Item 8.01 Other Events.

On December 23, 2008, First BanCorp (the "Corporation") issued a press release announcing that it has received preliminary approval from the U.S. Department of the Treasury (the "Treasury") to participate in its Capital Purchase Program. As a result, the Corporation expects to issue and sell to Treasury $400 million in newly issued shares of the Corporation's preferred equity and a warrant to purchase shares of the Corporation's common stock. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description
99.1 Press Release dated December 23, 2008

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