First Bancorp (Puerto Rico) Comes a Calling

We all knew this was coming and it has–First Bancorp (FBP) has called for redemption of ALL of their monthly paying preferreds. The redemption date is 11/30/2021.

There are 5 issues outstanding which can be seen here. All of these have been redeemable for over 10 years.

The 8.35% FBPRO issue is taking a shellacking – off $1.76 today.

FBP has gone through rocky times in Puerto Rico, but more recently their financials have become much improved and it was only a matter of time before these high yield preferreds were redeemed.

The company press release is here.

Fred was right on top of this one this morning.

2 thoughts on “First Bancorp (Puerto Rico) Comes a Calling”

  1. Very sorry to see these go. I have traded in and out of these for years. Any easy source of short term trading gains and dividend capture. Luckily as of this morning I own zero shares.

    1. Gary Alexander–I had done the same but in recent times they didn’t want to come back down to my buy point.

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