Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
VILLARINO LAURA
   2. Issuer Name and Ticker or Trading Symbol
FIRST BANCORP /PR/ [fbp] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Senior Vice President
(Last)
(First)
(Middle)
PO BOX 9146		 3. Date of Earliest Transaction (Month/Day/Year)
12/28/2004
(Street)

SAN JUAN, PR 00908-0146		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
FIRST BANCORP'S COMMON STOCK - EXERCISE OF OPTION (1) 12/28/2004   P   9,000 A $ 10.417 38,238 D  
FIRST BANCORP'S COMMON STOCK - EXERCISE OF OPTION (1) 12/28/2004   P   1,500 A $ 17.333 39,738 D  
FIRST BANCORP'S COMMON STOCK - EXERCISE OF OPTION (1) 12/28/2004   P   1,500 A $ 13.0833 41,238 D  
FIRST BANCORP'S COMMON STOCK - EXERCISE OF OPTION (1) 12/28/2004   P   1,500 A $ 14.875 42,738 D  
FIRST BANCORP'S COMMON STOCK - EXERCISE OF OPTION (1) 12/28/2004   P   2,250 A $ 18.6867 44,988 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
EXERCISE OPTION TO PURCHASE COMMON STOCK $ 10.417 12/28/2004   X     9,000 11/25/1997 11/25/2007 FIRST BANCORP 9,000 $ 10.417 12,750 D  
EXERCISE OPTION TO PURCHASE COMMON STOCK $ 17.333 12/28/2004   X     1,500 11/17/1998 11/17/2008 FIRST BANCORP 1,500 $ 17.333 11,250 D  
EXERCISE OPTION TO PURCHASE COMMON STOCK $ 13.0833 12/28/2004   X     1,500 11/23/1999 11/23/2009 FIRST BANCORP 1,500 $ 13.0833 9,750 D  
EXERCISE OPTION TO PURCHASE COMMON STOCK $ 14.875 12/28/2004   X     1,500 12/13/2000 12/13/2010 FIRST BANCORP 1,500 $ 14.875 8,250 D  
EXERCISE OPTION TO PURCHASE COMMON STOCK $ 18.6867 12/28/2004   X     2,250 02/26/2002 02/26/2012 FIRST BANCORP 2,250 $ 18.6867 6,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
VILLARINO LAURA
PO BOX 9146
SAN JUAN, PR 00908-0146		       Senior Vice President  

Signatures

 /s/ Laura Villarino   12/29/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Under employee stock option plan

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