Robert Gormley and José Menéndez-Cortada Intends to Retire as Directors of First BanCorp and FirstBank Puerto Rico
April 06, 2021 at 04:05 pm EDT
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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.
First BanCorp. is a financial holding company. As of December 31, 2016, the Company controlled two subsidiaries: FirstBank Puerto Rico (the Bank or FirstBank) and FirstBank Insurance Agency, Inc. (FirstBank Insurance Agency). It operates in six segments: Commercial and Corporate Banking, which consists of lending and other services; Consumer (Retail) Banking, which consists of consumer lending and deposit-taking activities; Mortgage Banking, which consists of the origination, sale, and servicing of a range of residential mortgage loan products and related hedging activities; Treasury and Investments, which consists of treasury and investment management functions; United States Operations, which consists of all banking activities conducted by FirstBank on the United States mainland, and Virgin Islands Operations, which consists of banking activities conducted by FirstBank in the United States Virgin Islands and British Virgin Islands, including retail and commercial banking services.