Short answer
FIRST BANCORP /PR/ (FBP) filed an 8-K current report with the SEC on July 1, 2026 reporting Item 5.02 (Departure/Election of Directors or Officers). Retiring executive Orlando Berges retained as consultant through December 31, 2026 at $300 hourly.
FIRST BANCORP /PR/ 8-K event analysis
AI summary of each reported item and its exhibits
Item 5.02 · Departure/Election of Directors or Officers
- Retiring executive Orlando Berges retained as consultant through December 31, 2026 at $300 hourly
- Berges’ advisory scope covers financial, accounting, strategic, transactional, audit, regulatory, and examination matters
- Said Ortiz appointed CFO under one-year renewable agreement with $475,000 annual base salary and bonus eligibility
- Change-in-control severance equals two times base salary plus two times average cash bonus and benefits
- Without-cause termination severance includes remaining base salary plus average cash bonuses from the prior two years
Generated from the filing text and exhibits; verify against the original. What 8-K item codes mean
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