Ever wondered how a Puerto Rican bank ended up in Los Angeles? Here we are standing before the Banco Popular de Puerto Rico Building. Its story stretches back more than a century. It connects the island of Puerto Rico to the mainland United States.
Banco Popular de Puerto Rico has a rich history. It started in 1893 when Puerto Rico was still under Spanish rule. A group of locals wanted to encourage savings among the poor. They formed the Sociedad Anónima de Economías y Préstamos. This translates to Savings and Loan Corporation. Don Manuel Muñoz Barrios was the company’s first president.
Fast forward to the 1970s. The bank’s commercials became popular on Puerto Rican television. During this time Banco Popular grew. It bought two-thirds of Banco de Crédito y Ahorro Ponceño. This purchase allowed Popular to enter the credit-card industry.
The 1980s saw a greater focus on the company’s public image. After Rafael Carrion Sr.’s death, Richard L. Carrión became president. In 1989 Banco Popular introduced a children’s savings service. Its mascot was a bear named Populoso.
The 1990s brought big changes. Banco Popular merged with Banco de Ponce in 1990. The holding company changed its name to BanPonce Corporation. In 1997 Popular acquired Banco Roig. It also began to diversify its services. Popular Auto, Popular Finance, and Popular Mortgage were born. Popular Securities became a flagship subsidiary.
In 1975 Banco Popular expanded to Los Angeles. This was a strategic move. US banks couldn’t branch across state lines. But non-US banks could. California declared Puerto Rico “international.” This allowed Banco Popular to open a branch. It was in reciprocity for Bank of America’s branch in Puerto Rico.
In 2000 the company changed its name to Popular, Inc. This reflected its growth in Puerto Rico and the US. It reorganized into three main subsidiaries. These were Banco Popular de Puerto Rico, Popular Bank, and Evertec.
In 2005 Fortune Magazine named Popular, Inc. as one of the 100 Best Companies to Work For. In 2010 and 2012, the bank rebranded its mainland branches. They became Popular Community Bank. This was an effort to attract more non-Hispanic customers.
Banco Popular has a musical tradition too. For its 100th anniversary, it gathered Latin-American musicians. They created a televised show. This led to annual Christmas concerts and TV specials. These shows raised money for the company’s philanthropic foundation.
Today Banco Popular continues to operate. It has over $65 billion in assets. It employs around 8,000 people. From its humble beginnings to its expansion across the US, Banco Popular has a story worth telling.
So next time you pass by this building. Remember its journey. Remember its role in connecting Puerto Rico and Los Angeles. Remember the story of Banco Popular de Puerto Rico.