FIRST BANCORP /PR/ — Director's Dealing 2010

Sep 7, 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: NEVARES LA COSTA HECTOR M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-08-30	First BanCorp Common Stock	A	1884209	—	Acquired	2461146	Direct
2010-08-30	First BanCorp Series A Preferred Stock	D	10000	—	Disposed	0	Direct
2010-08-30	First BanCorp Series B Preferred Stock	D	53300	—	Disposed	0	Direct
2010-08-30	First BanCorp Series C Preferred Stock	D	22000	—	Disposed	0	Direct
2010-08-30	First BanCorp Series D Preferred Stock	D	76400	—	Disposed	0	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
First BanCorp Common Stock	25000	Indirect

Footnotes

F1: 1,884,209 shares of Common Stock were issued to the Reporting Person in exchange for 10,000 shares of Series A Preferred Stock, 53,300 shares of Series B Preferred Stock, 22,000 shares of Series C Preferred Stock and 76,400 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.

F3: These shares are held on a trust for the benefit of the Reporting Person's children.