First BanCorp (the “Corporation”) (NYSE:FBP) announced today that its Board of Directors has approved the next payment of common stock dividends. Common stockholders of record as of March 15, 2009 will receive the 55th consecutive quarterly dividend payment declared by First BanCorp’s Board of Directors, in the amount of $0.07 per share payable on March 31, 2009.

Luis M. Beauchamp, Chairman and CEO of First BanCorp, commented, “The Corporation continues to pay quarterly dividends to its common stockholders despite the current economic climate. Our tangible book value per common share is above $10.00, we continue to gain market share in the key lines of business we serve, and our capital position is stronger than ever. Our Tier I Capital as of December 31, 2008, after giving pro forma effect to the $400 million of Preferred Stock issued to the U.S. Treasury, stands at approximately 14.45% or $1.1 billion above the well capitalized level.”

Beauchamp continued, “Puerto Rico has been in a recession for over three years. Nevertheless, the Corporation has remained profitable throughout. The management and the Board of Directors are confident that FirstBank and its affiliated companies will continue to navigate the current adverse economic scenario successfully. Although we cannot predict the future, we believe in the long-term prospects of the Corporation. This is evidenced by recent acquisitions of our stock by various senior officers and Board members.” Mr. Beauchamp concluded by stating, “We believe that the decline in market price may be due to various factors, including, among others, the reduced confidence level in the financial sector and Puerto Rico, the volatility of the global stock market, the high level of short sales by speculative investors and margin calls by brokerage houses.”

About First BanCorp

First BanCorp is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the Virgin Islands and Florida; of FirstBank Insurance Agency; and of Ponce General Corporation. First BanCorp, FirstBank Puerto Rico and FirstBank Florida, the thrift subsidiary of Ponce General, all operate within U.S. banking laws and regulations. The Corporation operates a total of 194 branches, stand-alone offices and in-branch service centers throughout Puerto Rico, the U.S. and British Virgin Islands, and Florida. Among the subsidiaries of FirstBank Puerto Rico are Money Express, a finance company; First Leasing and Car Rental, a car and truck rental leasing company; and FirstMortgage, a mortgage origination company. In the U.S.