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FirstBanCorp to acquire Banco Santander Puerto Rico

Banco Santander Puerto Rico is being sold to FirstBanCorp for a $63 million in an all cash transaction. The transaction is subject to receipt of all necessary regulatory approvals. Banco Santander Puerto Rico had $6.2 billion of assets, $3.1 billion of loans and $5.0 billion of deposits. Post-acquisition, FirstBank will have approximately $17.6 billion in assets, a $12.0 billion loan portfolio, and $14.2 billion of deposits. Aurelio Aleman, president and CEO, of First BanCorp, said the acquisition will significantly improve the bank’s scale and competitiveness in Puerto Rico. The transaction is financially compelling and generates 35% accretion to fully phased-in 2020 consensus earnings per share with a tangible book value per share earn back period of 2.6 years, he added,

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