First BanCorp
First BanCorp is a publicly traded bank holding company operating FirstBank across Puerto Rico, Florida, the USVI, and the BVI, providing personal, commercial, and wealth management banking services to retail consumers, businesses, and high-net-worth clients.
- Company typePublic
- Founded1948
- HeadquartersSan Juan Capistrano, United States
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingServices
What First BanCorp does
First BanCorp is a publicly traded bank holding company founded in 1948 that operates FirstBank, providing a full suite of personal and commercial banking services across Puerto Rico, Florida, the U.S. Virgin Islands, and the British Virgin Islands. Core consumer offerings include checking, savings, certificates of deposit, IRAs, credit cards, personal loans, and mortgages, while commercial banking products span cash management, ACH origination, Positive Pay, and treasury services. The company also generates income from wealth management and insurance through a network of subsidiaries including FirstBank Insurance Agency, FirstBank Puerto Rico Securities Corp., FirstBank Overseas Corporation, and First Federal Finance Corp. (Money Express), giving it a vertically integrated financial services footprint spanning deposits, lending, payments, insurance, and capital markets activity.
The underlying technology stack is anchored by two purpose-built digital platforms: Tu Banca Digital for retail customers and Business Digital Banking for commercial clients, supplemented by Mobile Smart Check (remote deposit capture). The bank extends its digital surface through third-party integrations with Quicken, QuickBooks, and Mastercard via the CentreSuite platform, plus an exclusive islandwide shipping partnership that exploits its Puerto Rico distribution scale. The platform architecture is conventional for a regional bank of its size and is not described as containing AI/ML components.
The business model is a traditional spread-based commercial bank: net interest income from loan and deposit activities is the primary revenue driver, supplemented by fee income from service charges on deposit accounts, card interchange and merchant fees, insurance commissions, securities and wealth management fees, and cash management service charges. Customer segments are deliberately diversified across retail consumers, small and mid-sized businesses, high-net-worth and Platinum clients, and the startup segment, with go-to-market executed through the multi-jurisdictional branch network plus the digital channels described above. There is no disclosed pricing model beyond standard banking products, and no named enterprise anchors are referenced, indicating a distributed long-tail customer base.
First BanCorp firmographics
Firmographics- Name
- First BanCorp
- Legal name
- First BanCorp.
- Website
- https://1firstbank.com
- Company type
- Public
- Founded year
- 1948
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- First BanCorp is a publicly traded bank holding company operating FirstBank across Puerto Rico, Florida, the USVI, and the BVI, providing personal, commercial, and wealth management banking services to retail consumers, businesses, and high-net-worth clients.
- Ownership category
- akta.pro rank
First BanCorp industry classification
Industry- Product category
- Retail and Commercial Banking
- NAICS
- Depository Credit Intermediation (5221), Commercial Banking (52211), Credit Card Issuing (52221)
- SIC
- National Commercial Banks (6021)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
- akta.pro secondary industries
- Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Credit Cards & Revolving Credit (FSABAAAC), Digital Banking & Neobank Platforms (BPAMAFAD)
Keywords
Where First BanCorp is headquartered
LocationHeadquarters
- HQ city
- San Juan Capistrano
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
First BanCorp business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Interest Income: First BanCorp generates revenue primarily through interest earned on loans including personal loans, auto loans, mortgages, commercial credit, and credit cards. The bank offers various loan products with competitive interest rates.
- Deposit Account Fees: Fee income from checking accounts, savings accounts, IRA accounts, and certificates of deposit. Monthly service charges may apply for certain account types and paper statement delivery.
- Credit Card Fees: Revenue from credit card transactions, annual fees, late payment fees, and cash advance fees on personal and commercial credit cards including Beyond Business Mastercard.
- Digital Banking Services: Fees for electronic banking services including wire transfers (with same-day option for $3.99), bill payment processing, stop payments, and remote deposit capture.
- Commercial Banking Services: Revenue from commercial cash management services including ACH transactions,Positive Pay, reconciliation services, lockbox, commercial bill payment, and commercial credit facilities.
- Insurance Products: FirstBank Insurance Agency offers insurance products including travel insurance, with revenue generated from policy premiums and commissions.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Personal Checking and Savings Accounts |
| Subscription | Monthly | Commercial Accounts |
| Transaction based/ take rate | Pay-as-you-go | Same-Day Wire Transfer |
| Unit Pricing | Pay-as-you-go | Mobile Remote Deposit Limits |
| Subscription | Monthly | Premium Tiers (Preferente and Platinum) |
Go-to-market motion1 record
Distribution channels7 records
Marketing channels6 records
First BanCorp product offering
Product offeringCore offering
First BanCorp operates as a bank holding company delivering retail and commercial banking products and services through the FirstBank brand. Core offerings span personal deposit accounts (checking, savings, CDs, IRAs), personal and commercial credit cards, consumer loans (personal, auto, mortgage), insurance, and commercial cash management services (ACH, wire transfers, Positive Pay, remote deposit capture). Distribution combines an extensive physical branch network across Puerto Rico, Florida, the U.S. Virgin Islands, and the British Virgin Islands with proprietary digital platforms Tu Banca Digital and Business Digital Banking.
Product overview
First BanCorp (FirstBank) operates as a bank holding company offering a comprehensive suite of banking products and services through a platform-plus-modules architecture. The core digital banking platforms consist of Tu Banca Digital for personal customers and Business Digital Banking for commercial clients. Personal banking modules include checking accounts, savings accounts, CDs, IRA retirement accounts, credit cards, debit cards, personal loans, auto loans, mortgage loans, and insurance products. Commercial banking modules encompass Business Digital Banking with modular cash management services including Smart Check (remote deposit), Smart Cash (cash deposit), ACH services, Positive Pay fraud prevention, Lock Box, Commercial Bill Payment, Zero Balance Accounts, and Night Depository. The company also offers premium banking services under the Platinum Banking brand and insurance products through FirstBank Insurance Agency. All platforms provide bilingual (English/Spanish) access via web and mobile applications, with the mobile app available on iOS and Android.
Differentiator
Problem solved
Functional benefit
Brands
- FirstMortgage: Mortgage banking services offered by First BanCorp.
- FirstBank Insurance
- First Leasing
- Money Express
- Prestamás
- FirstBank Overseas
- Tu Banca Digital
- Business Digital Banking
- Beyond Business Mastercard
- Platinum Banking
Products and services
- Tu Banca Digital (Personal Digital Banking) Unified digital banking platform offering web and mobile access for personal banking customers to manage accounts, make transfers, pay bills, deposit checks remotely, and access account services 24/7 via biometric login.
- Business Digital Banking Comprehensive online commercial banking platform providing modular services for cash management, including account information, transaction services, fraud prevention, collections, account management, and deposit services for business clients.
- Cuentas de Cheque (Personal Checking Accounts) Personal checking account products providing deposit services with features such as debit card access, online banking, and various account management options for individual consumers.
- Cuentas de Ahorro (Savings Accounts) Personal savings account products offering interest-earning deposit options with various term and access configurations.
- Certificados de Depósito (Certificates of Deposit / CDs) Time deposit products with fixed terms and guaranteed returns for customers seeking conservative savings options.
- IRA Retirement Accounts Individual Retirement Account products providing tax-advantaged savings options for retirement planning.
- First Reserve (Línea de Reserva) Revolving credit line linked to a deposit account, allowing customers to access funds up to their approved limit for overdraft protection or personal credit needs.
- Tarjetas de Crédito (Personal Credit Cards) Personal credit card products offering various reward programs, cash back options, and promotional rates for individual cardholders.
- Préstamo Personal (Personal Loans) Unsecured personal loans for individual financing needs including debt consolidation, home improvements, or major purchases.
- Préstamo de Auto (Auto Loans) Vehicle financing loans for new and used automobiles, with dealer partnerships and direct consumer lending options.
- Préstamo Hipotecario (Mortgage Loans) Home mortgage lending products for purchasing or refinancing residential properties, including various term options and rate structures.
- Seguros (Insurance via FirstBank Insurance Agency) Insurance products and services including travel insurance, offered through FirstBank Insurance Agency for personal and business coverage needs.
- Platinum Banking Premium banking service for high-net-worth individuals offering exclusive benefits, personalized services, enhanced features, external wire transfers, and priority service.
- Beyond Business Mastercard Commercial credit card offering for business customers with spending controls, real-time transaction monitoring, and integrated management through the CentreSuite platform.
- Money Express (Consumer Finance) Consumer lending and financial services brand operated by First Federal Finance Corp., a wholly-owned subsidiary of First BanCorp, providing personal loans and consumer finance products.
- FirstBank Puerto Rico Securities Corp. Registered broker-dealer subsidiary of First BanCorp offering securities and investment products to customers.
- FirstBank Overseas Corporation Wholly-owned offshore banking subsidiary of First BanCorp providing banking and financial services to overseas clients.
Companies that use First BanCorp
Customer profileSegments4 records
Ideal customer profiles4 records
First BanCorp technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration13 records
Feature7 records
First BanCorp partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- IslandwidecoreExclusive partnership providing all FirstBank cardholders (commercial and individual) with 20% discount on next-day shipping services throughout Puerto Rico. This benefit is exclusive to FirstBank customers and enhances the value proposition of holding a FirstBank credit or debit card.
Scale indicators1 record
Recent moves5 records
Expansion highlights6 records
First BanCorp competitors and assessment
Company assessmentDirect peers
- BBVA Puerto Rico: Puerto Rico affiliate of BBVA offering consumer and commercial banking products. Direct peer in the Puerto Rico retail and SME deposit and lending market.
- Citibank Puerto Rico: Puerto Rico branch of Citibank N.A. providing consumer, commercial, and wealth banking services. Comparable in premium and commercial banking offerings to FirstBank's Platinum tier and Business Digital Banking.
- Oriental Bank (OFG Bancorp): Puerto Rico-based bank offering retail, commercial, and mortgage banking with a similar island-focused franchise. Direct peer competing for the same SMB and consumer deposit base in Puerto Rico.
- Popular, Inc. Largest bank holding company in Puerto Rico with retail, commercial, mortgage, and insurance operations across PR, the U.S. mainland, and the Caribbean. Closest direct competitor to First BanCorp in the Puerto Rico mass-market and commercial banking segments.
- Banco Santander Puerto Rico: Puerto Rico affiliate of Santander Group offering full-service retail and commercial banking. Competes head-to-head with FirstBank in PR across consumer deposits, mortgages, and commercial cash management.
- Scotiabank Puerto Rico: Puerto Rico operation of Scotiabank offering personal, commercial, and wealth banking. Comparable international-bank franchise model with multi-segment product suite on the island.
Broad incumbents
- Bank of America: Major U.S. national bank with significant retail and small-business banking operations in Florida and a Hispanic-segment focus. Comparable in commercial cash management and consumer credit products.
- Wells Fargo: Large U.S. national bank with extensive branch and digital presence including Puerto Rico and Florida. Competes with FirstBank on consumer deposits, mortgages, and small business banking across overlapping geographies.
- JPMorgan Chase: Largest U.S. bank with growing presence in Florida and digital consumer banking. Competes for the same consumer and small-business deposits and lending in FirstBank's Florida corridor.
Regional players
- Banesco USA: Florida-based community bank with roots in the Venezuelan/Latin American banking group, serving Hispanic communities. Comparable to FirstBank's Florida operations targeting bilingual Hispanic consumer and SMB customers.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
First BanCorp social profiles
Digital presenceFirst BanCorp compliance and trust
Trust signalCompliance2 records
First BanCorp financial estimates
Financial estimateRevenue estimate
Valuation estimate
First BanCorp leadership team
Management profileNumber of profiles
First BanCorp subsidiaries and ownership
Company hierarchySubsidiaries5 records
First BanCorp funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First BanCorp M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First BanCorp
What does First BanCorp do?
First BanCorp operates as a bank holding company delivering retail and commercial banking products and services through the FirstBank brand. Core offerings span personal deposit accounts (checking, savings, CDs, IRAs), personal and commercial credit cards, consumer loans (personal, auto, mortgage), insurance, and commercial cash management services (ACH, wire transfers, Positive Pay, remote deposit capture). Distribution combines an extensive physical branch network across Puerto Rico, Florida, the U.S. Virgin Islands, and the British Virgin Islands with proprietary digital platforms Tu Banca Digital and Business Digital Banking.
Is First BanCorp a public or private company?
First BanCorp is a public company. It is classified as public and is currently operating.
When was First BanCorp founded?
First BanCorp was founded in 1948. It employs 1,001 to 5,000 people.
Where is First BanCorp based?
First BanCorp is headquartered in San Juan Capistrano, United States, in the North America region.
How does First BanCorp make money?
Six revenue lines are on record. Interest Income is the primary driver. The others are deposit Account Fees, credit Card Fees, digital Banking Services, commercial Banking Services and insurance Products.
Who are First BanCorp's main competitors?
Direct peers on record are BBVA Puerto Rico, Citibank Puerto Rico, Oriental Bank (OFG Bancorp), Popular, Inc., Banco Santander Puerto Rico and Scotiabank Puerto Rico. Broad incumbents are Bank of America, Wells Fargo and JPMorgan Chase. Banesco USA is listed as a regional player.
Does First BanCorp have an API?
No public API is recorded for First BanCorp.
What industry is First BanCorp in?
First BanCorp's product category is Retail and Commercial Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSABAAAB, Retail Lending (Personal Loans, Auto, Credit Lines). Its NAICS code is 5221 and its SIC code is 6021.