UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. ____1____)*
FIRST BANCORP PUERTO RICO
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
318672 10 2
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(CUSIP Number)
Antonio R. Escriba/P.O. Box 9146, Santurce, PR 00908-0146/Phone: (787) 729-8141
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 17, 2001
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP NO. 318672 10 2.
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1. Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
Angel Alvarez-Perez
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
Filing as an individual
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3. SEC Use Only
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4. Source of Funds (See Instructions) PF
Shares beneficially owned have been acquired with personal funds
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5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e)
None
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6. Citizenship or Place of Organization
United States Citizen
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7. Number of shares beneficially owned with
Sole Voting Power 1,952,306
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8. Shared Voting Power
NONE
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9. Sole Dispositive Power
1,952,306
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10. Shared Dispositive Power
NONE.
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
Mr. Alvarez Perez is the direct owner of 1,945,206, and is
indirect beneficial owner of 7,100 shares owned by his spouse,
Isabel Freiria .
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12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
Amount reported in row 11 does not include 51,972 and shares
which were previously reported as held in trust for Mr. Alvarez'
Perez' children. Children are now adults and have control over such
shares. Mr. Alvarez Perez has also donated 150,000 shares of the
common stock of First BanCorp to each of his two adult children,
for a total donation of 300,000 shares. Mr. Alvarez Perez no longer
holds voting or disposition rights over these shares and disclaims
having any control over the above referenced shares.
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13. Percent of Class Represented by Amount in Row (11)
7.30%.....
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14. Type of Reporting Person (See Instructions)
Individual..
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
Acquisition Statement Under Section 13(d) of the Securities Exchange Act of 1934
CUSIP NO. 318672 102 Angel Alvarez-Perez
Name and Address of Issuing Bank First BanCorp
1519 Ponce de Leon Ave.
Santurce, PR 0908
Title and Class of Securities First BanCorp
$1.00 per value Common Stock
Name and address Mr. Antonio R. Escriba
and telephone number of person P. O. Box 9146
authorized to receive notices and San Juan, PR 00908-0146
communications
Date of event which requires filing
Of this statement December 17, 2001
ITEM I: Security And Issuer
Common Stock Par Value $1.00 per share. First BanCorp NYSE/FBP
1519 Ponce de Leon Ave., Santurce, PR 00908
First BanCorp is a bank holding company organized effective October 1, 1998. The
common stock of First BanCorp was formerly listed as FirstBank, PR. Total number
of issued and outstanding shares of common stock of First BanCorp as of December
31, 2001 was 26,571,952. There are no other kind of equitity shares or
outstanding.
ITEM 2: Identity and Background
(a) Angel Alvarez-Perez
(b) P. O. Box 9146
San Juan, PR 00908-0146
(c) President & CEO of First BanCorp
1519 Ponce de Leon Ave
Santurce, PR
SCHEDULE 13D
Page 2
President & CEO of FirstBank Puerto Rico
1519 Ponce de Leo Ave.
Santurce, PR
(d) No
(e) No
(f) Citizen of the United States
ITEM 3: Source and Amount of Funds or Other Consideration
Personal funds. Common stock of issuer beneficially held by Angel Alvarez Perez
have been acquired from time to time with personal funds.
ITEM 4: Purpose of Transaction
This report results from a transaction wherein Angel Alvarez-Perez gratuitously
donated 150,000 shares of the common stock of First BanCorp to each of his two
adult children, Angel Alvarez Freiria and Isabel Alvarez Freiria, for a total
donation of 300,000 shares. On February 28, 2001, Mr. Angel Alvarez-Perez also
acquired 120,000 through the exercise of previously granted stock options of
First BanCorp.
(a) At a future date, Mr. Angel Alvarez-Perez may acquire additional shares of
the stock through the exercise of previously granted unexercised stock
options or he may purchase additional shares in the open market or private
purchases with personal funds. Presently, Mr. Alvarez-Perez holds
unexercised options to acquire: 104,000 shares granted on November 25,
1997; 100,000 shares granted on November 17, 1998; 100,000 shares granted
on November 23, 1999; 150,000 shares granted on December 13, 2000; and
150,000 shares granted on February 26, 2002.
(b) None
(c) None
(d) None
(e) None
(f) None
(g) None
Item 5: Interest in Securities of Issuer
(a) Mr. Angel Alvarez Perez is the sole owner of 1,945,206 shares of the common
stock of First BanCorp, and has indirect interest in 7,100 shares owned by his
spouse, Isabel Freiria. Mr. Angel Alvarez Perez also has the right to exercise
options to acquire
SCHEDULE 13D
Page 3
104,000 shares granted on November 25, 1997; 100,000 shares granted on November
17, 1998; 100,000 shares granted on November 23, 1999; 150,000 shares granted on
December 13, 2000; and 150,000 granted on February 26, 2002. All such options
were granted to Mr. Angel Alvarez Perez pursuant to an existing employee stock
option plan.
(b) 1,945,206 shares beneficially owned by Mr. Angel Alvarez direct; and
7,100 shares by his wife, Isabel Freiria, indirectly.
(c) None
(d) None
(e) N/A
Item 6: Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
None
Item 7. Material To Be Filed as Exhibits
None
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
February 27, 2002 /s/Angel Alvarez-Perez
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Date Angel Alvarez-Perez