Item 5.02 Departure of Directors or Certain Officers; Election of Directors;


          Appointment of Certain Officers; Compensatory Arrangements of Certain
          Officers

On October 30, 2020, the Board of Directors of First BanCorp (the "Corporation"), the bank holding company of FirstBank Puerto Rico (the "Bank"), elected Mr. Félix M. Villamil to serve as a director on the Corporation's and Bank's Board of Directors, effective October 30, 2020.

On October 30, 2020, the Corporation and Mr. Villamil entered into an Offer Letter pursuant to which Mr. Villamil will be entitled to compensation and benefits that are the same as those to which all of the Corporation's directors, other than the Corporation's Chair, are entitled.

Mr. Villamil is a highly respected former executive and former Certified Public Accountant with over thirty-five years of experience in the finance and technology industry. Throughout his career, Mr. Villamil held various positions within internal audit, credit risk and operations. From 2004 to 2013, Mr. Villamil held various positions within Evertec, Inc. ("Evertec"), including Chief Executive Officer and Director from September 2010 to February 2012, and Vice Chairman from 2012 to 2013. As Chief Executive Officer and Director of Evertec, Mr. Villamil managed the overall business strategy, including overseeing Evertec's growth from a division within Popular, Inc., to an independent player in the payments processing sector. From 1990 to 2004, Mr. Villamil was employed by Banco Popular de Puerto Rico, holding various positions, including Executive Vice President of the Operations Group, Senior Vice President of the Retail Banking Group, the Credit Risk Management Division, and General Auditor. Mr. Villamil also served as a member of the Board of Directors of Santander BanCorp and Banco Santander Puerto Rico from 2018 to September 1, 2020. Mr. Villamil is also actively involved in other non-profit organizations in Puerto Rico.

The Board committees on which Mr. Villamil will serve, if any, have not been determined.

A copy of the Offer Letter is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits





 (d) Exhibits

See the Exhibit Index below, which is incorporated by reference herein.


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