First BanCorp, a bank holding company of FirstBank completed the acquisition of Santander Bancorp, a holding company including Banco Santander Puerto Rico, a retail bank for $1.3bn. First BanCorp paid Santander cash in an amount of some $395m base purchase price for 117.5% of Santander’s core tangible common equity, comprised of a $59m premium on $336m of core tangible common equity, plus $883m for Santander’s excess capital (paid at par), which represents the estimated closing payment pursuant to the terms of the purchase agreement. "Today we completed the acquisition of Banco Santander announced back in October 2019. The completion of this transaction marks a significant milestone in our journey. I want to acknowledge the hard work and dedication of both teams who have worked diligently on integration planning and execution throughout the operational disruption caused by the pandemic. We welcome the Banco Santander employees and customers and look forward to exceeding their expectations with an expanded branch network and service channels and enhanced technological offerings," Aurelio Alemán, First BanCorp President and CEO.