The largest banks in Puerto Rico care deeply about their customers and work hard to meet all of their banking needs.
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Banking Sector In Puerto Rico
The formerly pessimistic outlook of Puerto Rico’s financial sector has leveled off. This is because of insufficient progress in bolstering bank reserves, capital, and core financing.
Despite the ongoing economic downturn in Puerto Rico that began in 2004, some people have strengthened their financial safety nets.
Although there are certain variances to the general US tax rules, the fact that Puerto Rico is a member of the US banking system is the most crucial aspect of its financial system.
The Office of the Commissioner of Financial Institutions of Puerto Rico controls and regulates the entire financial sector of the island.
The office exists to make sure that all banking and financial institutions in the jurisdiction are secure and follow all local norms and regulations.
9 Largest Banks In Puerto Rico
1. FirstBank
Overview
This bank first opened its doors in 1948, making it around 69 years old now. It operates as a separate entity from First Bancorp. San Juan serves as the location of the organization’s headquarters.
1948 was the year that FirstBank received its charter. In Puerto Rico, FirstBank was the very first Savings and Loan organization to open its doors.
Since the bank’s founding, it has played an essential part in elevating the living standards of the people of Puerto Rico by assisting tens of thousands of residents in the purchase of their first house, elevating both their social and economic standing.
In 1983, it amended its charter to become a commercial bank and adopted the name First Federal Savings Bank. First Federal went public and started trading on Nasdaq in 1987, becoming a savings bank controlled by stockholders.
A few years later, in 1993, it was delisted and listed on the New York Stock Exchange under the name FirstBank Puerto Rico. The Bank underwent a reorganization in 1998 and became First BanCorp, a holding company.
The organization has witnessed remarkable expansion and development as a result of the innovative leadership of its management team, and as a result, it has become one of the most successful financial institutions in Puerto Rico, with nearly 3,000 workers.
Through its more than one hundred seventy banking facilities across Puerto Rico, the mainland United States, as well as the United States and British Virgin Islands, the company provides its individual, commercial, and corporate clients with access to a comprehensive variety of financial services.
If you plan to retire in Puerto Rico, consider opening a bank account with FirstBank.
Banking Products and Services
First BanCorp is a full-service financial services and product provider that has operations in Puerto Rico, the United States, as well as the United States and British Virgin Islands.
This bank focuses on retail banking, commercial banking, and corporate banking as its primary lines of business.
The vision of the corporation has been based on the premise that it is essential to provide an exceptional experience to consumers, to assist the communities that it serves via investment, and to invest in the people of the corporation in order to achieve success over the long term and to provide value to the corporation’s shareholders.
Bank Assets
In terms of assets, FirstBank ranks first among the largest banks in Puerto Rico. In the year 2016, FirstBank acquired a total of assets of $12 billion in the United States, and in the same year, the bank posted a net profit of $93 million in the United States.
The Corporation has total assets of $20.8 billion, total deposits of $17.8 billion, and total equity in the form of shareholders’ funds of $2.1 billion as of the 31st day of the year 2021.
2. Banco Popular
Overview
Banco Popular has been around for quite some time, making it not only one of the oldest but also one of the most reputable financial institutions in Puerto Rico.
This famous Puerto Rican banking organization has been in business for close to a century already and continues to serve the local community.
This particular banking institution’s primary operations are managed from its headquarters in Tortola. This bank has been providing services to customers located in the United States of America, Puerto Rico, and the British Virgin Islands. In addition, this financial institution caters to the needs of local customers located inside the British Virgin Islands.
The Banco Popular de Puerto Rico was revived in 1923, but this time it was a commercial bank and not a savings bank as it had been before.
This was done to ensure that the establishment would be in accordance with the very first banking regulation that the island had passed. Rafael Carrion Pacheco was successful in acquiring the vast majority of the company’s stock in the year 1927.
The year after that saw the beginning of the availability of unsecured personal loans without the need of collateral being placed.
Banco Popular was able to weather the storm and emerge triumphant throughout the financial crisis that was brought on by the Great Depression. Many other banks were unable to weather the storm and collapsed.
In point of fact, the corporation went on to buy Banco Comercial de Puerto Rico, the financial institution that is considered to be the oldest and most venerable on the island.
Banco Popular was able to become the most successful financial organization in Puerto Rico as a direct consequence of the 8.82 million dollars that were deposited into its accounts in the year 1937.
The headquarters building, which was designed in the Art Deco style and had been under construction since 1939, was ultimately completed in 1939.
The first Banco Popular establishment on the island opened its doors in 1934, and by 1942, there were a total of eight Banco Popular establishments operating throughout the island. In 1951, the business constructed a bank that could be moved around on wheels at Fort Buchanan.
This type was utilized to supply the bulk of Puerto Rico between the years 1957 and 1974, including even the most remote mountain villages. It was employed during this time period because of its versatility.
1954 was the year in which there were a total of 20 formed branches of the organization. 1957 was the year that saw the commencement of the provision of vehicle financing.
As a consequence of the tremendous migration that took place in the years immediately after the end of World War II, there was already a substantial Puerto Rican population living in New York City at this time.
In 1961, Banco Popular opened its first branch in the continental United States in the borough of the Bronx in New York City. This was Banco Popular’s first facility in the United States.
A second one was established in the year 1964 at the Rockefeller Center, which is located in the borough of Manhattan. The same year that the bank established its first branch outside of the country, it did so in the Dominican Republic. This branch was the bank’s first international outpost.
In 1965, Rafael Carrion Jr. succeeded his father as president of Banco Popular, taking over the role from his father.
In the same year, the bank moved its operations to a brand-new facility in the San Juan suburb of Hato Rey. Hato Rey is considered to be part of the city of San Juan.
Banco Popular established its first branch in the United States outside of New York City in 1973, and in 1975, it established its first branch outside of a metropolitan zone in Los Angeles.
Both of these openings occurred in the United States. In 1975, it was integrated into the system of credit cards that is now known as Visa.
The failed Banco Credito y Ahorro Ponceno (also known as the Ponce Credit and Savings Bank) was acquired by this bank in 1978, and 36 of that bank’s 50 branches were included in the transaction.
Banco Popular had grown to the point that it was included on the list of the 60 largest banks in the United States, with deposits reaching $1.7 billion. This was a testament to Banco Popular’s impressive level of success.
Customers that fit into these categories—private individuals, private financial institutions, and legal organizations—are the ones that these businesses cater to.
Retail banking, commercial banking, and fiduciary services are all available to customers based in the United States and other countries across the world.
By the end of the year 2020, this financial institution had amassed a total asset value of $65.9 billion in the United States. This bank had a net profit for the year of around $506.6 million US dollars, and it was reported during the same year.
Banking Products and Services
Retail banking and business banking are the primary focuses of this financial institution.
Bank Assets
In terms of assets, Banco Popular ranks second among the largest banks in Puerto Rico. This bank had a net profit of $358 million in the year 2016, the same year that it had a total asset acquisition of US $38 billion, making it one of the most profitable banks in the world.
As of the 31st of December 2016, it was responsible for the management of about 171 branches and 635 ATMs around Puerto Rico.
3. Oriental Financial Group
Overview
Oriental Bank in San Juan, Puerto Rico, is wholly owned by OFG Bancorp, which was established in 1964 as a financial holding company.
Principally in Puerto Rico and the U.S. Virgin Islands, OFG’s subsidiaries Oriental Financial Services LLC, Oriental Bank, and Oriental Insurance LLC provide a broad variety of retail and commercial banking, lending, and wealth management products, services, and technologies.
The Oriental Center is located at 254 Muoz Rivera Avenue, San Juan, Puerto Rico 00918. With $9.8 billion in assets and over 2,253 employees in 2022, OFG Bancorp is one of the top three banks in Puerto Rico.
In 2010, Oriental merged with Eurobank, a failing rival. Late in 2012, it was reported that Oriental had paid $500 million in cash to acquire the Puerto Rican branch of Banco Bilbao Vizcaya Argentaria, a Spanish financial institution.
As part of a $550 million cash agreement finalized in 2019, OFG Bancorp bought all of Scotiabank’s Puerto Rican and U.S. Virgin Island businesses.
Formerly known as Oriental Financial Group, the corporation rebranded as OFG Bancorp in 2013.
Banking Products and Services
It offers a variety of services to its customers, including consumer, commercial, car, and mortgage loans; financial planning; checking and savings accounts; insurance; investment brokerage; financial services; and individual and corporate trust and retirement services.
It is a company that offers its services across Puerto Rico.
Bank Assets
In terms of assets, Oriental Financial Group ranks third among the largest banks in Puerto Rico. In the year 2016, this organization had a total of $6.5 billion in assets that it had bought, and in the same year, the group had a net profit of $45 million in the United States.
4. Banco Santander
Overview
It was in the year 1976 that Banco Santander in Puerto Rico first opened its doors to customers, making its age about 47 years.
It was once known as Banco de Santander-Puerto Rico, but in November 1989, it officially changed its name to what it is known as today.
It is a separate company that operates under the umbrella of Santander Bancorp. The city of San Juan serves as the location for the organization’s headquarters.
Santander Bank, the parent company of Banco Santander, is a worldwide and transnational financial institution with its headquarters in Spain.
According to Euromoney’s annual rating, the institution was recognized as the Best Bank in the World once again in 2012, making this the third time in recent years that it has held this title.
By market capitalization, Santander is one of the thirteen biggest banks in the world and the largest bank in the Eurozone. Santander is also the largest bank in Spain. It is also one of the top-ranked banks in Puerto Rico.
It was established in 1957, and now it has more than 102 million clients, roughly 14,569 offices (which is more than any other worldwide bank), and over 190,000 workers.
It is the most important banking conglomerate in both Spain and Latin America. In addition to that, it has a large presence in the countries of Germany, Poland, Portugal, the United Kingdom, and the northeastern region of the United States.
Santander Consumer Finance is active in the key markets of the Group in addition to the Nordic nations.
Banking Products and Services
Santander BanCorp is a firm that offers integrated financial services in Puerto Rico. It is a subsidiary of Grupo Santander, which is the parent company of Banco Santander.
Banco Santander Puerto Rico, Santander Securities LLC, and Island Insurance Corporation are the three companies that operate as subsidiaries of the parent corporation.
In Puerto Rico, Banco Santander Puerto Rico has been in business for the last 37 years. Through its network of 54 locations, it provides customers in the commercial, mortgage, and retail areas of banking with a comprehensive selection of banking products and services.
As a corporate agent, Banco Santander Puerto Rico is able to provide life, health, and disability insurance to its clients.
Additionally, the Banco Santander Puerto Rico subsidiary, Santander Insurance Agency Inc., is able to act as a general agent.
Through its affiliated company, Santander Asset Management LLC, Santander Securities is able to provide clients with investing and investment banking services, as well as portfolio management and mutual fund options.
Bank Assets
In terms of assets, Banco Santander ranks fourth among the largest banks in Puerto Rico.
The bank made a net profit of $15 million in 2016, the same year that it obtained a total asset value of $5 billion in the United States.
In the same year, the bank’s total assets were valued at $5 billion.
5. Caribe Federal Credit Union
Overview
The Caribe Federal Credit Union is a member-owned and operated cooperative financial institution.
This financial institution, which goes by the name Caribe Federal Credit Union, started operations in the year 1951, making it around 72 years old now.
The Caribe Federal Credit Union is one of the most well-known and respected institutions in Puerto Rico that provides financial services for a charitable purpose.
In accordance with the Federal Credit Union Act, it was established with the intention of providing financial assistance to those working for the federal government in Puerto Rico.
Banking Products and Services
The Union offers a variety of financial services, including credit and debit cards, internet banking, loans, investments, and savings accounts, as well as other services relating to finance. The Caribe Federal Credit Union provides its services to various municipalities in Puerto Rico.
Bank Assets
In terms of assets, Caribe Federal Credit Union ranks fifth among the largest banks in Puerto Rico.
The bank had a net profit of $2 million in 2016, the same year that it had total assets of $336 million in the United States.
In the same year, the bank’s total assets were worth $336 million in the United States.
6. Citibank NA (Puerto Rico)
Overview
They have been contributing to the growth of the economy of the Enchanted Island, which is Puerto Rico, since the year 1918. Since then, Citi® has been providing its services on the island of Puerto Rico.
It is one of the oldest international banks still operating in Puerto Rico and its name is Citibank NA (Puerto Rico).
1918 marks the beginning of its existence, which places its age at around 105 years. Hato Rey serves as the location of the organization’s primary office.
It is a branch of Citibank National Association, which is the parent company. Citibank North America was the very first bank to be formed in North America
The mission of Citibank National Association (Puerto Rico) is to serve the local community by making foundation-building investments and providing access to innovative financial solutions.
If you are an expat living in Puerto Rico, here’s a full review of Citibank account for expats just for you.
Banking Products and Services
Their executives have made it a priority to ensure that the needs of the customers are met. Citi’s worldwide network and expertise in local markets give useful tools to the company’s import and export clients.
Citi has a direct presence in more than 100 countries across the world. Because of the availability of this kind of network, the number of banks that are engaged in the processing of transactions linked to imports and exports may be reduced, which in turn enables these banks to provide more competitive pricing.
7. FEMBi Mortgage
Overview
FEMBi Mortgage was first created in the year 1997, making its age around 26 years. San Juan serves as the location of the organization’s headquarters.
First Equity Mortgage Bankers, Inc. (FEMBi) is a Fannie Mae-approved seller and servicer in addition to being an independent mortgage lender.
FEMBi is authorized by the Department of Housing and Urban Development, the Department of Agriculture, and the Department of Veteran Affairs to originate loans for the Federal Housing Administration, the Veterans Administration, and rural housing.
FEMBi presently employs hundreds of experts, including over 80 loan originators, and have their headquarters in Florida.
South Florida CEO recognized it among the TOP 100 Private firms in 2013, and the South Florida Business Journal awarded the bank as “One of the Best Places to Work” in 2016 and 2017.
FEMBi is one of the TOP 100 fastest growing firms in South Florida, and South Florida CEO listed it among the TOP 100 Private Companies in 2013.
Products and Services
FEMBi is a home lending company that specializes in acquisitions, refinances, and reverse mortgages.
FEMBi Mortgage provides a comprehensive selection of mortgage services over the whole of South Florida and in Puerto Rico. The FEMBi team is made up of 125 employees, all of whom work together to provide individualized services to the local clientele.
Their competitive advantage is that they provide a wide variety of financing choices, such as regular conventional loans, FHA loans, VA loans, and so on, as well as fast turnarounds.
Since its establishment in 1997, FEMBi Mortgage has provided clients in South Florida and Puerto Rico with access to a comprehensive range of home financing options.
FEMBi considers it a point of pride to provide the greatest possible degree of individualized attention and honesty to each and every one of their customers.
They have a staff of experienced mortgage specialists that are devoted to finding the greatest match for their customers and their families, and it is their objective to make the dreams of homeownership that their clients have a reality.
The southeastern United States is FEMBi Mortgage’s primary market, and the company has established itself as a market leader in mortgage financing.
FEMBi was able to establish themselves as the industry leaders by first demonstrating an in-depth familiarity with the specific requirements of each of their customers, and then by assembling a group of over 125 mortgage specialists that are experts in their fields.
Every single member of their team is committed to assisting their customers in achieving their objectives of becoming homeowners, and they are able to provide their customers with something that their bank is unable to do.
FEMBi has over 20 years of expertise in the private mortgage banking industry and provide lending parameters that are flexible, a variety of mortgage investors, different financing alternatives, and quick turnarounds.
Additionally, they have access to a wide range of mortgage investors.
Whether their customers are ready to buy their first home, refinance their current mortgage, or are interested in a reverse mortgage, FEMBi provides a varied range of options including normal conventional, FHA, and VA loans, as well as a number of speciality products.
This allows FEMBi to meet the needs of its customers in a variety of different scenarios.
8. Pentagon Federal Credit Union
Overview
The Pentagon Federal Credit Union is widely considered to be among the most influential and important credit unions in the United States.
The Pentagon Federal Credit Union has a presence in over 50 places, and Puerto Rico is one of those areas. It also has a branch in Puerto Rico.
The mission of PenFed Credit Union is to provide its members with the resources necessary to realize their greatest potential.
PenFed Credit Union, which was established in 1935, is now the federal credit union in the United States that holds the position of second-largest in size.
Products and Services
Not only does this credit union provide its members with educational opportunities, but it also motivates them to pursue their goals.
Car loans and mortgages offered by PenFed have some of the most competitive interest rates available today.
In addition, the credit union provides a selection of credit cards that have been recognized with accolades and come with cutting-edge perks that are difficult for other financial institutions to match.
PenFed Credit Union gives its members access to a wide variety of financial products and services, such as bank accounts, personal loans, credit cards, mortgages, student loans, auto loans, and certificates that are at the forefront of their respective markets.
The credit union is a member of the Equal Housing Lenders Association and receives federal insurance via the NCUA.
Assets
In terms of assets, Pentagon Federal Credit Union ranks eighth among the largest banks in Puerto Rico.
According to the most recent report, which was done in 2017, the total assets that Pentagon Federal Credit Union had acquired amounted to $23 billion US.
In the same year, there were 1.6 million people who were members of the organization. The year 1935 marks the beginning of its existence.
As of the 30th of June in 2022, the PenFed Credit Union served over 2.8 million members all over the globe and had assets totaling $36.6 billion.
It provides support to many branches of the armed forces, including the army, the coast guard, and the Department of Homeland Security.
9. JetStream Federal Credit Union
Overview
The JetStream Federal Credit Union is yet another example of a credit union that operates on a not-for-profit basis. San Juan, which is located in Puerto Rico, serves as the organization’s headquarters.
Products and Services
The organization offers its members a comprehensive range of services. Anyone who lives or works in San Juan, Puerto Rico may apply to become a member of the organization.
Assets
In terms of assets, JetStream Federal Credit Union ranks ninth among the largest banks in Puerto Rico.
The bank had a net profit of $2.5 million in 2016, the same year that it obtained a total asset value of $187 million in the United States. In the same year, the bank’s total assets were valued at $187 million.
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