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Banco Popular

#2231

Rank

$6.76B

Marketcap

US United States

Country

Banco Popular
Leadership team

Mr. Ignacio Alvarez Esq. (Pres, CEO & Director)

Mr. Carlos J. Vazquez (Exec. VP & CFO of Corp. Fin. Group)

Mr. Javier D. Ferrer-Fernández J.D. (Exec. VP, COO, Head of Bus. Strategy & Corp. Sec.)

Products/ Services
Banking
Number of Employees
1,000 - 20,000
Headquarters
Madrid, Madrid, Spain
Established
1926
Company Registration
SEC CIK number: 0000763901
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
BPOP
Social Media
Overview
Location
Summary
Popular, Inc., through its subsidiaries, provides various retail, mortgage, and commercial banking products and services in Puerto Rico, the United States, and British Virgin Islands. The company provides savings, NOW, money market, and other interest-bearing demand accounts; non-interest bearing demand deposits; and certificates of deposit. It also offers commercial and industrial, commercial multi-family, commercial real estate, and residential mortgage loans; consumer loans, including personal loans, credit cards, automobile loans, home equity lines of credit, and other loans to individual borrowers; construction loans; and lease financing comprising automobile loans/leases. In addition, the company provides investment banking, auto and equipment leasing and financing, broker-dealer, and insurance services; debit cards; and online banking services. As of December 31, 2021, it operated 169 branches; and 616 ATMs in Puerto Rico, 23 ATMs in the Virgin Islands, and 91 ATMs in the United States Mainland. Popular, Inc. was founded in 1893 and is headquartered in Hato Rey, Puerto Rico.
History

The bank was founded in Puerto Rico in 1893 when the island was still under Spanish administration. It was led in its early stages by Rafael Carrión Sr. and Don Manuel Muñoz Barrios, the latter of which was the company's first president and administrator.

During the 1970s, the company's commercials were very popular on Puerto Rican television: they presented a balding, middle aged man in a white tee shirt, announcing the company in a comic way. The 1970s also saw a giant step in the development of Banco Popular as Puerto Rico's biggest bank, when it bought two-thirds of the Banco de Crédito y Ahorro Ponceño. Through this purchase, Popular entered the credit-card industry.

During the following decades, Banco Popular put great of emphasis on the company's public image. It was during the 1980s, after Rafael Carrion, Sr.'s death, that Richard L. Carrión assumed the role as President of the corporation.

In 1989, the bank introduced a children's savings service with a bear, "Populoso", as its mascot. The Club del Ahorro was intended to encourage children to open savings accounts and keep track of their money.

1990s

The following decade started with a big development for the bank, when in 1990 it merged with Banco de Ponce, one of the largest banks in Puerto Rico. At this time, Banco Popular's holding company changed its name to BanPonce Corporation. Popular acquired Banco Roig, one of the main banks in the eastern side of the island, in 1997, entering a geographical market in which it had yet to succeed.During the late 1990s, the company began to diversify its services thanks to revisions of state laws that allowed banks certain 'privileges' related to different financial services other than banking. These years saw the birth of Popular Auto, Popular Finance, Popular Mortgage, Popular Insurance, Popular Leasing, among others.

During this time, the company created one of its flagship subsidiaries, Popular Securities. It quickly became the investment banking, retail brokerage, and institutional sales arm of Banco Popular. On the retail side, Popular Securities has an extensive network of brokers in Puerto Rico, rivaled only by Swiss giant UBS and more recently by Banco Santander. Popular Securities has additional offices in New York City, San Antonio, Houston, and Chicago.

2000s

Due to its growth in Puerto Rico, and the aggressive expansion in the United States, the company changed its name once again in 2000 to Popular, Inc., a name that goes back to the traditional roots of the corporation and which also reflects the common title in almost all of the subsidiaries of the company.

During this period, the company reorganized itself into three main subsidiary companies: Banco Popular de Puerto Rico, with David Chafey Jr. as president; Popular Bank, with Roberto Herencia as president; and Evertec, with Felix Villamil as president. Richard Carrión remained as president and CEO of the parent company, Popular, Inc.

In the January 24, 2005 issue of Fortune, Popular, Inc. was chosen as one of the 100 Best Companies to Work For.

On April 11, 2005, Popular Bank announced a five-year agreement with the New York Mets under which Popular would operate seven ATMs and display various advertisements at Shea Stadium until it closed in September 2008, and the team moved to the new Citi Field.

Present

Popular's world headquarters are located in the San Juan's Hato Rey business district, on a stretch of a thoroughfare commonly known as Milla de Oro due to the number of banks headquartered in the area. Travelers who fly into the Luis Muñoz Marín International Airport can appreciate Popular's landmark building below.

Between 2010 and 2012, the bank re-branded its mainland branches as Popular Community Bank in an effort to attract more non-Hispanic customers. The first branches to bear the new name were in the Chicago market followed by those in Southern California and Florida, then New York City and New Jersey.As of January, 2012, Popular, Inc. still owed $935 million to the US government Troubled Asset Relief Program.In March 2013, Popular announced it would sell a $568 million portfolio of non-performing loans to a joint venture between Caribbean Property Group and funds affiliated with Perella Weinberg Partners.In 2014, Popular Community Bank sold many of its mainland United States branches in Central Florida, Illinois and Southern California to cut costs and shore up its reserves against losses caused by foreclosures and the recession in Puerto Rico. After the sale, Popular Community Bank retained 49 branches in South Florida, New Jersey, and New York. On September 12, 2014, Harbor Community Bank purchased Popular's branches in Orlando and central Florida. On November 7, 2014, Banc of California in Irvine purchased 20 branches of Popular Community Bank in southern California.In 2018, Popular Community Bank changed its name to Popular Bank and Popular, commercial name.

Mission
We are a Bank, specialized in satisfying the needs of the families of the Honduras popular economic sectors, actively promoting social development and the responsible use of the country’s natural resources.
Vision
Always, the first Bank specialized in micro and small business, being a national and international model, for the honor and benefit of Honduras.
Key Team

Mr. Lidio V. Soriano CPA (Exec. VP & Chief Risk Officer of Corp. Risk Management Group)

Mr. Manuel A. Chinea (Exec. VP)

Mr. Jorge Jose García (Principal Accounting Officer, Sr. VP & Comptroller)

Mr. Paul J. Cardillo (Investor Relations Officer)

Ms. Camille Burckhart (Exec. VP and Chief Information & Digital Strategy Officer of Innovation, Technology & Ops. Group)

Mr. Eduardo J. Negron (Exec. VP & Chief Admin. Officer - Admin. Group)

Mr. Jose R. Coleman-Tio Esq. (Exec. VP, Chief Legal Officer & Gen. Counsel)

Recognition and Awards
Banco Popular has been recognized several times in the banking industry, receiving awards and certifications including, amongst others, the Business of the Year award at the European Business Awards in 2016 and the European 2009 Globel Banking Innovation Award.
References
Banco Popular
Leadership team

Mr. Ignacio Alvarez Esq. (Pres, CEO & Director)

Mr. Carlos J. Vazquez (Exec. VP & CFO of Corp. Fin. Group)

Mr. Javier D. Ferrer-Fernández J.D. (Exec. VP, COO, Head of Bus. Strategy & Corp. Sec.)

Products/ Services
Banking
Number of Employees
1,000 - 20,000
Headquarters
Madrid, Madrid, Spain
Established
1926
Company Registration
SEC CIK number: 0000763901
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
BPOP
Social Media