Bank Holding Company First Bancorp Announces Strategic Reorganization

By Bobby Samwell • Friday, January 31 10:28 • Permanent Link

First Bancorp, the bank holding company for FirstBank Puerto Rico, recently announced a strategic reorganization aimed at improving operational efficiency, enhancing customer experience, and driving business transformation. As part of this reorganization, several key executives are set to retire from their positions, including Cassan Pancham, Executive Vice President and Business Group Executive, and Carlos Power, Executive Vice President and Business Group Executive.

In light of these changes, new appointments and expanded leadership roles have been announced. Nayda Rivera-Batista, the current Executive Vice President and Chief Risk Officer, will be appointed to the newly created position of Executive Vice President and Chief Consumer Officer. Additionally, Sara Alvarez, Executive Vice President, General Counsel and Secretary of the Board, will have increased responsibilities at the corporation, including managing and overseeing regulatory compliance and Bank Secrecy Act (BSA) business units.

Other changes include Juan Carlos Pavia, Executive Vice President and Chief Credit Officer, taking on increased responsibilities, and Lillian Diaz, Executive Vice President and Business Group Executive, overseeing the entire Eastern Caribbean region. Myrna Rivera, current Senior Vice President and Enterprise Risk Management and Operational Risk Director, will be appointed Senior Vice President (SVP) Division Director and Chief Risk Officer (CRO), reporting directly to Orlando Berges, Executive Vice President and Chief Financial Officer.

The press release also mentioned that First Bancorp is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the U.S. and British Virgin Islands, and Florida, as well as FirstBank Insurance Agency, LLC. The company's shares of common stock trade on the New York Stock Exchange under the symbol “FBP.” The market has reacted to these announcements by moving the company's shares -0.4% to a price of $20.85. Check out the company's full 8-K submission here.

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