logo
  Join        Login             Stock Quote

First Bancorp (FBP) Closes Purchase Of $402M Credit Card Portfolio

 June 01, 2012 12:46 PM
 


(By Balaseshan) First Bancorp (NYSE:FBP), the bank holding company for FirstBank Puerto Rico, said it has completed its purchase of a $402 million FirstBank-branded consumer credit card portfolio from FIA Card Services N.A. and an affiliate, effective May 31, 2012.

Last month, First Bancorp said that FirstBank had signed a definitive agreement with FIA Card Services, N.A. to acquire the FirstBank-branded credit card portfolio.

Customers will not be impacted as FIA Card Services, N.A will continue to service the accounts under an interim servicing agreement into 2013, when FirstBank will integrate credit card servicing into its customer service environment.

[Related -15 Stocks That Hit The 'Deep-Value Trifecta']

Chief Executive Aurelio Alemán said this transaction, which increases the earnings capacity of First Bancorp, deepens its relationship with customers and enables the company to continue to expand in the markets it serves with a broader base of customers.

The company provides a range of financial services for retail, commercial and institutional clients. It controlled three subsidiaries: FirstBank, FirstBank Insurance Agency, Inc. (FirstBank Insurance Agency) and Grupo Empresas de Servicios Financieros (doing business as PR Finance Group).

The company operates in six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations and Virgin Islands Operations.

FBP is trading down 2.74% at $3.55 on Friday. The stock has been trading between $2.50 and $5.09 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageGermany Is On The Rebound - Time To Buy?

Based on this year's 17% spike in the Stoxx Europe 600 Index, it seems investors have found a home in read on...

article imageIs Drought Risk In The American West An Economic Threat?

The historic and ongoing drought in California is getting harder to ignore in terms of its potential impact read on...

article imageFunds Behaving Badly

Discipline is still the key to read on...

article imageGenuine Parts Co. (GPC): This Company's Raised Dividends For 59 Years

There are 253 million cars and trucks driving along U.S. roads. And the average age of those automobiles is read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Read Here What Comes Next In The Eurozone Crisis
More Articles on: Finance



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.