FirstBank Puerto Rico (subsidiary of First BanCorp) and the trustee for the US District Court for the US Virgin Islands bankruptcy division have signed a definitive agreement for the purchase of the stock in Virgin Islands Community Bank.
The closing of this transaction is pending court and regulatory approvals. FirstBank and the trustee are working expeditiously with the Bankruptcy Court and corresponding regulators to finalize the transaction.
Luis Beauchamp, chairman and CEO of First BanCorp, commented: This acquisition confirms FirstBank’s commitment to continue growing the banking franchise in the principal markets we serve, and to continue to provide the best quality financial products and services to all customers in the Virgin Islands.
