Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On May 22, 2009, First BanCorp (the "Corporation") received a letter from
director José Teixidor informing the Corpoation of his resignation from the
Board of Directors of the Corporation and its subsidiary FirstBank Puerto Rico
(the "Bank") effective as of May 19, 2009. Mr. Teixidor has served as a Director
of the Corporation and the Bank since 1994. Mr. Teixidor also served as a member
of the Compensation & Benefits Committee of the Corporation. Mr. Teixidor's
decision to resign is not due to any disagreement with the Corporation.
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