First Bancorp completes $1.1bn acquisition of Santander Puerto Rico
First Bancorp has completed its acquisition of Banco Santander Puerto Rico, merging it with subsidiary FirstBank Puerto Rico.
Bancorp paid $394.8 million for 117.5% of Banco Santander’s common equity plus $882.8 million for excess capital.
Banco Santander has around $5.5 billion in assets, $2.7 billion in total loans and $4.2 billion in deposits.
The completed deal provides FirstBank with a network of 73 branches throughout Puerto Rico,
The holding bank says the merger process will minimise the impact on FirstBank and Banco Santander customers. The merger is set to complete in Q2 2021.
In the meantime, FirstBank and Banco Santander customers can use both FirstBank and Banco Santander ATMs free of charge
“The completion of this transaction marks a significant milestone in our journey,” says Aurelio Alemán, president and chief executive officer of First Bancorp.
“We welcome the Banco Santander employees and customers and look forward to exceeding their expectations with an expanded branch network and service channels and enhanced technological offerings.”
First Bancorp got the regulatory green light for the acquisition back in October 2019.