First BanCorp Plans Reverse Stock Split

First Bancorp is launching a one-for-fifteen reverse stock split of all outstanding shares of its common stock. The one-for-fifteen reverse stock split will automatically convert 15 old shares of the bank’s common stock into one new share of common stock.

It will reduce the number of outstanding shares of common stock from about 320 million shares to some 21 million shares of common stock. The Puerto Rican bank will not issue fractional shares in relation with the reverse stock split. BNY Mellon Shareowner Services is serving as the exchange agent for the reverse stock split.

Click here for the release from Business Wire.