Banco Popular de Puerto Rico was founded in 1893 in Puerto Rico originally under the name of The Banco Popular de Economias y Préstamos. It was established by a group of locals who wanted to help the poor people of the island and give them a way to save. Banco Popular de Puerto Rico has been in business for over 115 years.
History of Banco Popular de Puerto Rico
Banco Popular de Puerto Rico has a long and rich history. Banco Popular has a tradition of being the first to offer services to its community. It was apparently the first bank in Puerto Rico to offer non-collateral personal loans, FHA mortgage loans, combined accounts, and phone banking. The first branch of Banco Popular de Puerto Rico was opened in the United States in 1961 in Bronx, New York.
During the early 1990s and throughout 2000, Banco Popular de Puerto Rico would experience tremendous growth that would eventually place them among the top financial institutions. Banco Popular diversified the company by entering into new territory with the beginning of Popular Auto, Popular Finance, Popular Mortgage, and most importantly, Popular Securities. It was in 2000 that the company would change its name to Popular, Inc. as the company continued to grow in Puerto Rico and expand into the United States.
Banco Popular de Puerto Rico Today
Today, Banco Popular de Puerto Rico is the largest bank and company in Puerto Rico. In the United States it is the largest Hispanic bank. It is lead by it Chief Executive Officer, Richard L. Carrión. It has over 45 billion in assets and employs about 13,000 employees.
In Puerto Rico, Banco Popular has 175 branches and over 582 ATM’s. Throughout the United States, Banco Popular has over 100 branches and ATM’s. Banco Popular also has 8 branches located throughout the Virgin Islands along with 3 credit centers and 3 mortgage centers.
Banco Popular de Puerto Rico consistently ranks among the leading financial institutions. In 2007, Global Finance ranked Banco Popular as the Best Consumer Internet Bank in Puerto Rico. Fortune Magazine in 2005 called Banco Popular de Puerto Rico the 84th Best Company to Work For. It was also recognized by Forbes in 2006 as the 784th Largest Company in the World.
Services of Banco Popular de Puerto Rico
Banco Popular de Puerto Rico offers a wide array of products and services. They offer traditional banking services such as deposit accounts, individual retirement accounts, certificates of deposit, financial advice, and account management services. Banco Popular also offers loans and credit products that include mortgages, vehicle financing, personal loans, and commercial loans. In Puerto Rico, their mortgages are offered through Popular Mortgage and auto financing through Popular Auto. Popular Auto also offers rental car services.
Banco Popular de Puerto Rico offers investment services that include mutual funds, investment management services, investment accounts, and sales of different types of securities. Popular Securities is the subsidiary of Banco Popular that handles the full range of investment services. Insurance is another service offered to customers through Popular Insurance. Insurance services offered include auto, home, and life, just to name a few.
Banco Popular de Puerto Rico also offers a full range of services and products to small and mid size business as well as corporations. They offer various types of business checking accounts as well as business loans, lines of credit, and credit cards.
- Banco Popular Auto Loans
- Banco Popular Home Equity Loans
- Banco Popular Home Financing Loans
- Banco Popular Personal Loans
- Banco Popular Secured Loans