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


          Appointment of Certain Officers; Compensatory Arrangements of Certain
          Officers

On April 5, 2021, Mr. Robert Gormley, a member of the Board of Directors of First BanCorp (the "Corporation"), and Mr. José Menéndez-Cortada, a member of the Board of Directors of the Corporation and, its subsidiary bank, FirstBank Puerto Rico (the "Bank"), notified the Corporation and the Bank, each individually, their intention to retire as directors and their wish to not seek re-election to the Board upon completion of their current term as directors at the upcoming Annual Stockholder's Meeting to be held on May 2021. Mr. Gormley has served as a director of the Corporation since October 2012. Mr. Menéndez-Cortada has served as a director of the Corporation and the Bank since April 2004. Their decision to not stand for re-election did not result from any disagreement with the Corporation or any matter relating to the Corporation's operations, policies or practices.


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