First BanCorp is a publicly-owned financial holding company that is subject to regulation, supervision, and examination by the Federal Reserve Board. FirstBank Puerto Rico is First BanCorp's only direct subsidiary. First BanCorp is engaged in the banking business and provides a wide range of financial services for retail and institutional clients. First BanCorp had total assets of approximately $6.2 billion, total deposits of approximately $3.5 billion and total stockholders' equity of approximately $462 million at March 31, 2001. The company was founded in 1948 and is headquartered in San Juan, Puerto Rico.