Tuesday, January 11, 2011 11:03:04 PM
First BanCorp (Puerto Rico)
FBP.N
$5.55
+0.70+14.43%
12:00am EST
Wed Jan 5, 2011 6:26pm EST
* Move to regain compliance with NYSE listing rules
* Share down 15 pct after-market
By Jochelle Mendonca
BANGALORE, Jan 5 (Reuters) - Puerto Rico-based First BanCorp (FBP.N) said it would implement a one-for-15 reverse stock split of its shares to regain compliance with listing rules on the New York Stock Exchange.
The U.S. regional lender, which has traded under a dollar since the end of June, received a non-compliance notice from the exchange on July 9 last year and had six months to regain compliance.
The reverse split may also help the bank in its proposed $350 million capital raise, Keefe Bruyette and Woods analyst Bain Slack told Reuters.
"Now they are trying to do it again, but obviously with a higher stock price which is likely to help the company," Slack said referring to the company's capital raise plans.
The analyst said a depressed price would have required the bank to issue more shares, putting it at risk of breaching its share-cap authorization.
The second-largest bank in Puerto Rico, whose credit quality was badly hit in the downturn, is selling $702 million in bad loans to clean up its balance sheet. [ID:nSGE6B70BJ]
Shares of the company were down 15 percent at $0.41 in trading after the bell. (Reporting by Jochelle Mendonca; Editing by Unnikrishnan Nair)
Recent FBP News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/17/2024 08:15:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/05/2024 01:17:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 09:24:06 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/23/2024 04:05:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/19/2024 08:17:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/01/2024 09:46:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/31/2024 08:30:03 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/29/2024 11:25:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/25/2024 08:30:03 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/24/2024 08:11:22 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/23/2024 01:30:32 PM
- First BanCorp. Announces Earnings for the Quarter Ended June 30, 2024 • Business Wire • 07/23/2024 11:00:00 AM
- First BanCorp Announces Capital Actions • Business Wire • 07/22/2024 09:18:00 PM
- First BanCorp Announces the Release of Its 2023 Corporate Sustainability Report • Business Wire • 07/01/2024 08:23:00 PM
- First BanCorp to Announce 2Q 2024 Results on July 23, 2024 • Business Wire • 06/18/2024 02:29:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/29/2024 08:57:08 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 08:59:09 PM
- First BanCorp. Declares Quarterly Cash Dividend on Common Stock • Business Wire • 04/25/2024 08:45:00 PM
- First BanCorp. Announces Earnings for the Quarter Ended March 31, 2024 • Business Wire • 04/23/2024 11:00:00 AM
- First BanCorp to Announce 1Q 2024 Results on April 23, 2024 • Business Wire • 04/02/2024 09:14:00 PM
- FirstBank Puerto Rico Selects nCino to Transform Commercial Lending Services • GlobeNewswire Inc. • 03/20/2024 11:30:00 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/11/2024 06:56:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 12:13:05 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 12:09:09 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/06/2024 12:26:48 AM
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