First Bancorp operates as the holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. The company’s deposit products include interest bearing and non-interest bearing checking and savings accounts, individual retirement accounts, demand deposit accounts, money market accounts, and retail certificates of deposit. Its loan portfolio comprises commercial loans, including commercial real estate and construction loans, and floor plan financings; and consumer loans, such as auto, boat, and personal loans, as well as finance leases and lines of credit. The company also engages in the origination, sale, and servicing of various residential mortgage loan products; and the acquisition and sale of mortgages in the secondary markets. In addition, it provides Internet banking, cash and business management, remote data capture and automated clearing house transactions, municipal bond underwriting, financial advisory, and insurance agency services. As of June 1, 2012, First Bancorp operated a total of 148 branches, stand-alone offices, and in-branch service centers in Puerto Rico, the U.S. and British Virgin Islands, and Florida. First Bancorp was founded in 1948 and is based in San Juan, Puerto Rico.