Press Release

Approval of the Application by First Bancorp

May 10, 2004

NEW YORK—The Federal Reserve Bank of New York Monday approved the application by First BanCorp, San Juan, Puerto Rico, to acquire certain shares of common stock of PanAmerican Bancorp, and indirectly its subsidiary bank, PanAmerican Bank, both of 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.