FBP - First BanCorp approves $300M stock repurchase program

First BanCorp (FBP) trades 2% higher premarket after its board approved a stock repurchase program wherein the company may repurchase up to $300M of its outstanding stock, beginning this quarter through June 30, 2022.The repurchase program may include the redemption of the $36.1M in outstanding shares of the corporation's Series A through E Noncumulative Perpetual Monthly Income Preferred Stock.

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First BanCorp approves $300M stock repurchase program