Popular Inc | Banks in the United States

Popular Inc., which operates as Banco Popular in Puerto Rico and the Virgin Islands, and as Popular Bank in the mainland United States, is a major financial services conglomerate with a long-established presence. The organisation has been active in Puerto Rico for more than 125 years and has maintained operations in the continental United States for over 52 years. In recent decades, it has expanded its reach into other parts of the Caribbean and Central America.

The abbreviation BPPR in the company’s logo refers to Banco Popular de Puerto Rico, reflecting the bank’s principal historical and operational base.

Popular Inc. serves as the parent company of Banco Popular de Puerto Rico, Popular Bank, E-Loan, and several other affiliated entities.

The headquarters of Banco Popular de Puerto Rico are located in Hato Rey, San Juan.

History of Popular Inc

The bank was founded in Puerto Rico in 1893, at a time when the island remained under Spanish administration. In its formative years, it was led by Rafael Carrión Sr. and Don Manuel Muñoz Barrios, the latter serving as the institution’s first president and administrator.

During the 1970s, Banco Popular became a household name in Puerto Rico, thanks in part to a series of highly memorable television commercials. These adverts famously featured a balding, middle-aged man in a white T-shirt humorously promoting the bank, which contributed to the brand’s growing popularity. The decade also marked a major milestone in Popular’s development, as the bank acquired a two-thirds stake in Banco de Crédito y Ahorro Ponceño. This acquisition enabled Banco Popular to enter the credit-card industry, further strengthening its position as the largest bank in Puerto Rico.

In the years that followed, the bank placed significant emphasis on enhancing its public image. The 1980s were a period of transition; following the death of Rafael Carrión Sr., Richard L. Carrión assumed the presidency of the corporation, ushering in a new phase of leadership.

In 1989, Banco Popular launched a children’s savings initiative featuring a friendly bear mascot named “Populoso.” The programme, known as the Club del Ahorro (Savings Club), was—and continues to be—designed to encourage children to open savings accounts and learn to manage their money responsibly.

Popular Inc in the 1990s

The 1990s marked a transformative decade for Popular Inc. In 1990, the bank undertook one of its most significant developments when it merged with Banco de Ponce, then one of Puerto Rico’s largest financial institutions. Following the merger, the bank’s holding company adopted a new name—BanPonce Corporation—reflecting the combined strength and expanded reach of the organisation.

In 1997, Popular further strengthened its presence by acquiring Banco Roig, one of the leading banks in the eastern region of Puerto Rico. This acquisition enabled Popular to enter a geographical market where it had previously struggled to gain a foothold, cementing its dominance across the island.

Diversification and Expansion of Services

The late 1990s ushered in a period of strategic diversification. Amendments to state laws granted banks new privileges, allowing them to expand into financial services beyond traditional banking. Popular seized this opportunity and launched a number of specialised subsidiaries, including:

• Popular Auto
• Popular Finance
• Popular Mortgage
• Popular Insurance
• Popular Leasing

These initiatives allowed the group to broaden its service portfolio and become a more comprehensive financial services provider.

Emergence of Popular Securities

Another major milestone of this decade was the establishment of Popular Securities, which rapidly grew into one of the corporation’s flagship subsidiaries. Popular Securities became the group’s investment banking, retail brokerage, and institutional sales division.

In Puerto Rico, the subsidiary built a wide network of brokers, competing closely with major global institutions such as UBS and, more recently, Banco Santander. Beyond the island, Popular Securities expanded its footprint with additional offices in New York City, San Antonio, Houston, and Chicago, reinforcing the group’s growing influence in the mainland United States.

Popular Inc in the 2000s

Popular Inc in the Present Day

The operational footprint of Popular Inc spans multiple key regions. At the base of its geographic map lies Puerto Rico, its historic core market. To the upper left is Greater Los Angeles, while the right side charts its presence across Greater New York City (including New Jersey), the Chicago metropolitan area, and the US Virgin Islands. The illustration is not drawn to scale but reflects the breadth of the institution’s reach.

Popular Inc’s global headquarters are situated in the Hato Rey business district of San Juan, positioned along a prominent commercial artery widely known as Milla de Oro—or “The Golden Mile”—a nickname derived from the concentration of major financial institutions headquartered there. Travellers approaching Luis Muñoz Marín International Airport can easily identify Popular’s landmark tower, which stands as a prominent feature of the San Juan skyline.

Rebranding and Strategic Shifts (2010–2012)

Between 2010 and 2012, Popular undertook a major rebranding initiative across its mainland United States operations. In an effort to attract a more diverse, non-Hispanic customer base, the bank renamed its mainland branches Popular Community Bank.
The rebranding was rolled out in phases:

1. First in the Chicago market,

2. Followed by Southern California and Florida,

3. And finally across New York City and New Jersey.

Despite these expansions, as of January 2012, Popular Inc still owed USD 935 million to the US Government under the Troubled Asset Relief Program (TARP), introduced during the global financial crisis.

Asset Sales and Portfolio Adjustments (2013–2014)

In March 2013, the bank announced the sale of a USD 568 million portfolio of non-performing loans. The buyer was a joint venture formed between Caribbean Property Group and investment funds linked to Perella Weinberg Partners—a significant move to clean up the bank’s balance sheet.

The following year, in 2014, Popular Community Bank initiated a substantial restructuring of its mainland branch network. To reduce operational costs and strengthen capital reserves amid losses tied to foreclosures and the prolonged recession in Puerto Rico, the bank sold a large number of branches across:

• Central Florida,
• Illinois, and
• Southern California.

After these transactions, Popular Community Bank retained 49 branches, primarily concentrated in South Florida, New Jersey, and New York.

A breakdown of major 2014 transactions:

These divestments marked one of the most significant geographic consolidations in the institution’s recent history.

Rebranding in 2018

In 2018, the bank underwent another formal identity shift. Popular Community Bank was renamed Popular Bank (its legal name), while its commercial branding was streamlined simply to Popular. This change aligned the mainland operations more closely with the institution’s Puerto Rican heritage and unified the overall brand strategy across regions.

Statistics

• Ranked as the 784th largest company in the world by Forbes (2006).
• Ranked the 84th Best Company to Work For by Fortune (2005).
• Named the Best Consumer Internet Bank in Puerto Rico by Global Finance (2007).
• Holds over USD 41 billion in assets.
• Employs approximately 8,000 staff members.
• Listed on NASDAQ under the symbol BPOP.

Timeline of Popular Inc

The Banco Popular Virgin Islands regional office in Charlotte Amalie.

1893 – A group of Puerto Rican and Spanish community leaders founded the Sociedad Anónima de Economías y Préstamos (later renamed Banco Popular de Economías y Préstamos) on 5 October 1893. The aim was to create a thrift institution to encourage savings among the island’s poorer residents.

1928 – Became the first bank in Puerto Rico to offer personal loans without collateral.

1930 – Acquired Banco Comercial de Puerto Rico, originally established in 1857 as Banco Español de Puerto Rico. It became Banco de Puerto Rico in 1900 and later Banco Comercial de Puerto Rico in 1913.

1938 – Introduced the first FHA mortgage loan in Puerto Rico.

1950 – Became the largest bank in Puerto Rico.

1961 – Opened a branch in the Bronx, New York City, to serve the growing Puerto Rican diaspora.

1973 – Became the first Puerto Rican bank to offer combined accounts.

1975 – Opened a branch in Los Angeles. At the time, US banks were barred from interstate branching, but non-US banks were not. The California State Superintendent of Banking classified Puerto Rico as “international,” allowing Popular to open a branch reciprocally following the establishment of a Bank of America branch in Puerto Rico.

1981 – Expanded into the Caribbean by opening a branch in the US Virgin Islands and another in Tortola, British Virgin Islands.

1984 – Took over the failed Washington National Bank, which served Chicago’s Hispanic community. Also launched Puerto Rico’s first automated teller machine (ATM) network.

1988 – Became the first bank in Puerto Rico to offer telephone banking services.

1990 – Merged with Banco de Ponce, forming the largest bank in Puerto Rico. The holding company adopted the name BanPonce. (Banco de Ponce had operated an agency in New York since 1961, converted to a branch; at the time of the merger, Banco de Ponce had nine New York branches compared with Popular’s six.)

1991 – Acquired the deposits and a branch of New York Capital Bank in Upper Manhattan in an attempt—ultimately unsuccessful—to revive Capital National Bank, which had historically served Dominican small businesses.

1992 – Acquired seven branches from the failed American Savings Bank, four branches (and related deposits) from Bank Leumi Trust Company, and one branch from Northside Savings Bank.

1993 – Became the largest bank in the Virgin Islands after acquiring five branches from CoreStates First Pennsylvania Bank. Celebrated its Centenary Anniversary.

1994 – Acquired Pioneer Bank in Chicago and merged it with its existing operations. Entered the New Jersey market through the acquisition of four branches from the failed Carteret Savings Bank, later opening two more branches and establishing Banco Popular FSB, a federal savings association.

1995 – Established the ATH Dominicana ATM network in the Dominican Republic (ATH meaning “A Toda Hora” or “At All Hours”).

1996 – Purchased American Midwest Bank for its two branches in Melrose Park, a Chicago suburb with a growing Hispanic community. In California, created the subsidiary Banco Popular NA (California), purchased Commerce National Bank, and transferred to it the 1975-established branch.

1997 – Acquired the Seminole Bank branch in Sanford, Florida, and Banco Roig in Puerto Rico.

1998 – Designated Chicago as the headquarters for Popular North America’s US Executive Offices, taking responsibility for all mainland commercial activity. Entered the Dominican Republic through a minority stake in Banco Fiduciario, later increased to a majority holding. Entered Costa Rica by founding ATH Costa Rica, adopting a similar model to its Dominican expansion.

1999 – Purchased First State Bank of Southern California from Korea’s Hanil Bank and merged it with Popular (California). In Chicago, acquired Irving Bank, Water Tower Bank, and Aurora National Bank. Also acquired a start-up Banco Popular in Orlando, Florida, and Citizens Bank in Houston. Additionally entered the payment-processing sector through the purchase of the GM Group.

2000 – Launched its online banking platform.

2001 – Acquired three branches in Puerto Rico’s central mountain region from BBVA.

2005 – Completed the acquisition of Quaker City Bank, making California the largest operating region of Popular Bank. Purchased New Jersey’s Infinity Mortgage. On 3 August, announced the USD 300 million acquisition of E-Loan. On 21 September, sold Popular Cash Express to ACE Cash Express for USD 36 million. Ranked the 691st largest global company by Forbes.

2006 – Relocated Popular North America’s California regional headquarters to Anaheim, California, led by Vernon Aguirre.

The building at 888 Disneyland Drive, Anaheim, originally displaying the “Banco Popular” sign, later read “Popular Community Bank”. It has since been rebranded again following the sale of Southern California branches to Banc of California.

2007 – Sold five of its six Texas-region branches to Prosperity Bank.
2007 – Acquired Citibank’s Puerto Rico retail network, including nine branches, as well as the local operations of broker-dealer Smith Barney.

2008 – Agreed to sell specific assets of Equity One, Popular Financial Holdings’ US mainland consumer finance arm, to American General Finance (part of AIG).

2010 – Acquired the deposits of the failed competitor Westernbank after the FDIC intervened. On 1 October, sold 51% of Evertec to Apollo Management.

2015 – Acquired the deposits of Doral Bank after regulators declared it insolvent.

2018 – Popular Community Bank formally changed its legal name to Popular Bank, adopting Popular as its commercial brand.

Subsidiaries and Services

Puerto Rico

• Banco Popular de Puerto Rico
• Popular Auto
• Popular Securities
• Popular Asset Management
• Popular Insurance
• Plazapop

Continental United States

• Popular Bank
• Popular Small Business Capital
• Popular Association Banking
• Popular Equipment Finance
• Popular Direct

Virgin Islands

• Banco Popular Virgin Islands

Former Subsidiaries

• Popular Cash Express (sold to ACE Cash Express on 21 September 2005)
• Popular Finance (all branches closed)

Musical Tradition

For its centenary celebration, Popular brought together an ensemble of renowned Latin American musicians to produce a special televised musical programme. The overwhelming success of this project encouraged the company to establish an annual tradition of live Christmas concerts and television specials featuring a diverse range of Puerto Rican and international singers and performers.

The 1996 edition notably included future global star Shakira. These concerts and specials are broadcast on local television stations and subsequently released on CDs and DVDs. The proceeds support the company’s philanthropic arm, the Fundación Banco Popular, which donates to numerous non-profit organisations across Puerto Rico.

List of Musical Productions

• 1993 – Un Pueblo que Canta (People Who Sing)
• 1994 – El Espíritu de un Pueblo (The Spirit of a People)
• 1995 – Somos un Sólo Pueblo (We Are One People)
• 1996 – Al Compás de un Sentimiento (To the Rhythm of a Feeling)
• 1997 – Siempre Piel Canela (Always Brown Skin)
• 1998 – Romance del Cumbanchero (Romance of the Cumbanchero)
• 1999 – Con la Música por Dentro (With the Music Within)
• 2000 – Guitarra Mía: Un Tributo a José Feliciano (My Guitar: A Tribute to José Feliciano)
• 2001 – Raíces (Roots)
• 2002 – Encuentro (Encounter)
• 2003 – Ocho Puertas (Eight Doors)
• 2004 – En Mi País (In My Country)
• 2005 – Queridos Reyes Magos (Dear Wise Men)
• 2006 – Viva Navidad (Viva Christmas)
• 2007 – Lo Mejor de Nuestra Música Popular: 15 Años de Éxitos (The Best of Our Popular Music: 15 Years of Hits)
• 2008 – Eco (Echo)
• 2009 – Palés y la Rumba de Esquina (Palés and the Corner Rumba)
• 2010 – Salsa: Un Homenaje a El Gran Combo (Salsa: An Homage to El Gran Combo)
• 2011 – Sonó, Sonó: Tite Curet (Sounded, It Sounded: Tite Curet)
• 2012 – Hecho con Sabor a Puerto Rico (Made with Flavour of Puerto Rico)
• 2013 – Música en Tiempos (Music Through Times)
• 2014 – Qué Lindo Es Puerto Rico (How Beautiful is Puerto Rico)
• 2015 – Cuba y Puerto Rico Son
• 2016 – De Puerto Rico para el Mundo (From Puerto Rico to the World)
• 2017 – Nuestra Isla, Nuestro Encanto (Our Island, Our Charm)
• 2018 – Más de un Siglo (More than a Century)
• 2019 – Tiempos de Aguinaldo (Times of Aguinaldo)
• 2020 – Somos Música (We Are Music)
• 2021 – Ellas, mujeres en la música (Women in Music)