Davis Polk advised Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Sandler O’Neill & Partners as joint book-running managers and representatives of the underwriters in an SEC-registered secondary offering of 28,000,000 shares of common stock of First BanCorp., sold by the U.S. Department of the Treasury, funds managed by Oaktree Capital Management, L.P. and funds affiliated with Thomas H. Lee Partners, L.P.

First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the Virgin Islands and Florida, and of FirstBank Insurance Agency. First BanCorp. operates a total of 152 branches, stand-alone offices, and in-branch service centers throughout Puerto Rico, the U.S. and British Virgin Islands, and Florida. First BanCorp’s shares of common stock trade on the New York Stock Exchange under the symbol “FBP.”

The Davis Polk corporate team includes partner Richard A. Drucker and associates Ryan G. Mitteness and Siew Kwok. Partner Harry Ballan and associate Omer Harel provided tax advice. Counsel Lena V. Kiely and associate Alison M. Hashmall provided regulatory advice. All members of the Davis Polk team are based in the New York office.