First BanCorp. Announces Retirement of Chief Financial Officer Orlando Berges and Appointment of Successor Said Ortiz
MWN-AI** Summary
First BanCorp. (NYSE: FBP), the parent company of FirstBank Puerto Rico, has announced the retirement of its Chief Financial Officer, Orlando Berges, effective June 30, 2026. After nearly 17 years with the corporation, Berges has been pivotal in reshaping and strengthening the organization. He joined in May 2009 and has since led the Finance team with a focus on discipline, transparency, and strategic vision, facilitating the bank's turnaround, executing significant acquisitions, enhancing capital planning, and achieving a solid profitability and capital position.
Aurelio Alemán, President and CEO of First BanCorp., expressed deep gratitude for Berges' leadership and the substantial impact he has had on the organization and its stakeholders. Following Berges' retirement, Said Ortiz, currently serving as Senior Vice President and Chief Accounting Officer, will step into the role of Executive Vice President and Chief Financial Officer effective July 1, 2026. Ortiz, who joined First BanCorp. in 2013, possesses over 19 years of experience in accounting and financial management, having held key positions in the corporation’s Controller’s and Finance divisions that contributed to robust financial reporting and controls.
Berges and Ortiz will collaborate closely over the upcoming months to ensure a smooth transition of responsibilities. Alemán expressed confidence in Ortiz's technical expertise and understanding of the company's operations, which will be critical in driving the corporation’s financial strategies and long-term objectives.
For investors and stakeholders alike, First BanCorp., with operations extending beyond Puerto Rico to the U.S. and British Virgin Islands as well as Florida, remains a key player in the financial landscape, trading under the symbol “FBP” on the New York Stock Exchange.
MWN-AI** Analysis
First BanCorp. (NYSE: FBP) recently announced the retirement of long-standing Chief Financial Officer Orlando Berges, effective June 30, 2026. This transition to Said Ortiz, currently the Senior Vice President and Chief Accounting Officer, raises important considerations for investors and stakeholders regarding the firm’s financial leadership and strategic continuity.
Berges' tenure has been marked by a profound transformation of FirstBank Puerto Rico, characterized by enhanced financial discipline and transparency. His expertise facilitated significant recapitalization and positioning for sustainable growth, making the bank a formidable player in its sector. The incoming Ortiz, with 19 years of experience in accounting and financial management, including significant roles within global accounting firms, is expected to uphold and expand upon this foundation.
From a market perspective, investors should be aware of the potential volatility typically associated with executive transitions. That said, the structured transition plan between Berges and Ortiz indicates a commitment to operational stability, which is reassuring. Ortiz’s extensive background suggests he is well-equipped to maintain financial rigor while pursuing long-term strategic objectives.
Additionally, the broader economic conditions, including interest rates and regulatory landscape shifts impacting banking operations, should be monitored. First BanCorp could be well-positioned to navigate these challenges, given Ortiz’s familiarity with the company’s operational fabric and strategic goals.
Investors are encouraged to keep a close watch on First BanCorp’s performance metrics in the year leading up to this transition. Watching how Ortiz prioritizes capital allocation and risk management will be crucial in assessing the bank's ongoing stability. While the leadership change presents an opportunity for a refined financial strategy, it’s prudent to remain cautious amidst shifting management dynamics. Overall, First BanCorp continues to show promise, but vigilance is warranted as it approaches this scheduled leadership transition.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
First BanCorp. (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, announced today that Orlando Berges, Executive Vice President and Chief Financial Officer, will retire from the Corporation effective June 30, 2026, after close to 17 years of distinguished service.
Mr. Berges joined the Corporation in May 2009 and has played a central leadership role in the Corporation’s transformation and long?term strengthening. Throughout his tenure, he led the Finance organization with discipline, transparency, and strategic vision. His contributions were instrumental in recapitalizing the institution and guiding it through its turnaround, adhering to the highest level of financial reporting standards, executing major acquisitions and integrations, enhancing capital planning and balance sheet strength, and contributing to the profitability and stable capital position that characterize FirstBank today.
“We are profoundly grateful for Orlando’s leadership and his dedication to FirstBank’s success,” said Aurelio Alemán, President and Chief Executive Officer of the Corporation. “His integrity, deep financial expertise, and steady guidance have left a lasting impact on our organization and its stakeholders.”
The Corporation also announced that Said Ortiz, currently Senior Vice President and Chief Accounting Officer, has been appointed Executive Vice President and Chief Financial Officer, effective July 1, 2026.
Mr. Ortiz initially joined the Corporation in 2013 and brings more than 19 years of experience in accounting, auditing, and financial management, including leadership roles at global professional public accounting firms. As a key leader within the Controller’s and Finance divisions, he has played a significant role in strengthening the Corporation’s financial reporting, controls, and accounting functions. His extensive experience and record of performance make him exceptionally well prepared to assume the CFO role.
Mr. Berges and Mr. Ortiz will work closely over the coming months to ensure a seamless transition.
“We are pleased to appoint Said as our next Chief Financial Officer,” said Aurelio Alemán. “His technical expertise, deep understanding of our operations, and proven leadership will continue to advance our financial strategy and support the Company’s long?term objectives.”
About First BanCorp.
First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the U.S. and British Virgin Islands and Florida, and of FirstBank Insurance Agency, LLC. First BanCorp’s shares of common stock trade on the New York Stock Exchange under the symbol “FBP.”
Safe Harbor
This press release may contain “forward-looking statements” concerning the Corporation. The words or phrases “expect,” “anticipate,” “intend,” “look forward,” “should,” “would,” “believes” and similar expressions are meant to identify “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created by such sections. Such forward-looking statements include, but are not limited to, statements regarding the Corporation’s ability to pay dividends on the Corporation’s Common Stock in any future periods. Forward-looking statements involve known and unknown risks, uncertainties and contingencies that may cause actual results to differ materially from the expectations expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to the factors described in the Corporation’s most recent Annual Report on Form 10-K, in its Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. The Corporation undertakes no obligation to update any “forward-looking statements” to reflect occurrences or unanticipated events or circumstances after the date of such statements, except as required by securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260209781481/en/
First BanCorp.
Ramon Rodríguez
Senior Vice President
Corporate Strategy and Investor Relations
(787) 729-8200 Ext. 82179
ramon.rodriguez@firstbankpr.com
FAQ**
How does First BanCorp. FBP plan to maintain its financial stability and growth after the retirement of Orlando Berges, given his significant contributions over years?
What specific initiatives will Said Ortiz implement as the new CFO of First BanCorp. FBP to further strengthen the corporation’s financial reporting and capital management strategies?
Can First BanCorp. FBP elaborate on any potential risks or challenges it might face in the transition between CFOs, and how it plans to mitigate those risks?
In light of Orlando Berges’ tenure, how does First BanCorp. FBP envision its future financial strategy and objectives to ensure ongoing success in a competitive banking environment?
**MWN-AI FAQ is based on asking OpenAI questions about First BanCorp. (NYSE: FBP).
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