Re-brands Florida Operations as FirstBank Florida; Names Jose B. Valle President of FirstBank Florida; Launches Enhanced Account Products and Services; Begins Marketing Campaign to Support Expansion
MIAMI, Feb. 28 /PRNewswire-FirstCall/ -- First BanCorp (NYSE: FBP) announced today several strategic initiatives geared towards driving further growth and broadening the array of products and services for customers of its Florida operations at UniBank. As part of a broader marketing campaign throughout the UniBank market, First BanCorp will re-brand the eleven UniBank offices and branches as FirstBank Florida. In mid-January, First BanCorp also named Jose B. Valle, an experienced South Florida banker, President of FirstBank Florida.
"The Florida market represents an important strategic opportunity for First BanCorp," said Dacio Pasarell, Executive Vice President of First BanCorp. "As we introduce the FirstBank brand to the market, we will improve FirstBank's product and service offerings and expand its branch network. Under Jose B. Valle's leadership, FirstBank Florida will advance its strategy to become a one-stop shop for the communities that we serve."
Jose B. Valle, an experienced and well-known South Florida banker, was named President of FirstBank Florida effective January 19, 2006. Valle comes from Bank Atlantic, where he was President of the Miami-Dade branch network. He also held top management positions at Bank of North America and Nations Bank.
Valle said, "I am proud to join the First BanCorp family. First BanCorp is a dynamic institution committed to excellence in customer service and product innovation. Our plans are to strengthen and expand the FirstBank Florida franchise and maintain our commitment to offering the personal attention that so many consumers are looking for in a community bank."
New and Enhanced Products and Services
Personal and Business Checking
The enhanced variety of products for consumers includes an interest- bearing free checking account with e-statements, named First Checking, and a tiered interest-bearing checking account, First Prestige Checking, that provides additional benefits, such as discounts on other products and services. All checking accounts will also provide a Visa Debit Card.
FirstBank Florida also revamped its Business Checking product line. The Prestige Business Checking account will serve small- and medium-sized businesses looking for efficiency and support through other products, such as business loans. FirstBank Florida will also offer a high-interest checking account, called Interest Business Checking, for non-for-profit organizations and associations.
Credit Cards
FirstBank Florida will also begin offering Master Card and Visa credit cards in partnership with MBNA. The Platinum Plus and Gold cards will also provide consumers with a free membership to the World Points rewards program. The World Points program allows consumers to exchange the points earned for travel, general merchandise and gift certificates.
Online Banking
The initiative includes a new website, http://www.firstbankfla.com , and new online services, such as bill payment.
Alan Cohen, Senior Vice President of Marketing and Public Relations for First BanCorp added, "The Internet plays a key role in improving our reach and distribution capability, as well as offering our clients the convenience of online banking. We will continue to add more services in the coming months."
Marketing and Customer Service Efforts
FirstBank Florida will also incorporate First BanCorp's corporate identity for all its marketing and communication materials. A marketing campaign to introduce the brand and some new products will begin in March.
Alan Cohen continued, "We will introduce our tagline, Together We Are One, which communicates and emphasizes our desire to work as partners with our clients in achieving their financial goals. Our re-branding also calls for investment in FirstBank Florida's infrastructure to remodel its existing branches and ATM network."
To support FirstBank Florida's growth, the company expects to add additional customer service talent to augment certain areas of the new products and services.
Jose B. Valle, continued, "Our customer satisfaction ranks extremely high. We are very proud of the excellent service that our associates are providing. With additional support, training and more products, I am confident that we can build our existing client relationships and develop many new ones."
FirstBank Florida's prior name was UniBank. UniBank, a local community bank with approximately $600 million in assets, was founded as Ponce de Leon Federal Savings in 1978. In March of 2005, First BanCorp acquired Ponce General Corporation, the parent company of UniBank.
In addition to FirstBank Florida's 11 locations in Miami-Dade, Broward, Orange and Osceola counties, FirstBank operates a real estate and commercial loan agency in Coral Gables that opened in 2004.
About First BanCorp
First BanCorp is the parent company of FirstBank Puerto Rico, a state chartered commercial bank in Puerto Rico, the Virgin Islands and Florida; of FirstBank Insurance Agency; and of Ponce General Corporation. First BanCorp, FirstBank Puerto Rico and FirstBank Florida, formerly UniBank, the thrift subsidiary of Ponce General, all operate within U.S. banking laws and regulations. The corporation operates a total of 140 financial services facilities throughout Puerto Rico, the U.S. and British Virgin Islands, and Florida. Among the subsidiaries of FirstBank Puerto Rico are Money Express, a finance company; First Leasing and Car Rental, a car and truck rental leasing company; and FirstMortgage, a mortgage banking company. In the U.S. and British Virgin Islands, the Bank operates FirstBank Insurance VI, an insurance agency; First Trade, Inc., a foreign corporation management company; and First Express, a small loan company. First BanCorp's common and preferred shares trade on the New York Stock Exchange under the symbols FBP, FBPPrA, FBPPrB, FBPPrC, FBPPrD and FBPPrE.
SOURCE First BanCorp -0- 02/28/2006 /CONTACT: Alan Cohen, Senior Vice President, Marketing and Public Relations, First BanCorp, +1-787-729-8256, or alan.cohen@firstbankpr.com / /Web site: http://www.firstbankpr.com / (FBP) CO: First BanCorp; UniBank; FirstBank Florida; MBNA ST: Puerto Rico, Florida IN: FIN SU: PDT PER CW-AR -- MXTU002 -- 5017 02/28/200612:17 ESThttp://www.prnewswire.com