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First BanCorp. issues stock in exchange for $11.31 million preferreds
By Marisa Wong
Madison, Wis., May 21 - First BanCorp. recently issued a total of 1,920,049 shares of common stock in exchange for 452,356 shares of perpetual preferred stock from several series, according to an 8-K filing with the Securities and Exchange Commission.
The exchanged preferreds had a total liquidation preference value of $11,308,900.
The exchanged preferreds included First BanCorp.'s 7.125% noncumulative perpetual monthly income preferred stock, series A, 8.35% noncumulative perpetual monthly income preferred stock, series B, 7.4% noncumulative perpetual monthly income preferred stock, series C, 7.25% noncumulative perpetual monthly income preferred stock, series D, and 7% noncumulative perpetual monthly income preferred stock, series E.
First BanCorp. is the bank holding company for FirstBank Puerto Rico. It is based in San Juan.
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