8-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13
or 15(d) of the Securities
Exchange Act of 1934

Date of Report (Date of earliest event reported): March 4, 2002

First BanCorp.

(Exact name of registrant as specified in this charter)

Puerto Rico	001-14793	66-0561882
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

1519 Ponce De Leon Avenue, San Juan, Puerto Rico	00908-0146
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (787) 729-8200

ITEM 5. OTHER EVENTS

     First BanCorp announced on February 28, 2002 that a Letter of Intent was signed by and between its wholly-owned subsidiary FirstBank Puerto Rico (“FirstBank”), and J.P. Morgan Chase Bank (“Chase”) whereby FirstBank would acquire Chase’s business operations in the United States Virgin Islands, British Virgin Islands and Barbados. A copy of the joint press release is attached as Exhibit 99 to this Current Report on Form 8 and incorporated herein by reference.

ITEM 7. FINANCIAL STATEMENTS, PRO FORMA, FINANCIAL INFORMATION AND EXHIBITS

     C)  Exhibits

99 Press Release dated February 28, 2002

Page 1

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934,

the registrant had duly caused this report to be signed on its behalf of the undersigned hereunto duly authorized.

	FIRST BANCORP.
By:	/s/ Annie Astor-Carbonell
	Senior Executive Vice President and Chief Financial Officer.

Date:  March 4, 2002

Page 2 EX-99 3 g74527ex99.txt PRESS RELEASE [1 FIRST BANCORP LOGO] [JP MORGAN CHASE LOGO] - -------------------------------------------------------------------------------- News release - IMMEDIATE RELEASE February 28, 2002 FIRSTBANK PUERTO RICO TO ACQUIRE CHASE'S VIRGIN ISLANDS BUSINESS ST. THOMAS, VI, FEBRUARY 28, 2002 - First BanCorp (NYSE: FBP) and J.P. Morgan Chase & Co. (NYSE: JPM) today announced that their subsidiaries, FirstBank Puerto Rico ("FirstBank") and JPMorgan Chase Bank ("Chase"), signed a Letter of Intent whereby FirstBank would acquire Chase's business operations in the United States Virgin Islands, British Virgin Islands and Barbados. The proposed transaction is subject to the parties entering into a definitive agreement and obtaining regulatory approvals, and is expected to close later this year. Chase's business includes 8 branches and 14 ATM locations on four islands (St. Thomas, St. Croix, St. John and Tortola) in the United States Virgin Islands and British Virgin Islands. It also includes Chase Agency Services, Inc., which provides insurance services, and Chase Trade, Inc. which provides services to United States exporters. Chase's Virgin Islands franchise offers retail and commercial customers a full array of financial products and services and employs more than 280 employees in the region. Total assets related to this transaction are in excess of $500 million. This proposed acquisition continues FirstBank's diversification and expansion strategy, which in recent years included its acquisition of the First Virgin Islands Federal Savings Bank and a Citibank branch. FirstBank has had a presence in the United States Virgin Islands since 1962. Angel Alvarez-Perez, chairman and CEO of First BanCorp stated: "Our acquisitions in the Virgin Islands highlight our commitment to these communities. Further, as it is our intention to offer employment to all employees of Chase, we are looking forward to a combined workforce that will deliver on First BanCorp's commitment to providing superior quality and service." "An important element of this transaction will be a smooth transition for our customers and employees," said Cassan Pancham, vice president and general manager of Chase Virgin Islands. "Our employees have enjoyed serving this community for years and we will continue to do so." Mr. Pancham will stay on with FirstBank in the Virgin Islands to manage the combined operations. First BanCorp is an $8.2 billion financial holding company. It is the parent company of FirstBank Puerto Rico, the second largest commercial bank in Puerto Rico, and FirstBank Insurance Agency. Both First BanCorp and FirstBank Puerto Rico operate within United States banking laws and regulations. FirstBank operates a total of 91 financial service facilities throughout Puerto Rico and the United States Virgin Islands, including the operations of its subsidiaries Money Express, a finance company, and First Leasing and Car Rental, a car and truck rental leasing company. A component of - -------------------------------------------------------------------------------- Press contacts: FirstBank Puerto Rico: Annie Astor-Carbonell, Senior Executive Vice President and Chief Financial Officer at 787-729-8088 or Fernando L. Batlle, Executive Vice President at 787-729-8252 JPMorgan Chase: Catherine Keary, Vice President at 212-270-7171 First BanCorp J.P. Morgan Chase & Co. News Release Pg. 2 the S&P 600, First BanCorp is headquartered in San Juan, Puerto Rico. Information on First BanCorp is available on the internet at www.firstbankpr.com. J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $694 billion and operations in more than 50 countries. With relationships with over 99% of the Fortune1000 companies, the firm is a leader in investment banking, asset management, private banking, private equity, custody and transaction services, and retail and middle market financial services. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers and the world's most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the internet at www.jpmorganchase.com. # # # -----END PRIVACY-ENHANCED MESSAGE-----

EX-99

[1 FIRST BANCORP LOGO]                                    [JP MORGAN CHASE LOGO]
- --------------------------------------------------------------------------------

News release - IMMEDIATE RELEASE                               February 28, 2002


        FIRSTBANK PUERTO RICO TO ACQUIRE CHASE'S VIRGIN ISLANDS BUSINESS


ST. THOMAS, VI, FEBRUARY 28, 2002 - First BanCorp (NYSE: FBP) and J.P. Morgan
Chase & Co. (NYSE: JPM) today announced that their subsidiaries, FirstBank
Puerto Rico ("FirstBank") and JPMorgan Chase Bank ("Chase"), signed a Letter of
Intent whereby FirstBank would acquire Chase's business operations in the United
States Virgin Islands, British Virgin Islands and Barbados. The proposed
transaction is subject to the parties entering into a definitive agreement and
obtaining regulatory approvals, and is expected to close later this year.

Chase's business includes 8 branches and 14 ATM locations on four islands (St.
Thomas, St. Croix, St. John and Tortola) in the United States Virgin Islands and
British Virgin Islands. It also includes Chase Agency Services, Inc., which
provides insurance services, and Chase Trade, Inc. which provides services to
United States exporters. Chase's Virgin Islands franchise offers retail and
commercial customers a full array of financial products and services and employs
more than 280 employees in the region. Total assets related to this transaction
are in excess of $500 million.

This proposed acquisition continues FirstBank's diversification and expansion
strategy, which in recent years included its acquisition of the First Virgin
Islands Federal Savings Bank and a Citibank branch. FirstBank has had a presence
in the United States Virgin Islands since 1962.

Angel Alvarez-Perez, chairman and CEO of First BanCorp stated: "Our acquisitions
in the Virgin Islands highlight our commitment to these communities. Further, as
it is our intention to offer employment to all employees of Chase, we are
looking forward to a combined workforce that will deliver on First BanCorp's
commitment to providing superior quality and service."

"An important element of this transaction will be a smooth transition for our
customers and employees," said Cassan Pancham, vice president and general
manager of Chase Virgin Islands. "Our employees have enjoyed serving this
community for years and we will continue to do so." Mr. Pancham will stay on
with FirstBank in the Virgin Islands to manage the combined operations.

First BanCorp is an $8.2 billion financial holding company. It is the parent
company of FirstBank Puerto Rico, the second largest commercial bank in Puerto
Rico, and FirstBank Insurance Agency. Both First BanCorp and FirstBank Puerto
Rico operate within United States banking laws and regulations. FirstBank
operates a total of 91 financial service facilities throughout Puerto Rico and
the United States Virgin Islands, including the operations of its subsidiaries
Money Express, a finance company, and First Leasing and Car Rental, a car and
truck rental leasing company. A component of




- --------------------------------------------------------------------------------
Press contacts:
FirstBank Puerto Rico: Annie Astor-Carbonell, Senior Executive Vice President
and Chief Financial Officer at 787-729-8088 or Fernando L. Batlle, Executive
Vice President at 787-729-8252
JPMorgan Chase:  Catherine Keary, Vice President at 212-270-7171


First BanCorp
J.P. Morgan Chase & Co.
News Release
Pg. 2



the S&P 600, First BanCorp is headquartered in San Juan, Puerto Rico.
Information on First BanCorp is available on the internet at
www.firstbankpr.com.

J.P. Morgan Chase & Co. is a leading global financial services firm with assets
of $694 billion and operations in more than 50 countries. With relationships
with over 99% of the Fortune1000 companies, the firm is a leader in investment
banking, asset management, private banking, private equity, custody and
transaction services, and retail and middle market financial services. A
component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered
in New York and serves more than 30 million consumer customers and the world's
most prominent corporate, institutional and government clients. Information
about JPMorgan Chase is available on the internet at www.jpmorganchase.com.


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