| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
5.02(d) Election of Directors
On August 29, 2018, the Board of Directors of First BanCorp. (the “Corporation”) and FirstBank Puerto Rico (the “Bank”), the Corporation’s wholly owned subsidiary bank, elected Mr. Daniel E. Frye to serve as a director on the Corporation’s and the Bank’s Board of Directors effective August 29, 2018.
On August 29, 2018, the Corporation and Mr. Frye entered into an Offer Letter pursuant to which Mr. Frye will be entitled to compensation and benefits that are the same as those to which all of the Corporation’s directors, other than the Corporation’s Chair, are entitled.
Mr. Frye is a former special advisor and area director of the Federal Deposit Insurance Corporation (the “FDIC”), with over forty years of experience in the banking industry. Prior to retiring in December 2016, Mr. Frye held various positions within the FDIC, including Bank Examiner, Regional Manager, Area Director and Special Advisor. From August 2014 to December 2016, Mr. Frye served as Special Advisor in the FDIC. From 2002 to August 2014, he served as Area Director of the FDIC’s Boston Area Office, where he directed the risk management supervisory activities for the six New England states and served as acting Regional Director for the FDIC’s New York Region for approximately two years during this timeframe, with responsibility for both the risk management and consumer protection supervisory programs. Mr. Frye has served as an independent director of the privately-held Shinhan Bank America since April 2017.
The Board committees on which Mr. Frye will serve, if any, have not been determined.
A copy of the Offer Letter is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
See the Exhibit Index below, which is incorporated by reference herein.
Exhibit Index
2
