Now that its private-equity injection is almost a done deal, First BanCorp's natural next move would be to consolidate power in Puerto Rico. Unless it sells itself instead.

Analysts fell into two camps after last month's disclosure that Thomas H. Lee Partners would invest $180 million in First BanCorp as part of a broader $500 million capitalization. Some believe the capital may help the island's second-largest bank become an acquirer. But many others say the $15.1 billion-asset company will still end up selling.

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