00 9 First BanCorp.> 2001 parties to contribute their own specialized knowledge, expe- rience and customer relationships to each specific venture. We have also been adding new sources of funding. In March 2001 the Corporation opened a new branch in Plaza Guaynabo, a local shopping center in a high income area.This branch has drive-through facilities. During 2002 the Corporation plans to open another office in a new shopping center in the San Juan metropolitan area.These expansions are part of a long-term effort to improve and modernize the Corporation’s branch network. First BanCorp also introduced a CD whose yield is indexed to the S&P 500 stock index.This product complements the exist- ing Dow Jones indexed CD. Both will help the Corporation compete for savings and retirement funds by offering higher long term returns than conventional savings accounts and CD’s. During 2001 First BanCorp also issued $103.5 million of pre- ferred stock, successfully completing the largest Puerto Rico preferred stock offering ever. At the end of 2001 the Corporation’s core capital ratio was 7.49% and the risk-based ratio was 14.50%. We closed an additional $92 million pre- ferred stock issue at the beginning of 2002, ensuring a com- fortable margin for future growth. In addition, the Corporation has restructured its balance sheet to reduce interest rate risk. First Bancorp has traditionally had a special place in the minds of consumers in Puerto Rico. Our institution began operations in 1948 as “First Federal Savings Bank” and for many years was the leading Savings and Loan institution on the island. Even after converting to a commercial bank in 1994 the Corporation specialized in consumer lending for many years. While we have diversified into commercial lending during the past four years, our base of 600,000 to 700,000 local clients remains, along with our roots in the Puerto Rican community. As a community service project we have been running a series of advertising campaigns to promote awareness and encour- age membership in the Puerto Rico Conservation Trust, a foundation which conserves historic landmarks on the Island. The program featured an “Isla Viva” bank account for children, which included a membership in the same organization. In addition, the program introduced an “Isla Viva” credit card which contributes to the Conservation Trust. This program won the 2001 Excel prize, an award given by the Association of Public Relations Professionals of Puerto Rico for the best public relations program of the year. Client Service and Corporate Image >. Funding and Liability Management >. First BanCorp has traditionally had a special  place in the  minds of  consumers...