FIRST BANCORP /PR/ — Director's Dealing 2010

Sep 8, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FIRST BANCORP /PR/ (fbp)
CIK: 0001057706
Period of Report: 2010-08-30

Reporting Person: Menendez Cortada Jose (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-08-30	First BanCorp Common Stock	A	116525	—	Acquired	162421	Direct
2010-08-30	First BanCorp Series A Preferred Stock	D	1500	—	Disposed	0	Direct
2010-08-30	First BanCorp Series B Preferred Stock	D	500	—	Disposed	0	Direct
2010-08-30	First BanCorp Series C Preferred Stock	D	2000	—	Disposed	0	Direct
2010-08-30	First BanCorp Series D Preferred Stock	D	6000	—	Disposed	0	Direct

Footnotes

F1: 116,525 shares of Common Stock were issued to the Reporting Person in exchange for 1,500 shares of Series A Preferred Stock, 500 shares of Series B Preferred Stock, 2,000 shares of Series C Preferred Stock and 6,000 shares of Series D Preferred Stock pursuant to the Issuer's Exchange Offer. The transactions reported on this Form 4 were approved by the Issuer's Board of Directors as a part of its approval of the offer made to issue shares of Common Stock in exchange for the outstanding shares of Series A through E Preferred Stock in its recently completed Exchange Offer.

F2: Includes shares of restricted stock grants: 1,342 vested on December 1, 2009, 1,342 vests on December 1, 2010, and 1,343 on December 1, 2011.