000. Its early savings-and-loan identity placed it within Puerto Rico's developing retail financial system, while its later growth broadened the business into a full-service banking operation. The brand's business serves several customer groups. Retail banking is directed toward individuals and households, while commercial banking supports businesses and other organizations. FirstBank also provides services for institutional clients. The available reference material does not provide a complete product catalogue, branch count, deposit total, or current balance-sheet breakdown, but it characterizes the institution as a provider of financial services across these retail, commercial, and institutional segments. FirstBank's geographic footprint extends beyond Puerto Rico. The brand has operated in the United States Virgin Islands, the British Virgin Islands, and Florida, giving it a regional presence linked to Puerto Rico and Caribbean markets as well as a mainland United States market. Its parent, First BanCorp, is headquartered in San Juan and is publicly traded. FirstBank should therefore be understood as the operating banking brand rather than as a separate listed company. The institution experienced significant balance-sheet scale during its expansion. Reference material states that the company had more than $18.8 billion in assets in 2006, although the cited material does not establish whether that figure refers precisely to the FirstBank operating entity or the wider corporate group. During the post-financial-crisis period, FirstBank also had obligations under the United States Troubled Asset Relief Program; the reference material reports an outstanding amount of $124.97 million in May 2016. This item reflects a government-support and capital-repayment context rather than a current operating metric. A major strategic development came in October 2019, when FirstBank announced its intention to acquire Banco Santander de Puerto Rico. Regulators approved the transaction on July 28, 2020, with completion expected by September 1, 2020 according to the supplied reference. The proposed transaction represented an effort to expand the bank's Puerto Rico franchise and strengthen its competitive position against Banco Popular de Puerto Rico and OFG Bancorp. The supplied sources do not provide the final transaction consideration, post-closing branch or workforce effects, or detailed integration results. FirstBank's public identity is consequently rooted in Puerto Rican banking, regional expansion, and the delivery of conventional financial services to consumers, enterprises, and institutions. Because the available material is concentrated on corporate history and ownership, details concerning current leadership, product names, digital services, customer proposition, brand campaigns, and present-day financial performance remain limited.
History
FirstBank originated in Puerto Rico in 1948 as the island's first savings and loan institution. It began with capital of $200,000 and was established during a period when Puerto Rico's financial infrastructure was expanding alongside broader economic development. Its initial savings-and-loan structure focused the institution on collecting deposits and supporting household and property-related finance. Over time, the organization developed beyond its original institutional form and became a broader banking business serving retail, commercial, and institutional customers. Its activities expanded geographically from Puerto Rico into the United States Virgin Islands, the British Virgin Islands, and Florida. This footprint connected the bank's principal Puerto Rican franchise with Caribbean markets and a mainland U.S. operation. FirstBank became part of the corporate structure associated with First BanCorp, a financial holding company based in San Juan. The distinction between the two entities is important: FirstBank is the customer-facing banking brand and operating institution, while First BanCorp is the publicly traded parent company. Public reference material describes First BanCorp as a financial holding company and identifies FirstBank as its banking business. The group reached substantial scale before the global financial crisis. The supplied historical material reports assets of more than $18.8 billion in 2006, though it does not clearly separate the FirstBank entity from the consolidated group. During the later recovery period, the bank had a reported obligation to the U.S. government's Troubled Asset Relief Program. As of May 2016, the reported outstanding amount was $124.97 million. The available source does not provide a full account of the support's origin, repayment schedule, or final resolution. The most clearly documented recent strategic event is the proposed purchase of Banco Santander de Puerto Rico. FirstBank announced the intended acquisition in October 2019. The transaction required regulatory review, and approval was reported on July 28, 2020. The supplied material stated that completion was expected by September 1, 2020. The deal was significant because Banco Santander de Puerto Rico was an established banking operation in FirstBank's core market, and the transaction had the potential to increase scale and market coverage. No supplied source gives sufficient detail about the final legal completion, consideration, integration program, or resulting financial performance. FirstBank's competitive environment in Puerto Rico includes Banco Popular de Puerto Rico and OFG Bancorp. Its enduring identity is that of a regional banking brand with Puerto Rican roots and a multi-market Caribbean and Florida presence. The available references do not establish a detailed chronology of branch openings, named consumer products, advertising campaigns, technology launches, or current executive appointments. Those areas require additional primary or authoritative reporting before they can be documented confidently.
- 2026
Court certifies proposed class in litigation against FirstBank
[9]A federal judge certified a proposed class in litigation alleging FirstBank and First BanCorp facilitated Jeffrey Epstein’s trafficking operation. The ruling is procedural and is not a finding of liability.
- 2025
Launches recycled-material debit card
[4]The bank introduced a debit card made with recycled plastic recovered from ocean and coastal areas.
- 2021
Santander integration completed
[1]FirstBank completed the integration of Banco Santander Puerto Rico’s operations.
- 2020
Acquires Banco Santander Puerto Rico operations
[1]The acquisition expanded FirstBank’s Puerto Rico business; integration was completed in 2021.
- 2017
Federal Reserve terminates enforcement agreement
[6]The Federal Reserve announced that the written agreement with First BanCorp issued in 2010 had been terminated.
- 2015
Acquires ten Doral Bank branches in Puerto Rico
[11]Through an FDIC-assisted transaction, FirstBank acquired ten Puerto Rico branches and associated deposits and loans.
- 2010
FDIC consent order
[10]FirstBank consented to an order addressing supervisory concerns. The bank did not admit or deny the underlying charges.
- 2008
Acquires Virgin Islands Community Bank
[1]The purchase expanded FirstBank’s branch network in the Virgin Islands.
- 2005
Acquires UniBank and related Florida operations
[1]The transaction established a broader Florida operating base for FirstBank.
- 2004
Opens a Miami loan-production office
[1]The office established a Florida lending presence ahead of the bank’s subsequent branch expansion.
Products and positioning
A Puerto Rico-rooted regional bank emphasizing accessible full-service banking, customer relationships, digital convenience, and community investment across Puerto Rico, Florida, and the U.S. and British Virgin Islands.
Retail banking
Personal deposit accounts
FirstBank offers personal checking and savings accounts for routine transactions, saving, and household cash management. Customers can use branch and digital channels to access accounts and related services. The bank also offers certificates of deposit as a time-deposit option. Specific account features and availability differ by market and product terms.
Consumer credit
Credit cards
The bank markets personal card products, including Visa and Mastercard options, with different tiers and benefits. Credit cards are part of its consumer-banking offer and are supported by account-management and payment services. Business credit cards are also available to eligible commercial customers.
Consumer lending
Personal loans and Reserve Line
FirstBank provides personal installment loans and a reserve line of credit for eligible borrowers. The products are positioned for personal financing needs and unexpected expenses, with online application access advertised through the bank’s digital channels.
Consumer lending
Auto and marine financing
Consumer lending includes automobile loans and, in Puerto Rico, marine financing. The bank also provides auto leasing through affiliated operations. These services complement its broader personal credit and deposit offerings.
Mortgage banking
Residential mortgages
FirstBank originates residential mortgages for home purchases and refinancing and offers mortgage products that include conventional, government-backed, jumbo, and other loan types, subject to market availability and borrower qualifications. Mortgage banking is a core part of its historic home-finance business.
Commercial banking
Commercial accounts and cash management
Commercial customers can choose business deposit accounts and use digital banking, payment, and cash-management services. Account types and online tools are designed to support day-to-day business operations, from routine payments to account monitoring and cash administration.
Commercial lending
Commercial and business lending
The bank offers business term loans, revolving and non-revolving lines of credit, commercial-real-estate and construction loans, asset-based lending, letters of credit, and government-guaranteed financing. The mix serves businesses with operating, investment, construction, and working-capital requirements.
Small consumer loans · 1990
Money Express
Money Express is an affiliated consumer-finance operation specializing in small loans in Puerto Rico. It has operated as part of the wider FirstBank group since 1990 and complements the bank’s mainstream personal lending products.
Payment card · 2025
Sustainable debit card
Launched in 2025, this debit card uses recycled plastic recovered from ocean and coastal areas in its interior. FirstBank presents it as a consumer-facing extension of its environmental sustainability work.
Controversies
2026
Allegations in proposed class action concerning Jeffrey Epstein
A proposed class action filed in federal court alleges that FirstBank and First BanCorp knowingly provided banking services that facilitated or benefited Jeffrey Epstein’s sex-trafficking venture. The companies deny the allegations and have sought dismissal. A court certified a proposed class in October 2026; that procedural decision does not establish the truth of the allegations or the bank’s liability.
Marketing campaigns
- 2025Sustainable Debit Card
Puerto Rico
FirstBank launched a debit card whose interior is made from recycled plastic recovered from the ocean and coastal areas, connecting a retail banking product with its conservation positioning.
Outcome. The card became part of the bank’s product and sustainability portfolio; a separate measured commercial outcome was not identified in the cited material.
- 2023Rescate Costero
Puerto Rico
A coastal restoration and reforestation initiative intended to help address coastal erosion through tree planting in Puerto Rico. FirstBank describes the program as part of its environmental work.
Outcome. The bank reports planting trees across multiple Puerto Rico municipalities and continuing the program toward a stated 2026 target.
- Community donations and development investment
Puerto Rico
FirstBank describes two formal support channels: a corporate social-responsibility program focused on education and entrepreneurship, financial empowerment, and environmental sustainability, and a community-development investment fund focused on qualifying community projects.
Outcome. The programs provide structured routes for community organizations and eligible projects to request support; no consolidated campaign outcome is stated on the cited page.
Brand decisions
2025
Launch recycled-material debit cardProduct launchBackground
FirstBank’s sustainability program includes conservation, recycling, and environmental initiatives in the markets it serves.
Action taken
The bank launched a debit card whose interior is made with recycled plastic recovered from ocean and coastal areas.
Aftermath
The card extended the bank’s environmental messaging into a consumer payment product; no separate financial outcome was reported in the cited source.
2020
Acquire Banco Santander Puerto Rico operationsM&ABackground
The acquisition offered FirstBank an opportunity to expand its customer base and operations in its core Puerto Rico market.
Action taken
FirstBank acquired Banco Santander Puerto Rico’s operations.
Aftermath
Integration was completed in 2021, increasing FirstBank’s scale in Puerto Rico.
2015
Acquire ten Doral Bank branches in Puerto RicoM&ABackground
Doral Bank failed and its banking operations were handled through an FDIC-assisted transaction.
Action taken
FirstBank acquired ten Puerto Rico branches and associated deposits and loans through an alliance connected to the FDIC sale.
Aftermath
The transaction increased FirstBank’s Puerto Rico footprint and strengthened its position in selected local markets.
Deposits associated with acquired branches. Approximately $522.7 million reported in First BanCorp's 2015 filing (Transaction completed February 27, 2015)
2008
Purchase Virgin Islands Community BankM&ABackground
FirstBank continued building its Virgin Islands network.
Action taken
The bank purchased Virgin Islands Community Bank.
Aftermath
FirstBank reported that the purchase gave it the largest branch presence in the Virgin Islands at the time.
2005
Enter Florida through UniBank acquisitionM&ABackground
First BanCorp sought to establish a broader presence in Florida after opening a Miami loan-production office.
Action taken
FirstBank acquired UniBank and related Florida subsidiaries.
Aftermath
The acquisition provided a base for further Florida branch operations.
2002
Acquire Chase Manhattan Bank operations in the U.S. Virgin IslandsM&ABackground
FirstBank had operated in the U.S. Virgin Islands since 1962 and pursued expansion in the territory.
Action taken
The bank acquired Chase Manhattan Bank’s operations in the U.S. Virgin Islands.
Aftermath
The transaction increased the bank’s Virgin Islands presence.
Recent events
- Unconfirmed
Reported
Land Title head starts new company after deal with FirstBank[12]
BusinessDen reports that the head of Land Title has started a new company following a deal with FirstBank. The headline indicates the deal between Land Title and FirstBank has been completed; the available text does not provide further details such as the transaction date, structure, or the name of the new company.
Reported
PNC completes acquisition of FirstBank[13]
PNC completed its acquisition of FirstBank Holding Company, including its banking subsidiary FirstBank, after receiving all required regulatory approvals and satisfying customary closing conditions. The deal expands PNC's presence in Colorado and Arizona, with customer conversion expected in summer 2026.
Reported
FirstBank announces US$100 million finance facility partnership with CDC Group[14]
First Bank of Nigeria Limited announced a partnership with CDC Group on a US$100 million finance facility. The facility is intended to direct funding to women-owned and led businesses and local SMEs in Nigeria, with at least US$30 million allocated as credit lines to women entrepreneurs.
Reported
FirstBank launches automated Digital Experience Centre[15]
FirstBank announced the launch of its fully automated self-service branch, called the FirstBank Digital Experience Centre, piloted at its remodeled Adetokunbo Ademola branch in Victoria Island, Nigeria.
Reported
FirstBank announces Good Business Contest[16]
FirstBank announced an upcoming contest that will select 10 businesses in Colorado, Arizona and California to receive prize money, with donations made to nonprofits chosen by the winners.
Reported
FirstBank launches First Global Transfer[17]
FirstBank of Nigeria Limited said it launched its wholly-owned remittance platform, First Global Transfer, to promote international fund transfers across its subsidiaries in sub-Saharan Africa.
Reported
FirstBank launches LIT mobile banking app[18]
FirstBank announced the launch of the LIT mobile banking application, which it developed and owns, with features including transfers, account opening and management, statements, and complaint management.
- Unconfirmed
Reported
FirstBank recognized with Nigeria Retail Banking CEO of the Year award[19]
The article reports that the “Retail Banking CEO of the Year Nigeria” award was given to First Bank of Nigeria CEO Dr Adesola Adeduntan and describes the recognition as being for both him and the bank.
Reported
First Bank launches SME Creditum application[20]
First Bank launched the SME Creditum application, with FintechOS as its technology partner. The application is intended to simplify lending for businesses and reduce credit-file approval time by up to 80 percent.
- Unconfirmed
First Bank appoints Gbenga Shobo as MD/CEO[21]
First Bank of Nigeria's board approved Gbenga Shobo's appointment as Managing Director/Chief Executive Officer, succeeding Adesola Adeduntan, subject to regulatory approval.
Sources32 sources
- 1FirstBank About Us and History1firstbank.com
- 2FirstBank Products and Services1firstbank.com
- 3FirstBank Online Services1firstbank.com
- 4FirstBank Corporate Sustainability1firstbank.com
- 5First BanCorp 2025 Annual Reportsec.gov
- 6Federal Reserve termination of First BanCorp enforcement actionfederalreserve.gov
- 7FDIC order concerning flood-insurance complianceorders.fdic.gov
- 8First BanCorp 2026 second-quarter Form 10-Qsec.gov
- 9Federal court order certifying a proposed class in Doe v. FirstBank Puerto Ricodocs.justia.com
- 10FDIC consent ordersec.gov
- 11Acquires ten Doral Bank branches in Puerto Ricosec.gov
- 12Land Title 负责人在与 FirstBank 达成交易后创办新公司news.google.com
- 13PNC完成对FirstBank的收购prnewswire.com
- 14FirstBank 宣布与 CDC Group 建立 1 亿美元融资安排合作thenigerianvoice.com
- 15FirstBank推出自动化数字体验中心thenigerianvoice.com
- 16FirstBank宣布Good Business Contestfinance.yahoo.com
- 17FirstBank推出First Global Transfer汇款平台dailytrust.com
- 18FirstBank 推出 LIT 手机银行应用nairametrics.com
- 19FirstBank获尼日利亚年度零售银行CEO奖项认可nairametrics.com
- 20First Bank 推出 SME Creditum 应用thediplomat.ro
- 21First Bank 任命 Gbenga Shobo 为董事总经理兼首席执行官thisdaylive.com
- 22FirstBank推出FirstSME账户punchng.com
- 23FirstBank推出「戴上口罩，保持安全」活动thisdaylive.com
- 24FirstBank 推出 FastTrack ATMafricanexaminer.com
- 25FirstMobile获《环球金融》最佳移动银行应用奖africanexaminer.com
- 26FirstBank任命John Graham加入董事会finance.yahoo.com
- 27First Bank升级FirstMobile应用thisdaylive.com
- 28First Bank 将 Autobooks 集成至数字银行服务prnewswire.com
- 29First Bank 向地区非营利组织捐赠 30,500 美元burlingtoncountytimes.com
- 30FirstBank宣布捐赠10亿奈拉支持抗疫africanexaminer.com
- 31First Bank任命Oluwande Muoyo为非执行董事thisdaylive.com
- 32First Bank appoints Gbenga Shobo as new MD/CEOnairametrics.com
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