Question 1

What is FirstBank?

Accepted Answer

FirstBank is a commercial banking institution operating in the British Virgin Islands as part of the larger First BanCorp financial services organization. The bank provides retail and commercial banking services to individuals and businesses throughout the territory.

FirstBank is part of First BanCorp, a publicly traded financial holding company headquartered in San Juan, Puerto Rico, with approximately $19.3 billion in assets and operations across Puerto Rico, the U.S. Virgin Islands, British Virgin Islands, and Florida.

Question 2

When was FirstBank founded?

Accepted Answer

FirstBank's presence in the Virgin Islands began in 1962 when First Federal Savings and Loans Association opened its first branch in Saint Thomas, becoming the first Puerto Rican savings and loans institution to establish operations in the U.S. Virgin Islands. The parent organization was originally founded in Puerto Rico in 1948 as First Federal Savings and Loans Association with a $200,000 capital investment.

FirstBank expanded to the British Virgin Islands through strategic growth over the following decades. In 2002, the bank acquired Chase Manhattan Bank's operations in the U.S. Virgin Islands, further strengthening its regional presence. The acquisition of Virgin Islands Community Bank in 2008 gave FirstBank the largest number of branches in the Virgin Islands region, solidifying its position as a leading financial institution across both the U.S. and British Virgin Islands.

Question 3

Where is FirstBank headquartered?

Accepted Answer

FirstBank's British Virgin Islands operations are headquartered in Road Town, Tortola, at VG1110. The broader First BanCorp organization maintains its corporate headquarters in San Juan, Puerto Rico, which oversees operations across all markets including Puerto Rico, Florida, and the Virgin Islands.

Question 4

Where does FirstBank operate?

Accepted Answer

FirstBank operates in the British Virgin Islands, with its primary presence in Road Town, Tortola. The bank serves customers throughout the British Virgin Islands territory, providing banking services through its branch location and digital banking platforms.

As part of the First BanCorp network, customers can access services across the broader Virgin Islands region, though the British Virgin Islands entity specifically focuses on serving the local BVI market.

Question 5

What services does FirstBank offer?

Accepted Answer

FirstBank offers a comprehensive range of banking services including:

Deposit Accounts: Checking accounts, savings accounts, certificates of deposit, and business accounts for individuals, companies, clubs, associations, churches, and corporations.

Lending Products: Personal loans, mortgage loans, auto loans, boat loans, business loans, lines of credit, and credit cards.

Digital Banking: Online banking platform and mobile app with features including account management, mobile check deposits, bill payments to over 4,000 merchants, fund transfers between accounts and to other financial institutions, travel notifications, and card management.

Payment Solutions: ATH Móvil for person-to-person transfers, debit cards, credit cards with rewards programs, and ATM services with First Deposit functionality.

Business Services: Commercial banking solutions, business checking accounts, business lending, and specialized services for corporate clients.

Question 6

What makes FirstBank unique?

Accepted Answer

FirstBank distinguishes itself through its extensive regional network across the Caribbean and its deep roots in the Virgin Islands dating back over 60 years. The bank's acquisition strategy has positioned it as one of the largest banking institutions in the Virgin Islands region.

The bank emphasizes community commitment and personalized service while offering modern digital banking capabilities that compete with larger international banks. FirstBank's integration within the First BanCorp network allows BVI customers to access services across multiple territories, including Puerto Rico and the U.S. Virgin Islands.

FirstBank also stands out for its comprehensive digital banking platform that enables customers to manage accounts, make deposits, pay bills, and transfer funds 24/7, with customer service available everyday from 8:00 a.m. to 5:00 p.m. AST specifically for BVI customers.

Question 7

What type of financial institution is FirstBank?

Accepted Answer

FirstBank is a commercial bank in the British Virgin Islands, authorized and supervised by the Financial Services Commission (British Virgin Islands). The institution operates as a full-service commercial bank offering both retail banking and business banking services.

As a commercial bank, FirstBank serves individual consumers, small businesses, and corporate clients with a broad range of deposit, lending, and payment products. The bank combines traditional branch banking with modern digital services to meet the diverse needs of the BVI market.

FirstBank

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About FirstBank in the British Virgin Islands