Board of Directors

JUAN ACOSTA REBOYRAS, CPA

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Director of the Corporation since August 2014. Mr. Juan Acosta Reboyras is a Partner at the law firm Acosta & Ramirez, LLP, specializing in tax and corporate law, individual tax planning, estate planning and general matters of tax and corporate law. Mr. Acosta Reboyras is a former partner at the accounting firm KPMG and a former partner at the law firms of Goldman Antonetti & Cordova and McConnell Valdes. Throughout his 35-year career, Mr. Acosta-Reboyras has dealt with a variety of tax compliance and planning issues while concentrating on tax-related business affairs including corporate reorganizations, mergers, acquisitions and divestitures. He has also counseled clients on the organization and operation of corporations in Puerto Rico, applications for grants of tax exemption and United States and Puerto Rico income tax matters dealing with outbound and inbound transfers of assets. Mr. Acosta-Reboyras has been a Certified Public Accountant since 1977 and has been licensed to practice law in the Commonwealth of Puerto Rico and the United States Court of Appeals for the First Circuit since 1984. A former President of the Puerto Rico Society of Certified Accountants, he is an active member of the Puerto Rico Bar Association, the American Bar Association and the American Institute of Certified Public Accountants.

AURELIO ALEMÁN-BERMUDEZ

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President and Chief Executive Officer since September 2009. Director of First BanCorp. and its subsidiary FirstBank Puerto Rico (“FirstBank”) since September 2005. Chairman of the Board of Directors and CEO of the Corporation’s subsidiaries First Federal Finance Corporation d/b/a Money Express, FirstExpress, Inc., FirstBank Puerto Rico Securities Corp., and First Management of Puerto Rico, and CEO of FirstBank Insurance Agency, Inc. Chairman of the Board of Directors and CEO of the Corporation’s subsidiary FirstMortgage, Inc. from September 2005 through December 2014. Senior Executive Vice President and Chief Operating Officer of First BanCorp. from October 2005 to September 2009. Executive Vice President responsible for consumer banking and auto financing of FirstBank between 1998 and 2009. From April 2005 to September 2009, also responsible for the retail banking distribution network, First Mortgage and the FirstBank Virgin Islands operations. President of First Federal Finance Corporation d/b/a Money Express from 2000 to 2005. President of FirstBank Insurance Agency, Inc. from 2001 to 2005. President of the Corporation’s subsidiary First Leasing & Rental Corp. from 1999 to June 2007. From 1996 to 1998, Vice President of Citibank, N.A., responsible for the wholesale and retail automobile financing and retail mortgage business. Vice President of Chase Manhattan Bank, N.A., responsible for banking operations and technology for Puerto Rico and the Eastern Caribbean region from 1990 to 1996.

Mr. Alemán served as president of the Puerto Rico Bank’s Association from 2011 to 2013. He is a Director, since 2012, of the Latin America and Caribbean Advisory Board of MasterCard. Mr. Alemán has served as the Vice Chairman of the Board of Directors of “Friends of El Yunque Foundation” since 2012 and has been a member of the Board of Directors of “SER de Puerto Rico” since 2013.

LUZ A. CRESPO

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Director of the Corporation since February 2015. Chief Executive Officer of the Puerto Rico Science, Technology and Research Trust since March 2015. Mrs. Luz A. Crespo is a retired General Manager of the Enterprise Business Division (Puerto Rico Manufacturing Operation-PRMO) of Hewlett-Packard Puerto Rico (“HP”) located in Aguadilla. Her tenure at HP lasted for 31 years from 1981 to 2013. She is a member of the Industrial Engineering Honor Society, Alpha Pi Mu. Mrs. Crespo served as the president of the Puerto Rico Manufacturing Association (“PRMA”) from 2000 to 2002 and later served on the Nominating Committee of PRMA from 2003 to 2013. She was also a member of the Manufacturing Advisory Board during the incumbency of Governor Luis Fortuño from 2011 to 2013. Appointed as CEO of the Puerto Rico Science, Technology & Research Trust in 2015.

TRACEY A. DEDRICK

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Director of the Corporation since January 2019, Ms. Dedrick is a highly respected former executive with nearly forty years of experience in the finance industry. Throughout her career, Ms. Dedrick held various positions within risk management, compliance, treasury and investor relations. From September 2016 to November 2017, Ms. Dedrick was the Executive Vice President and Head of Enterprise Risk Management at Santander Holdings U.S., in which she was responsible for enterprise risk, operation risk and market risk for the Americas. From 2011 to 2016, Ms. Dedrick was the Executive Vice President and Chief Risk Officer at Hudson City Bancorp. From 2010 to 2011, she was a Managing Director and Treasurer at PineBridge Investments, a privately held asset management company. Prior to joining PineBridge Investments, from 2001 to 2009, Ms. Dedrick worked at MetLife, in which she held various positions. Since June 2018, Ms. Dedrick has served as a member of the Board of Directors at ISACA, an independent, nonprofit, global membership association for IT and information systems professionals.

PATRICIA M. EAVES

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Director of the Corporation since March 2021. Mrs. Eaves has over twenty-five (25) years of experience in the telecommunications industry within Puerto Rico. Prior to retiring in 2019, Mrs. Eaves served as the Chief Commercial Officer of Sprint Puerto Rico from 1995 to 2019. Mrs. Eaves also has ample experience in marketing and advertising communications, including digital content, social media, promotions, events and public relations. During her tenure at Sprint Puerto Rico, Mrs. Eaves oversaw the execution of successful sales and marketing strategies, while leading a team of over 180 employees in a highly competitive segment. In addition, she oversaw advertising campaigns that increased brand awareness and achieved consistent year over year growth. Prior to joining Sprint Puerto Rico in 1995, Mrs. Eaves held various sales and marketing positions within the communications and media industry in Puerto Rico. Mrs. Eaves is also actively involved in various non-profit organizations in Puerto Rico, including serving as a board member of Make-A-Wish Foundation of Puerto Rico.

DANIEL E. FRYE

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Director of the Corporation since August 2018. Mr. Frye is a former Special Advisor and Area Director of the FDIC, with over forty years of experience in the banking industry. Prior to retiring in December 2016, Mr. Frye held various positions within the FDIC, including Bank Examiner, Regional Manager, Area Director and Special Advisor. From August 2014 to December 2016, Mr. Frye served as Special Advisor in the FDIC. From 2002 to August 2014, he served as Area Director of the FDIC's Boston Area Office, where he directed the risk management supervisory activities for the six New England states and served as acting Regional Director for the FDIC's New York Region for approximately two years during this timeframe, with responsibility for both the risk management and consumer protection supervisory programs. Mr. Frye has served as an independent director of the privately-held Shinhan Bank America since April 2017.

ROBERTO R. HERENCIA

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Director and Chairman of the Board since October 2011. President and CEO of BXM Holdings, an investment fund specializing in community bank investments, since November 2010. Between 2009 and 2010, President and CEO of Midwest Banc Holdings, Inc. and its subsidiary Midwest Bank and Trust. Previously, he spent 17 years with Popular Inc. as its Executive Vice President and as President of Popular Inc.’s subsidiary Banco Popular North America. Prior to joining Popular, Mr. Herencia spent 10 years with The First National Bank of Chicago (now J.P. Morgan Chase) in a variety of roles, including Deputy Senior Credit Officer and Head of the Emerging Markets Division.

In March 2016, Mr. Herencia was appointed as an independent director of Banner Corporation and its subsidiary Banner Bank. He has been an independent director and the chairman of the board of privately held Byline Bancorp and its subsidiary bank, Byline Bank, since June 2013. Mr. Herencia served from December 2010 until September 2015, as an independent director of privately held SKBHC Holdings LLC, and its two subsidiary banks, American West Bank and First National Bank of Starbuck.

Mr. Herencia was appointed in 2011 by President Obama to serve on the Overseas Private Investment Corporation’s Board of Directors and was re-nominated in April 2013. Mr. Herencia is a Trustee of DePaul University and Northwestern Memorial Foundation in Chicago. He serves on the Board of Directors of Junior Achievement of Chicago, the Navy Pier Corporation in Chicago, and Operation Hope in Los Angeles. Between 2003 and 2007, Mr. Herencia was a member of the Board of Directors of The ServiceMaster Company LLC, a public corporation, where he served as Chairman of its Audit and Finance Committee.

JOHN A. HEFFERN

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Director of the Board since October 2017. Founder of KCA Equity Advisors, LLC since January 2017 and also serves as its Principal. Prior to founding KCA, Mr. Heffern was a Managing Partner/Senior Portfolio Manager at Chartwell Investment Partners. Mr. Heffern served in this role from 2005 through 2016 and managed the firm's growth investing strategies for institutional separate account clients and as subadvisor to leading mutual fund companies with multi-manager strategies in the areas of domestic small cap growth and mid cap growth equities. From 1997 to 2005, he served as a Senior Vice President and Senior Portfolio Manager with the growth investing group at Delaware Investment Advisers, and was a founder of the Delaware American Services Fund, a mutual fund specializing in banking and non-banking financial companies as well as non-financial service companies. From 1994 to 1997, he served as a Senior Vice President/Senior Equity Analyst at NatWest Securities Limited, Research Division, covering banks and specialty financial services companies. From 1988 to 1994, Mr. Heffern was a Principal and Senior Equity Analyst at Alex. Brown & Sons, Inc, Research Division, where he specialized in US banks and thrifts. He holds an M.B.A. in Finance and a BA in Economics from the University of North Carolina at Chapel Hill. Mr. Heffern currently services on the Board of Trustees of the Princeton Junior School where he chairs its Development Committee and is a member of its Finance

FÉLIX M. VILLAMIL

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Director of the Corporation since October 2020. Mr. Villamil is a highly respected former executive and former Certified Public Accountant with over thirty-five years of experience in the finance and technology industry. Throughout his career, Mr. Villamil held various positions within internal audit, credit risk and operations. From 2004 to 2013, Mr. Villamil held various positions within Evertec, Inc. (“Evertec”), including Chief Executive Officer and Director from September 2010 to February 2012, and Vice Chairman from 2012 to 2013. As Chief Executive Officer and Director of Evertec, Mr. Villamil managed the overall business strategy, including overseeing Evertec’s growth from a division within Popular, Inc., to an independent player in the payments processing sector. From 1990 to 2004, Mr. Villamil was employed by Banco Popular de Puerto Rico, holding various positions, including Executive Vice President of the Operations Group, Senior Vice President of the Retail Banking Group, the Credit Risk Management Division, and General Auditor. Mr. Villamil also served as a member of the Board of Directors of Santander BanCorp and Banco Santander Puerto Rico from 2018 to September 1, 2020. Mr. Villamil is also actively involved in other non-profit organizations in Puerto Rico.

Senior Management

AURELIO ALEMÁN-BERMUDEZ, PRESIDENT AND CHIEF EXECUTIVE OFFICER

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President and Chief Executive Officer since September 2009. Director of First BanCorp. and its subsidiary FirstBank Puerto Rico (“FirstBank”) since September 2005. Chairman of the Board of Directors and CEO of the Corporation’s subsidiaries First Federal Finance Corporation d/b/a Money Express, FirstExpress, Inc., FirstBank Puerto Rico Securities Corp., and First Management of Puerto Rico, and CEO of FirstBank Insurance Agency, Inc. Chairman of the Board of Directors and CEO of the Corporation’s subsidiary FirstMortgage, Inc. from September 2005 through December 2014. Senior Executive Vice President and Chief Operating Officer of First BanCorp. from October 2005 to September 2009. Executive Vice President responsible for consumer banking and auto financing of FirstBank between 1998 and 2009. From April 2005 to September 2009, also responsible for the retail banking distribution network, First Mortgage and the FirstBank Virgin Islands operations. President of First Federal Finance Corporation d/b/a Money Express from 2000 to 2005. President of FirstBank Insurance Agency, Inc. from 2001 to 2005. President of the Corporation’s subsidiary First Leasing & Rental Corp. from 1999 to June 2007. From 1996 to 1998, Vice President of Citibank, N.A., responsible for the wholesale and retail automobile financing and retail mortgage business. Vice President of Chase Manhattan Bank, N.A., responsible for banking operations and technology for Puerto Rico and the Eastern Caribbean region from 1990 to 1996.

Mr. Alemán served as president of the Puerto Rico Bank’s Association from 2011 to 2013. He is a Director, since 2012, of the Latin America and Caribbean Advisory Board of MasterCard. Mr. Alemán has served as the Vice Chairman of the Board of Directors of “Friends of El Yunque Foundation” since 2012 and has been a member of the Board of Directors of “SER de Puerto Rico” since 2013.

SARA ALVAREZ-CABRERO, EXECUTIVE VICE PRESIDENT AND GENERAL COUNSEL

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Executive Vice President and General Counsel since May 2021. Senior Vice President and Assistant General Counsel since July 2014. Secretary of the Board of Directors of First BanCorp and FirstBank Puerto Rico since July 2020 and Assistant Secretary of the Board of Directors of First BanCorp and FirstBank Puerto Rico since September 2007. Ms. Alvarez is a Certified Public Accountant and attorney with over twenty-one (21) years of combined work experience in accounting, tax advisory, and specialized legal issues related to banking, corporate affairs and governance, securities law, litigation strategy and corporate transactions. Ms. Alvarez joined First BanCorp in 2003 as a Certified Public Accountant and Tax Manager within the Financial Reporting Unit. Throughout her career at First BanCorp, she has held various positions within the Legal and Finance units, including Corporate Affairs Officer and Assistant Comptroller. Ms. Alvarez obtained her Juris Doctor in 2005. Prior to joining First BanCorp, Ms. Alvarez worked at Ernst & Young LLP from 1997 to 2003 as a tax specialist.

ORLANDO BERGES-GONZÁLEZ, CPA, EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER

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Executive Vice President and Chief Financial Officer of the Corporation since August 1, 2009. Interim Chief Accounting Officer of the Corporation since February 25, 2020. Over 40 years of experience in the financial, administration, public accounting and business sectors. Mr. Berges served as Executive Vice President of Administration of Banco Popular de Puerto Rico, a subsidiary of Popular, Inc., from May 2004 to May 2009, where he was responsible for supervising the finance, operations, real estate, and administrative functions in both the Puerto Rico and U.S. markets; Regional Manager of a branch network of Banco Popular de Puerto Rico from October 2001 to April 2004, and as Executive Vice President and Chief Financial, Operations and Administration Officer of Popular Inc.’s subsidiary Banco Popular North America from January 1998 to September 2001. Mr. Berges is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants and the Puerto Rico Society of Certified Public Accountants. He is a director of the Corporation’s subsidiaries First Federal Finance Limited Liability Company d/b/a Money Express, FirstBank Overseas Corp., First Express, Inc., First Management of Puerto Rico, L.L.C. and FirstBank Insurance Agency, LLC. He was a director of the Corporation’s subsidiary First Mortgage from August 2009 to December 2014.

LILIAN DIAZ BENTO, EXECUTIVE VICE PRESIDENT AND BUSINESS GROUP DIRECTOR

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Executive Vice President and Business Group Director since May 2021, responsible for Retail Banking (Branches Network), Small Business, Commercial Transaction Banking and Prime Banking. Mrs. Díaz has over thirty (30) years of experience working in the Puerto Rico banking industry with areas of expertise such as business development (corporate and retail), relationship management, deal making, corporate and retail lending, credit structuring, cash management and product development. Prior to joining First BanCorp, Mrs. Díaz served as Deputy Director of Corporate Banking, Director of Institutional Banking, Director of Corporate and Institutional Banking and Director of Corporate & Retail Banking in Banco Santander Puerto Rico from 2003 to 2020. Mrs. Diaz also worked as Account Manager, Senior Account Manager and Vice-President of Commercial Banking Center in Scotiabank de Puerto Rico from 1994 to 2003, and as Management Trainee, Credit Officer and Relationship Manager in Commercial Finance Division in The First National Bank of Boston from 1988 to 1994. Mrs. Diaz obtained her bachelor’s degree with concentration in Finance from the Wharton School of Business of the University of Pennsylvania in 1988.

DONALD L. KAFKA, EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER

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Executive Vice President and Chief Operating Officer since January 2015. Mr. Kafka is a seasoned executive with over 39 years of financial services experience in the United States, Latin America and Asia with diverse positions in institutions such as Banesco International Corp, First Southern Bancorp and Citibank. From 2012 to the first quarter of 2014, Mr. Kafka was the General Manager for Banesco International Corp., a corporation which offers a wide range of banking, payments solutions and insurance financial services and products. In 2003, Mr. Kafka joined Florida-based First Southern Bancorp, an institution that provided banking products and services through its First Southern Bank franchise. Mr. Kafka served as First Southern’s Chief Investment Officer from 2010 to 2012, and its Chief Operating Officer and Chief Financial Officer from 2003 to 2010. Mr. Kafka began his professional career with Citibank where, during his 20-year tenure from 1982 to 2002, he held multiple domestic and international executive management positions, including Chief Operating Officer of the company’s Florida-based Consumer Latin America North Division and President of the retail businesses in Venezuela and in Thailand. As the Chief Operating Officer of the Consumer Latin America North Division, he directed strategic planning, business development, financial management and day-to-day operations, interacting with specialized regional functional and product support areas.

JOSÉ M. LACASA, EXECUTIVE VICE PRESIDENT AND FLORIDA BUSINESS DIRECTOR

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Executive Vice President and Florida Business Director since October 2021. Senior Vice President and Corporate Banking Director since 2015. Mr. Lacasa has a career of more than twenty (20) years in various senior executive roles within the financial services industry, including senior vice president roles within corporate and commercial banking, investment banking and treasury management. Prior to joining First BanCorp in 2013, Mr. Lacasa held senior executive positions at other financial institutions, domestic and foreign, for more than eleven (11) years. He previously worked for Bankia from 2005 to 2012, where he served in various roles including being the Credit Risk Officer for the North America and Latin-American regions and Vice President of Corporate Banking at the Miami International Branch. Before joining Bankia, he worked with Banca Nazionale del Lavoro in the Corporate Banking and the Capital Markets Departments in their London Office, where he lived before relocating to Madrid, Spain. Mr. Lacasa received a bachelor’s degree in business management in finance & economics from CUNEF School of Business (Spain). Mr. Lacasa is currently active and services in leadership roles in various South Florida civic organizations, including serving as a board member at the South Florida Banking Institute, the Center of Financial Training, the Board of Governors of the Greater Miami Chamber of Commerce. Mr. Lacasa is also the First Executive Vice President of the U.S. - Spain Chamber of Commerce.

GINORIS LÓPEZ-LAY, EXECUTIVE VICE PRESIDENT, STRATEGY MANAGEMENT GROUP

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Executive Vice President since March 2010. As Director of Strategic Management and Retail Banking, Ms. López-Lay is responsible for leading the Corporation’s strategic planning process. In addition, she leads all marketing, digital and internal communication teams in Puerto Rico and provides oversight of the Florida and Eastern Caribbean region in terms of branding strategy and marketing investment effectiveness. She also heads the retail banking, small business segment, and digital & electronic banking businesses in Puerto Rico. Ms. López-Lay joined First BanCorp in 2006 as Senior Vice- President of the Retail Financial Services Division and established the Strategic Planning Department. Prior to that, she worked at Banco Popular as Senior Vice-President and Manager of the Strategic Planning and Marketing Division from 1996 to 2005. She has served throughout the years in various non-profit organizations in various capacities, including the Center for the New Economy from 2001 to 2018 and comPRometidos in 2014. She has also been advisor to various corporations, non-profit organizations and government initiatives, including: Advisor to the Board of Trustees of the Sacred Heart University from 2003 to 2004, Advisory Committee to the Governor for Small Business Financing from 2011 to 2012 and Advisory Board of MMM from 2013 to 2016. Currently, she is a member of the Board of Directors of the Boys & Girls Club and the Board of Directors for Espacios Abiertos.

MICHAEL McDONALD, EXECUTIVE VICE PRESIDENT AND BUSINESS GROUP DIRECTOR

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Executive Vice President and Business Group Director since September 2012. Mr. McDonald has a career of more than 35 years in various senior executive roles within the financial services industry, including roles within asset management, investment banking and commercial banking. Prior to joining the Corporation, Mr. McDonald served as President and CEO of Popular Securities from 2007 to September 2012, and as Senior Vice President of Corporate Finance and Advisory Services of Banco Popular from 2003 to 2007. Mr. McDonald also served as Co-Head of Investment Banking at Citibank, N.A./Salomon Smith Barney from 1992 to 2003; as Director of Corporate Finance in Shawmut National Corporation in Boston, Massachusetts from 1988 to 1992; and as Corporate Lending Officer—Latin America Division in The Chase Manhattan Bank, N.A in Puerto Rico from 1983 to 1986. Mr. McDonald is a FINRA-registered Series 24 general securities principal and holds a Series 7 securities license.

CASSAN A. PANCHAM, EXECUTIVE VICE PRESIDENT AND BUSINESS GROUP DIRECTOR

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Executive Vice President of FirstBank since October 2005. Business group executive, overseeing the mortgage banking segment, FirstBank Insurance Agency LLC and the Eastern Caribbean Region. Director of FirstBank Insurance Agency LLC. Formerly Vice President and General Manager of JP Morgan Chase Eastern Caribbean Region Banking Group from 1999 through October 2002 and held various other management positions in Chase Manhattan Bank Caribbean business units beginning in 1985. Formerly, a Member of the Governing Board of Directors of the Virgin Islands Port Authority from June 2007 and Chairman of the Board from January 2008 to January 2011.

JUAN CARLOS PAVIA, EXECUTIVE VICE PRESIDENT AND CHIEF CREDIT OFFICER

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Executive Vice President and Chief Credit Officer since May 2021. Senior Vice President and Chief Credit Risk Officer from 2014 to 2021. Mr. Pavía has over 15 years of experience within the banking industry, including roles within the Credit Risk, Current Expected Credit Losses (CECL), Workout, Operations and Asset Based Lending areas. Most recently, Mr. Pavia was responsible for the Bank’s adoption of CECL and Integration of Banco Santander’s Commercial Business. Prior to joining First BanCorp, Mr. Pavia held various leadership positions in other Financial Institutions in Puerto Rico and the Government of Puerto Rico. Mr. Pavía obtained his bachelor’s degree in business administration from The George Washington University in 2003. Mr. Pavia served as a member of the Board of Directors of the Caribbean Tennis Association in 2005.

CARLOS POWER PIETRANTONI, EXECUTIVE VICE PRESIDENT, PUERTO RICO CONSUMER LENDING

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Executive Vice President of Consumer Lending Business since 2007, responsible for Consumer Banking, Auto/Leasing Finance, Collections, First Federal Finance Limited Liability Company, d/b/a Money Express and the Credit Cards business. Over 30 years of experience at FirstBank in Puerto Rico, which include the following positions: Senior Vice President and Consumer Lending Business Director from 2007 to 2013; Senior Vice President and President of First Federal Finance Limited Liability Company d/b/a Money Express from 2000 to 2007; Vice President of Auto Finance Operations from 1990 to 2000; Accounting Officer in Consumer Lending Business from 1986 to 1989. Director of First Federal Finance Limited Liability Company d/b/a Money Express and First Express, Inc.

NAYDA RIVERA-BATISTA, CPA, EXECUTIVE VICE PRESIDENT AND CHIEF RISK OFFICER

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Executive Vice President since January 2008. Chief Risk Officer since April 2006. Senior Vice President from July 2002 to January 2008. General Auditor from July 2002 through April 2006. Prior to joining the Corporation, Mrs. Rivera spent six (6) years at PricewaterhouseCoopers, LLC auditing public and private companies. Mrs. Rivera is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants and the Puerto Rico Society of Certified Public Accountants. She is also a Certified Internal Auditor and is certified in financial forensics. More than 25 years of combined work experience in public company, auditing, accounting, financial reporting, internal controls, corporate governance, risk management and regulatory compliance. Served as a member of the Board of Trustees of the Bayamón Central University from January 2005 to January 2006. Director of the Corporation’s subsidiaries FirstBank Overseas Corp. since October 2009. Trustee of the FirstBank Puerto Rico 401k Plan. Director of Juan Domingo en Acción from 2015 to October 2019, and director of United Way de Puerto Rico Inc. since 2015.