First BanCorp

10/21/2021 | Press release | Distributed by Public on 10/21/2021 15:31

Management Change/Compensation - Form 8-K

Washington, DC 20549
Form 8-K

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 15, 2021
First BanCorp.
(Exact Name of Registrant as Specified in its Charter)
Puerto Rico
(State or Other Jurisdiction
of Incorporation)
File Number)
(I.R.S. Employer
Identification No.)
1519 Ponce De Leon Ave.
P.O. Box 9146
San Juan, Puerto Rico
(Address of Principal Executive Offices)
(Zip Code)

(787) 729-8200
(Registrant's Telephone Number, including Area Code)

Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Name of each exchange on which registered
Common Stock ($0.10 par value)
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Effective October 15, 2021, First BanCorp. (the "Corporation") appointed Mr. Said Ortiz, the Corporation's Controller and Senior Vice President, to serve as the Corporation's Chief Accounting Officer. Mr. Orlando Berges the Corporation's Chief Financial Officer and Executive Vice President served as the Chief Accounting Officer on an interim basis since February 25, 2020.
Mr. Ortiz has over fourteen years of experience in the field of public accounting. His trajectory in the Corporation began as Assistant Controller, managing several groups in the Controller Department. His previous roles include positions as auditing and consulting manager for international firms, such as KPMG and Ernst & Young. This professional experience gave Mr. Ortiz the opportunity to manage important projects, including the implementation of accounting systems for international public companies, process optimization, policy and accounting processes documentation, carrying out new accounting decrees and evaluating the accounting implications of complex business transactions.

There are no plans, contracts or arrangements between Mr. Ortiz and any other party pursuant to which Mr. Ortiz was appointed to serve as the Chief Accounting Officer.

There are no family relationships between Mr. Ortiz and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company within the meaning of Item 401(d) of Regulation S-K under the U.S. Securities Act of 1933 ("Regulation S-K"). Since the beginning of the Company's last fiscal year, the Company has not engaged in any transaction in which Mr. Ortiz had a direct or indirect material interest within the meaning of Item 404(a) of Regulation S-K.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 21, 2021
First BanCorp.
/s/ Sara Alvarez
Sara Alvarez
EVP and General Counsel