SUBSEQUENT EVENTS	3 Months Ended
Sep. 30, 2014
SUBSEQUENT EVENTS	NOTE 24 – SUBSEQUENT EVENTS On October 2, 2014, the Corporation's banking subsidiary, FirstBank Puerto Rico, entered into a Mortgage Loan Purchase and Sale and Interim Servicing Agreement (the “Purchase Agreement”) with Doral Bank, a wholly-owned subsidiary of Doral Financial Corporation. Pursuant to the Purchase Agreement, FirstBank purchased on October 3, 2014 (the “Closing Date”) all rights, title and interests in certain performing residential mortgage loans (the “Mortgage Loans”) with approximately $192.6 million in outstanding unpaid principal balance. As consideration for the purchase of the Mortgage Loans, FirstBank paid approximately $192.7 million in cash (the “Purchase Price”), less a holdback of $1.3 million which was deposited into escrow to cover certain representations and warranties made by Doral Bank with respect to the Mortgage Loans. Under the terms of the Purchase Agreement, FirstBank is entitled to a period of 90 days after the Closing Date for postclosing analysis of the Mortgages Loans, during which period FirstBank may provide notice to Doral Bank of any Mortgage Loan that does not conform to Doral Bank's representations and warranties under the Purchase Agreement (a “Defective Mortgage Loan”). Doral Bank may, in its sole discretion, elect to (i) cure the Defective Mortgage Loan, (ii) substitute the Defective Mortgage Loan with a mortgage in an amount equal to or greater than the unpaid principal balance and with a similar maturity date, or (iii) repurchase the Defective Mortgage Loan. Doral Bank's obligation to substitute or repurchase Defective Mortgage Loans in connection with the Purchase Agreement is limited to an amount not greater than $8 million. The Corporation incurred $0.7 million in professional service fees during the third quarter of 2014 specifically related to this transaction. The Mortgage Loans are being sold to FirstBank on a servicing-released basis. Doral Bank will continue to service the Mortgage Loans for an interim period. The Corporation has performed an evaluation of all other events subsequent to September 30, 2014; management has determined that there are no other events occurring in this period that require disclosure in or adjustment to the accompanying financial statements.

SUBSEQUENT EVENTS

3 Months Ended

Sep. 30, 2014

NOTE 24 – SUBSEQUENT EVENTS

On October 2, 2014, the Corporation's banking subsidiary, FirstBank Puerto Rico, entered into a Mortgage Loan Purchase and Sale and Interim Servicing Agreement (the “Purchase Agreement”) with Doral Bank, a wholly-owned subsidiary of Doral Financial Corporation. Pursuant to the Purchase Agreement, FirstBank purchased on October 3, 2014 (the “Closing Date”) all rights, title and interests in certain performing residential mortgage loans (the “Mortgage Loans”) with approximately $192.6 million in outstanding unpaid principal balance.

As consideration for the purchase of the Mortgage Loans, FirstBank paid approximately $192.7 million in cash (the “Purchase Price”), less a holdback of $1.3 million which was deposited into escrow to cover certain representations and warranties made by Doral Bank with respect to the Mortgage Loans. Under the terms of the Purchase Agreement, FirstBank is entitled to a period of 90 days after the Closing Date for postclosing analysis of the Mortgages Loans, during which period FirstBank may provide notice to Doral Bank of any Mortgage Loan that does not conform to Doral Bank's representations and warranties under the Purchase Agreement (a “Defective Mortgage Loan”). Doral Bank may, in its sole discretion, elect to (i) cure the Defective Mortgage Loan, (ii) substitute the Defective Mortgage Loan with a mortgage in an amount equal to or greater than the unpaid principal balance and with a similar maturity date, or (iii) repurchase the Defective Mortgage Loan. Doral Bank's obligation to substitute or repurchase Defective Mortgage Loans in connection with the Purchase Agreement is limited to an amount not greater than $8 million.

The Corporation incurred $0.7 million in professional service fees during the third quarter of 2014 specifically related to this transaction.

The Mortgage Loans are being sold to FirstBank on a servicing-released basis. Doral Bank will continue to service the Mortgage Loans for an interim period.

The Corporation has performed an evaluation of all other events subsequent to September 30, 2014; management has determined that there are no other events occurring in this period that require disclosure in or adjustment to the accompanying financial statements.