10 slides from First Bancorp. New's merger presentation, Aug 18, 2010
Slide 1: Proposed Exchange Offer
Proposed Exchange Offer August 18, 2010 First BanCorp
Slide 2: Overview
1 Overview FirstBank Puerto Rico, the Corporation's main bank subsidiary, is the 2nd largest bank in Puerto Rico after consolidation; strong franchise with compelling market footprint and critical mass Well-diversified full-service franchise: Retail, Auto, Commercial, Government, Small & Middle Mark
Slide 3: Capital Plan
3 Capital Plan TARP Exchange 1 Preferred Exchange 2 Additional Common Equity 3 On July 20, 2010, the Corporation completed its exchange of TARP preferred stock (Series F) for mandatorily convertible preferred (Series G) with the US Treasury Each share of Series G (liquidation preference of $1,000) w
Slide 4: Pricing
Pricing Holders of First BanCorp's non-cumulative perpetual monthly income preferred stock would receive common stock based on an exchange value of $13.75 per share (liquidation preference of $25) of preferred stock divided by the relevant price Relevant price will be the higher of the average volum
Slide 5: Implications
Implications Successful exchange will bolster common capital ratios and improve positioning to complete the capital plan If the Corporation cannot achieve at least 70% conversion of the remaining non-cumulative preferred in the exchange offer, First BanCorp will not be able to trigger the exchange i
Slide 6: Preferred Exchange Offer
6 Preferred Exchange Offer Source: Corporation filings Note: SNL 1 Based on August 13, 2010 FBP closing price of $0.52
Slide 7: Exchange Offer Timeline
7 Exchange Offer Timeline Note: Subject to change Source: Corporation filings Exchange Process
Slide 8: Exchange Offer Information
Exchange Offer Information Dealer Manager: UBS Investment Bank Exchange and Information Agent: BNY Mellon Shareowner Services (800) 777-3674
Slide 9: Safe Harbor
Safe Harbor This presentation may contain "forward-looking statements" concerning the Corporation's future economic performance. The words or phrases "expect," "anticipate," "look forward," "should," "believes" and similar expressions are meant to identify "forward-looking statements" within the mea
Slide 10: Contact Information
Contact Information First BanCorp [NYSE: FBP] Alan Cohen Senior Vice President Marketing & Public Relations Office (787) 729-8256 alan.cohen@firstbankpr.com