First BanCorp. (Form: 8-K)  

 


UNITED STATES
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):   May 26, 2015

First BanCorp.
__________________________________________
(Exact name of registrant as specified in its charter)

     
Puerto Rico 001-14793 66-0561882
_____________________
(State or other jurisdiction
_____________
(Commission
______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
1519 Ponce de Leon Ave., PO Box 9146, San Juan, Puerto Rico   00908-0146
_________________________________
(Address of principal executive offices)
  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   787-729-8041

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))


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Item 5.07 Submission of Matters to a Vote of Security Holders.

At the Corporation’s Annual Meeting of Stockholders held on May 26, 2015, the matters voted on and the voting results are as follows:

Proposal 1 — Election of Directors

                         
Director Nominees:   Votes For   Votes Against   Votes Abstained
Juan Acosta-Reboyras
    190,345,122       1,512,015       43,977  
 
                       
Aurelio Alemán-Bermúdez
    190,350,419       1,508,567       42,128  
 
                       
Luz A. Crespo
    190,227,002       1,615,334       58,778  
 
                       
Robert T. Gormley
    190,306,164       1,533,945       61,005  
 
                       
Thomas M. Hagerty
    189,907,344       1,933,939       59,831  
 
                       
Michael P. Harmon
    190,306,065       1,534,044       61,005  
 
                       
Roberto R. Herencia
    149,564,967       42,286,280       49,867  
 
                       
David I. Matson
    190,301,798       1,535,674       63,642  
 
                       
José Menéndez-Cortada
    190,174,251       1,663,715       63,148  
 
                       

Broker Non-Vote 14,801,287 shares for each director.

Proposal 2 – Non-binding Approval of Executive Compensation

                         
Votes For
  Votes Against   Votes Abstained   Broker Non-Votes
 
                       
187,298,941
    4,425,979       176,194       14,801,287  
 
                       

Proposal 3 — Ratification of the Appointment of KPMG LLP as the Independent Registered Public Accounting Firm for Fiscal Year 2014

                         
Votes For   Votes Against   Votes Abstained  
Broker Non-Votes
                       
 
  206,335,709       310,737       55,955    
NA
                       
 

Item 8.01 Other Events.
On May 26, 2015, the Corporation announced that it has entered into a definitive agreement to sell a portfolio comprised of mostly non-performing and classified commercial loans and real estate owned totaling $199.8 million of unpaid principal balance, or $150.1 million of book value (excluding specific reserves), for $87.6 million in cash or 43.8% of the unpaid principal balance of the assets. This transaction is expected to close in early June 2015.

This transaction will result in a pretax loss, net of $15.3 million in reserves, of approximately $47.2 million. At the completion of the transaction, FirstBank will reduce its classified assets and non-performing assets by approximately $149.1 million and $94.7 million, respectively. The resulting March 31, 2015 pro form non-performing asset to total asset ratio will decline from 5.74% to 5.02%.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits

             
           
 
Exhibit No.      
Description
           
 
           
 
  99.1        
Press Release dated May 26, 2015 — First BanCorp Announces
Progress On Balance Sheet De-Risking
           
 


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SIGNATURES

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.

         
    First BanCorp.
          
May 27, 2015   By:   /s/ Lawrence Odell
       
        Name: Lawrence Odell
        Title: EVP and General Counsel


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Exhibit Index


     
Exhibit No.   Description

 
99.1
  Press Release dated May 26, 2015 — First BanCorp Announces Progress On Balance Sheet De-Risking