First BanCorp. (NYSE: FBP) plans CFO shift from Orlando Berges to Said Ortiz
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
First BanCorp. announced an upcoming chief financial officer transition. Orlando Berges, Executive Vice President and CFO since 2009, plans to retire effective June 30, 2026, after nearly 17 years with the company, and is expected to enter into a temporary consulting agreement to provide advisory services.
The board has appointed Said Ortiz, currently Senior Vice President and Chief Accounting Officer, as Executive Vice President and CFO effective July 1, 2026. Ortiz is a Certified Public Accountant with more than 19 years of experience in accounting, auditing, and financial management, including prior roles at Ernst & Young and KPMG.
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8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 4, 2026
(Exact Name of Registrant as Specified in its Charter)
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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(787 ) 729-8200
(Registrant’s Telephone Number, including Area Code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which
registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
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Retirement of Orlando Berges as Chief Financial Officer
On February 4, 2026, Mr. Orlando Berges announced his retirement as Executive Vice President and Chief Financial Officer (“CFO”) of First BanCorp. (the “Corporation”),
the bank holding company of FirstBank Puerto Rico (“FirstBank” or the “Bank”), effective June 30, 2026. Mr. Berges has served as CFO of the Corporation since 2009 and served as Interim Chief Accounting Officer from February 2020 to October 2021.
It is expected that Mr. Berges will enter into a temporary consulting agreement with the Corporation upon his retirement pursuant to which he will
provide advisory services to the Corporation. The details of Mr. Berges’ consulting agreement and his compensation arrangement in connection with his retirement are not available as of the date of this Current Report on Form 8-K.
Appointment of Said Ortiz as Chief Financial Officer
On February 4, 2026, the Board of Directors of the Corporation approved the appointment of Mr. Said Ortiz as Executive Vice President and CFO of
the Corporation, effective July 1, 2026.
Mr. Ortiz, age 40, has served as Senior Vice President and Chief Accounting Officer of the Corporation since October 2021. He has over nineteen years of experience in
public accounting and financial reporting, and he oversees the Corporation’s Accounting, Financial Reporting, and Tax functions. Before assuming his current role, Mr. Ortiz served as Senior Vice President and Corporate Comptroller from July 2019 to
October 2021, and as Vice President and Assistant Comptroller from May 2017 to July 2019. Mr. Ortiz was initially employed by FirstBank in 2013 as Vice President and Assistant Comptroller, a position he resumed when he returned to FirstBank in May
2017. Prior to his return to FirstBank, Mr. Ortiz worked at Ernst & Young LLP as a Senior Manager from March 2015 to May 2017, where he led complex audits and transactions across multiple industries. Before joining the Corporation in 2013, he
served as a Manager at KPMG LLP from September 2007 to January 2013. Mr. Ortiz is a Certified Public Accountant and a member of the Puerto Rico Society of Certified Public Accountants. Mr. Ortiz holds a Bachelor’s degree in Business Administration
with a major in Accounting from the University of Puerto Rico.
There are no family relationships between any of the Corporation’s directors or officers and Mr. Ortiz that are required to be disclosed under
Item 401(d) of Regulation S-K. In addition, Mr. Ortiz does not have any interests in any transactions requiring disclosure under Item 404(a) of Regulation S-K.
The details of Mr. Ortiz’s compensation arrangements in connection with his promotion as CFO of the Corporation are not available as of the date
of this Current Report on Form 8-K.
On February 9, 2026, the Corporation issued a press release in connection with the matters described in Item 5.02 of this Current Report on Form 8-K.
A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
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Financial Statements and Exhibits
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Exhibits
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Exhibit
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Description of Exhibit
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99.1
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Press Release dated February 9, 2026
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Date: February 9, 2026
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First BanCorp.
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By:
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/s/ Sara Alvarez Cabrero
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Name:
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Sara Alvarez Cabrero
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Title:
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EVP and General Counsel
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Exhibit 99.1
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News Release
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FIRSTBANCORP ANNOUNCES RETIREMENT OF CHIEF FINANCIAL OFFICER ORLANDO BERGES AND APPOINTMENT OF SUCCESSOR SAID ORTIZ
SAN JUAN, Puerto Rico – February 9, 2026 - 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.”
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News Release
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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.
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First BanCorp.
Ramon Rodríguez
Senior Vice President
Corporate Strategy and Investor Relations
(787) 729-8200 Ext. 82179
ramon.rodriguez@firstbankpr.com
FAQ
When is First BanCorp. CFO Orlando Berges retiring?
Orlando Berges will retire as Executive Vice President and Chief Financial Officer of First BanCorp. effective June 30, 2026. He has served as CFO since 2009 and is expected to enter a temporary consulting agreement to provide advisory services after his retirement.
Who will replace Orlando Berges as First BanCorp. CFO and when?
First BanCorp. appointed Said Ortiz as Executive Vice President and Chief Financial Officer effective July 1, 2026. Ortiz currently serves as Senior Vice President and Chief Accounting Officer and has been a key leader in the company’s accounting, financial reporting, controls, and tax functions.
What is Said Ortiz’s background before becoming First BanCorp. CFO?
Said Ortiz is a Certified Public Accountant with over 19 years of experience in accounting, auditing, and financial management. He previously held leadership roles at Ernst & Young LLP and KPMG LLP and has served as Corporate Comptroller and Assistant Comptroller at First BanCorp.
Will Orlando Berges remain involved with First BanCorp. after retiring as CFO?
It is expected that Orlando Berges will enter into a temporary consulting agreement with First BanCorp. upon his June 30, 2026 retirement. Under this arrangement, he would provide advisory services to support the company following his long tenure as Chief Financial Officer.
How is First BanCorp. planning the CFO transition between Berges and Ortiz?
First BanCorp. indicates that Orlando Berges and Said Ortiz will work closely over the coming months to ensure a seamless transition. Berges retires June 30, 2026, and Ortiz becomes CFO on July 1, 2026, providing continuity in the company’s finance leadership.