FIRST BANCORP /PR/ — Director's Dealing 2010

Sep 10, 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: PASARELL DACIO A (EVP, Chief Banking Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-08-30	First BanCorp Common Stock	A	76905	—	Acquired	106905	Direct
2010-08-30	First BanCorp Series B Preferred Stock	D	2000	—	Disposed	0	Direct
2010-08-30	First BanCorp Series D Preferred Stock	D	300	—	Disposed	0	Direct
2010-08-30	First BanCorp Series E Preferred Stock	D	4300	—	Disposed	0	Direct

Footnotes

F1: 76,905 shares of Common Stock were issued to the Reporting Person in exchange for 2,000 shares of Series B Preferred Stock, 300 shares of Series D Preferred Stock, and 4,300 shares of Series E 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.