Puerto Rico-based First BanCorp. completed its acquisition of Santander BanCorp and wholly owned subsidiary Banco Santander Puerto Rico.

Under the terms of the deal, Santander BanCorp and Banco Santander will be merged into FirstBank Puerto Rico, with the latter as the surviving entity.

First BanCorp. paid a base purchase price in cash of $394.8 million for 117.5% of Banco Santander's core tangible common equity, consisting of a $58.8 million premium on $336 million of core tangible common equity, plus $882.8 million for Santander BanCorp's excess capital, paid at par.

Banco Santander had about $5.5 billion in assets, $2.7 billion in total loans and $4.2 billion in deposits as of July 31, according to a First BanCorp. news release.

First BanCorp. expects to complete the integration process during the second quarter of 2021.

Goldman Sachs & Co. LLC was financial adviser, and Skadden Arps Slate Meagher & Flom LLP was legal counsel to First BanCorp. Moelis & Co. LLC and Simpson Thacher & Bartlett LLP advised First BanCorp.'s board.