FirstBanCorp Reorganizes

First BanCorp. (NYSE: FBP) shares Friday, as the bank holding company for FirstBank Puerto Rico, announced today a strategic reorganization aligned with its corporate succession plan aimed at improving operational efficiency, enhancing customer experience, and driving business transformation to align resources for future growth and success.“We are pleased to announce this reorganization, which reflect our commitment to fostering the continued development of our internal talent and aligns our organizational structure with our strategic goals. We believe that these changes will position us for continued success, driven by a highly energized team committed to responsible growth, delivering for our clients, communities, and shareholders,” said Aurelio Alemán, President and CEO of the Corporation.Cassan Pancham, Executive Vice President and Business Group Executive, will retire from his position at the Corporation effective May 15, 2025. As Business Group Executive, Mr. Pancham currently oversees the Mortgage and Insurance lines of business and the Eastern Caribbean Region’s commercial business and administration affairs.Carlos Power, Executive Vice President and Business Group Executive, will retire from his position at the Corporation effective May 2, 2025. As Business Group Executive, Mr. Power currently oversees the Unsecured Consumer Lending, Auto, and Leasing lines of business.FBP shares took on two cents first thing Friday to $20.95.