Banco Popular de Puerto Rico

Banco Popular de Puerto Rico, commonly known as Banco Popular in Puerto Rico and as Popular Bank in much of the United States, is a full-service banking institution and the principal Puerto Rican banking subsidiary of Popular, Inc. Established in 1893 while Puerto Rico was still under Spanish administration, the bank developed from a local savings and commercial institution into the island's largest bank by assets and deposits. Its headquarters are in Popular Center in Hato Rey, San Juan, within the financial district commonly known as the Milla de Oro. The bank's core business serves individuals, families, small businesses, corporations, public-sector entities, and institutional customers. Its activities include deposit accounts, consumer and commercial lending, residential mortgages, credit cards, automobile finance, insurance, leasing, investment brokerage, asset management, and other financial services. Through related businesses such as Popular Auto, Popular Mortgage, Popular Insurance, Popular Securities, Popular Asset Management, and Popular Risk Services, the wider Popular organization offers a broader financial-services proposition than a conventional branch bank. Banco Popular's growth was shaped by consolidation and diversification. In the 1970s, its purchase of a substantial interest in Banco de Crédito y Ahorro Ponceño helped strengthen its position and provided an entry into credit cards. The 1990 merger with Banco de Ponce substantially expanded its scale, while the 1997 acquisition of Banco Roig increased its reach in eastern Puerto Rico. During the 1990s, changes in banking regulation enabled Popular to extend into finance, mortgages, insurance, leasing, securities, and related businesses. The corporate group also pursued mainland expansion. In 2000, the holding company adopted the name Popular, Inc., reflecting the common identity used across its subsidiaries. Its mainland banking operation operated under the Banco Popular North America and later Popular Community Bank names before adopting Popular Bank as its legal and commercial identity in 2018. The mainland strategy included acquisitions and branch expansion in markets such as New York, New Jersey, Florida, Illinois, Texas, and California, although the group later sold or rationalized portions of that network in response to the recession, foreclosure losses, and reserve pressures. Popular also expanded through selected acquisitions and resolution transactions. It acquired Westernbank's deposits after that institution failed and was placed into receivership by the Federal Deposit Insurance Corporation in 2010, and later acquired Doral Bank's deposits after regulators declared Doral insolvent in 2015. These transactions reinforced Banco Popular's importance in Puerto Rico's banking system while also illustrating the concentration and restructuring of the island's financial sector. The brand has maintained a visible role in Puerto Rican life beyond traditional banking. Its Populoso children's savings mascot, introduced in 1989, supported financial education and savings-account promotion. Beginning with its centennial celebration, Popular developed a continuing tradition of televised Christmas music productions featuring Puerto Rican, Latin American, and international performers. These programs became a distinctive part of the institution's public identity and were distributed through television, recordings, and home-video releases. Today, Banco Popular remains the principal Puerto Rican banking brand within Popular, Inc., alongside Popular's operations in the United States and the Virgin Islands.

Banco Popular de Puerto Rico traces its origins to 1893, when Puerto Rico was governed by Spain. The institution's early development was associated with Rafael Carrión Sr. and Manuel Muñoz Barrios, who served as its first president and administrator. It began as a local banking organization and gradually became one of the central financial institutions of Puerto Rico. The bank's rise accelerated in the 1970s. It acquired approximately two-thirds of Banco de Crédito y Ahorro Ponceño, a transaction that broadened its customer and branch base and gave it an important foothold in credit cards. During the same period, Popular developed a recognizable mass-market image through television advertising. In 1989, it introduced Populoso, a bear mascot associated with Club del Ahorro, a children's savings program designed to encourage young customers to open accounts and learn to manage money. After Rafael Carrión Sr.'s death, Richard L. Carrión assumed a leading role in the corporation during the 1980s. The following decade brought major consolidation. In 1990, Popular merged with Banco de Ponce, one of Puerto Rico's largest banks. The holding company temporarily adopted the BanPonce Corporation name in connection with that period. In 1997, Popular acquired Banco Roig, expanding into eastern Puerto Rico, where its presence had previously been weaker. Regulatory changes in the 1990s allowed banks to participate more extensively in financial activities beyond traditional deposit-taking and lending. Popular used this opportunity to create or expand businesses including Popular Auto, Popular Finance, Popular Mortgage, Popular Insurance, Popular Leasing, and Popular Securities. Popular Securities became the group's investment-banking, retail-brokerage, and institutional-sales arm, with operations in Puerto Rico and selected mainland cities. In 2000, the holding company changed its name to Popular, Inc. The rebranding reflected the group's expansion in the United States and its use of the Popular name across multiple subsidiaries. The organization was structured around Banco Popular de Puerto Rico, Popular Bank in the mainland United States, and Evertec, with Richard Carrión continuing as parent-company president and chief executive. During the mid-2000s, the group pursued acquisitions and partnerships in consumer finance, banking, and distribution. It acquired Quaker City Bank, announced the purchase of E-Loan, and sold Popular Cash Express to ACE Cash Express. It also entered a marketing and ATM agreement with the New York Mets in 2005. Popular's mainland strategy continued through the acquisition of selected retail operations and the expansion of branches in New York, New Jersey, Florida, Illinois, Texas, and California. The mainland branches were gradually rebranded as Popular Community Bank between 2010 and 2012, partly to present a more broadly inclusive identity to customers outside the Puerto Rican and Hispanic markets. In 2018, the operation adopted Popular Bank as its legal and commercial name. The global financial crisis, the prolonged recession in Puerto Rico, and losses connected with foreclosures led to retrenchment. Popular sold or reduced parts of its mainland network, including branches in central Florida, Illinois, and Southern California, while maintaining a concentration in New York, New Jersey, and South Florida. In 2010, Banco Popular acquired Westernbank's deposits after the FDIC took control of the failed institution. In 2015, it acquired Doral Bank's deposits after Doral was declared insolvent by regulators. These transactions strengthened Popular's local market position amid significant stress in Puerto Rico's financial system. Beyond banking, Popular has maintained a strong cultural presence. Its centennial celebration launched a recurring tradition of Christmas music concerts and television specials featuring Puerto Rican, Latin American, and international artists. The productions became an enduring element of the brand's public identity and were later distributed through recorded music and video. The institution has also received recognition for its digital-banking services, including a Global Finance ranking as Puerto Rico's best consumer Internet bank in 2007. Banco Popular de Puerto Rico remains the principal Puerto Rican banking brand of Popular, Inc. Its current identity combines the scale and product breadth of a diversified financial group with a long-standing local role in Puerto Rico's economy and communities.

1. 2018Popular Bank identity adopted

   The mainland operation changed from Popular Community Bank to Popular Bank.

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2. 2015Doral Bank deposit acquisition

   Popular acquired Doral Bank deposits after regulators declared Doral insolvent.

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3. 2010Westernbank resolution transaction

   Popular acquired Westernbank deposits after the institution failed and was seized by the FDIC.

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4. 2007Consumer Internet banking recognition

   Global Finance recognized Banco Popular as Puerto Rico's best consumer Internet bank.

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5. 2000Holding company renamed Popular, Inc.

   The corporate group adopted Popular, Inc. as its name while organizing its banking and financial-services subsidiaries.

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6. 1997Acquisition of Banco Roig

   Popular expanded its geographic reach into eastern Puerto Rico.

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7. 1990Merger with Banco de Ponce

   The merger significantly expanded Popular's position in Puerto Rico.

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8. 1989Populoso and Club del Ahorro introduced

   The bank launched a children's savings initiative featuring the Populoso bear mascot.

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9. 1970Expansion through Banco de Crédito y Ahorro Ponceño

   Popular acquired a substantial interest in Banco de Crédito y Ahorro Ponceño and entered the credit-card business.

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10. 1893Bank founded in Puerto Rico

    Banco Popular was established while Puerto Rico was still under Spanish administration.

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A broad-based, locally embedded financial-services institution for consumers, businesses, and institutions in Puerto Rico, supported by the wider Popular, Inc. network.

• Banco Popular retail bankingRetail banking1893

  The core Puerto Rican banking franchise provides consumer deposit accounts, payment services, branch and digital banking, personal loans, credit cards, and other everyday financial products. It is the principal customer-facing banking brand of Popular, Inc. in Puerto Rico.

• Popular Business BankingCommercial banking

  Business banking services support small and medium-sized enterprises and larger commercial customers with deposits, lending, cash-management, payment, and related financial services.

• Popular MortgageMortgage lending

  The mortgage business provides residential financing and related services within Popular's broader lending platform.

• Popular AutoAutomobile finance

  Popular Auto provides vehicle-finance products and is part of the group's expansion into specialized consumer lending.

• Popular SecuritiesBrokerage and investment banking1990

  Popular Securities serves as the group's brokerage, investment-banking, and institutional-sales platform, with a substantial Puerto Rican presence and selected mainland offices.

• Popular InsuranceInsurance

  Popular Insurance extends the group beyond banking by offering insurance-related products and services to consumers and businesses.

• Popular Private ClientWealth management

  Popular Private Client serves higher-net-worth customers with specialized banking, investment, and wealth-management support.

• 2005New York Mets partnership

  New York · United States

  Popular Bank entered a five-year agreement with the New York Mets covering ATMs and advertising at Shea Stadium.

  Outcome. The agreement extended the Popular brand's visibility in the New York market until the stadium closed in 2008.

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• 1993Popular Christmas music productions

  Puerto Rico · Latin America

  For its centennial, Popular brought together Puerto Rican and Latin American musicians for a televised music production and subsequently developed annual Christmas concerts and television specials.

  Outcome. The productions became a durable cultural property associated with the Popular brand and were also released as recordings and videos.

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• 1989Club del Ahorro

  Puerto Rico

  The children's savings campaign used Populoso, a bear mascot, to encourage children to open savings accounts and monitor their money.

  Outcome. The initiative became a continuing part of Popular's youth-oriented financial-literacy and savings identity.

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• 1970Television advertising with the comic spokesman

  Puerto Rico

  Popular used humorous television commercials featuring a balding middle-aged man in a white T-shirt, helping make the bank's name familiar to mass audiences in Puerto Rico.

  Outcome. The advertising became part of the bank's recognizable popular image.

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• 2018Rebrand Popular Community Bank as Popular BankStrategy

  The mainland subsidiary had used the Popular Community Bank name during an effort to broaden its appeal beyond its historic Hispanic customer base.

  What changed. The operation adopted Popular Bank as its legal and commercial name.

  Aftermath. The change restored a common Popular identity across the mainland banking business.

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• 2015Acquire Doral Bank depositsM&A

  Regulators declared Doral Bank insolvent as Puerto Rico's financial sector continued to consolidate.

  What changed. Banco Popular acquired Doral's deposits.

  Aftermath. Popular further expanded its deposit base and local market presence.

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• 2014Reduce and concentrate the mainland branch networkStrategy

  The recession in Puerto Rico and losses associated with foreclosures increased pressure to reduce costs and strengthen reserves.

  What changed. Popular sold branches in central Florida, Illinois, and Southern California while retaining a more concentrated network in South Florida, New Jersey, and New York.

  Aftermath. The mainland operation became more geographically focused.

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• 2010Acquire Westernbank depositsM&A

  Westernbank failed and was taken into receivership by the FDIC during a period of stress in Puerto Rico's banking sector.

  What changed. Banco Popular acquired Westernbank's deposits in a resolution transaction.

  Aftermath. The transaction expanded Popular's local deposit franchise and reinforced its systemic importance in Puerto Rico.

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• 2000Adopt the Popular, Inc. corporate identityStrategy

  The group had expanded beyond Puerto Rican banking into mainland banking and other financial services.

  What changed. The holding company changed its name to Popular, Inc. and organized major operations around Banco Popular de Puerto Rico, Popular Bank, and Evertec.

  Aftermath. The new identity created a common corporate framework for the group's diversified businesses.

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• 1997Acquire Banco RoigM&A

  Popular sought to improve its geographic coverage in eastern Puerto Rico.

  What changed. The group acquired Banco Roig.

  Aftermath. Popular gained a stronger presence in the eastern part of the island.

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• 1990Merge with Banco de PonceM&A

  Banco Popular pursued consolidation in Puerto Rico to increase scale in a competitive banking market.

  What changed. Popular merged with Banco de Ponce, one of the island's major banks.

  Aftermath. The transaction strengthened Popular's position as Puerto Rico's leading banking institution.

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• 2018Popular Community Bank becomes Popular Bank

  The mainland operation adopted Popular Bank as its legal and commercial identity.

  Leadership changeOther
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• 2015Banco Popular acquires Doral Bank deposits

  After regulators declared Doral Bank insolvent, Banco Popular acquired its deposits in a resolution transaction.

  M&ARegulation
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• 2014Popular sells selected mainland branches

  Popular Community Bank sold branches in central Florida, Illinois, and Southern California while retaining a smaller network concentrated in South Florida, New Jersey, and New York.

  M&A
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• 2010Popular acquires Westernbank deposits after failure

  Following Westernbank's failure and seizure by the FDIC, Banco Popular acquired its deposits, reinforcing Popular's role in Puerto Rico's banking system.

  M&ARegulation
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• 2010Popular sells a majority stake in Evertec

  Popular sold 51 percent of Evertec to Apollo Management as part of a broader restructuring of its financial-technology holdings.

  M&A
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• 2007Popular acquires Citibank retail operations in Puerto Rico

  The transaction added Citibank's Puerto Rican retail branches and related broker-dealer operations to Popular's local platform.

  M&A
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• 2005Popular announces E-Loan acquisition

  Popular announced an agreement to acquire online lender E-Loan, reflecting its effort to expand its mainland consumer-finance activities.

  M&A
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• 2005Popular sells Popular Cash Express to ACE Cash Express

  The group agreed to divest its check-cashing business to ACE Cash Express.

  M&A
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• 2000Popular adopts Popular, Inc. corporate name

  The holding company changed its name to Popular, Inc. as the group broadened its United States and non-bank operations.

  Other
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• 1997Banco Popular acquires Banco Roig

  The acquisition expanded the bank's presence in eastern Puerto Rico.

  M&A
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• 1990Banco Popular expands through Banco de Ponce merger

  The merger with Banco de Ponce significantly increased Popular's scale in Puerto Rico and strengthened its position in the island's banking market.

  M&A
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1. Banco Popular de Puerto Rico
2. Popular, Inc. official website