FirstBank was the first Savings & Loan institution established in Puerto Rico with a capital of $200,000 in 1948. Since its inception the bank played a fundamental role in improving the quality of life in Puerto Rico, by helping thousands of citizens to acquire their first home, thus enhancing their social and economic status. Today, the company provides a full range of financial services for retail, commercial and institutional clients in Puerto Rico, US Virgin Islands, British Virgin Islands and Florida. Thanks to the visionary leadership of its management team, the institution experienced an impressive growth and transformation, becoming one of Puerto Rico's leading financial institutions with approximately 3,000 employees.[5] First BanCorp FBP (NYSE Symbol) is headquartered in San Juan, Puerto Rico and is ranked the 669th and 1537th Largest Company In The World in Forbes magazine by Total Assets and Profits. On 2006 it had over $18.8 billion in assets. As of January, 2012, First owed $400 million to the US government Troubled Asset Relief Program.