First BanCorp. (NASDAQ:FBNC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

First BanCorp. (NASDAQ:FBNC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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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 August29, 2018, the Board of Directors of First BanCorp. (the
Corporation) and FirstBank Puerto Rico (the Bank), the
Corporations wholly owned subsidiary bank, elected Mr.DanielE.
Frye to serve as a director on the Corporations and the Banks
Board of Directors effective August29, 2018.

On August29, 2018, the Corporation and Mr.Frye entered into an
Offer Letter to which Mr.Frye will be entitled to compensation
and benefits that are the same as those to which all of the
Corporations directors, other than the Corporations 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 FDICs 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 FDICs 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 5.02


Financial Statements and Exhibits

(d) Exhibits

See the Exhibit Index below, which is incorporated by reference
herein.


Exhibit Index


Exhibit


Description of Exhibit

10.1 Offer Letter between First BanCorp. and Daniel E. Frye, dated
August29, 2018.


2


FIRST BANCORP /PR/ Exhibit
EX-10.1 2 d618589dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 August 29,…
To view the full exhibit click here

About First BanCorp. (NASDAQ:FBNC)

First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Company engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Company offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers. In addition, the Company offers Internet banking, mobile banking, cash management and bank-by-phone capabilities to its customers. The Company also offers a mobile check deposit feature for its mobile banking customers that allows them to deposit checks through their smartphone. The Company offers remote deposit capture for its business customers. The Company conducts business from approximately 90 branches. The Bank’s subsidiaries include First Bank Insurance Services, Inc. (First Bank Insurance) and First Troy SPE, LLC.

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