TUESDAY, MAY 29, 2001

NEW YORK - The Federal Reserve Bank of New York Tuesday approved the application by First BanCorp, San Juan, Puerto Rico, to acquire 8.73 percent of the voting shares of Southern Security Bank Corporation, Hollywood, Florida.

According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.