Established in 1984 as First Federal Savings and Loans Association, FirstBank Puerto Rico provides banking and financial services to private individuals and legal entities in Puerto Rico, the United States, and the British Virgin Islands. In the British Virgin Islands FirstBank Puerto Rico provides retail banking, business banking and insurance products to domestic customers.
Although there is no deposit guarantee scheme in the British Virgin Islands, the Government of the British Virgin Islands acknowledged the need to offer some level of security to depositors. In May 2016, the Virgin Islands Deposit Insurance Act 2016 (VIDIC Act) providing necessary framework was published. The implementation of the deposit insurance system is designed to protect at least savings of domestic depositors in the Territory: in the case of FirstBank Puerto Rico failure its depositors will not get any compensation.
FirstBank Puerto Rico is located in Tortola.