An Overview of Banks in Puerto Rico
Banks that are currently operating in Puerto Rico are an important part of the United States banking system with a minor variance in taxation laws. The nation’s financial sector is controlled and regulated by the Office of the Commissioner of Financial Institutions of Puerto Rico as it ensures its soundness and safety along with an assurance that all banks that are operating in Puerto Rico do adhere to all the applicable rules. The key objective of the central authority is to ensure security and safety and wellbeing of the financial sector along with the economy so that the financial institutions and all other banks follow the rules, stringent laws, and regulations of the country and thereby boosting and aiding in economy’s growth.
As per the Moody’s Investors Services report, Puerto Rico’s banking system approach has been stabilized from not being positive earlier and this happened due to few of the banks have improved their capitalization, reserves, and core funding. While the others have improved upon their financial buffers that aims the economic recession which the nation was suffering from since 2004.
Further, Moody’s Investors Services have rating have improved their liquidity and funding over these years.
List of Top Banks in Puerto Rico:
Here is a list of the top 10 Banks in Puerto Rico which are currently operating in Puerto Rico: –
1. FirstBank
FirstBank was founded in 1948 and is a subsidiary of First Bancorp. The banks headquarter is situated in San Juan. The Bank provides services like commercial, retail, and corporate banking products and services. It has handled around US$1.71 billion of the total assets. FirstBank had generated revenue of around US$54.95 million in the year 2018. In the same year, the net income of FirstBank was around US$17.59 million. It employs around 186+ employees.
2. Banco Popular
Banco Popular was founded in 1893 and the banks headquartered is situated in Hato Rey it is also one from the top banks in Puerto Rico. The Bank offers various services such as commercial and retail banking services. It has handled around the US $38 billion of the total assets. It handles about 635+ ATMs within 171+ branches.
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3. Oriental Financial Group
Oriental Financial Group was founded in 1964. The headquarter of OFG is situated in San Juan. The OFG offers services of finance in the state of Florida and Puerto Rico through its 4 100% owned subsidiaries:
- Oriental Financial Services Corp
- Oriental Bank
- Caribbean Pension Consultants Inc. (CPC)
- Oriental Insurance Inc., Oriental Financial Group had generated revenue of around US$345m in 2017.
4. Scotiabank of Puerto Rico
Scotiabank of Puerto Rico was first incorporated in 1910 and its headquarter is in Hato Rey. Scotiabank of Puerto Rico is one of the largest banks in Puerto Rico and it provides several commercial and personal banking, foreign currency exchange services and corporate financing in Puerto Rico The bank reports US$23bn in assets and US$644mn net income for 2018.
5. Banco Santander
Banco Santander was incorporated in the year 1973 and the bank provides commercial and personal banking services in the island. It is the subsidiary of the Santander Bancorp The bank was early known as “Banco De Santander Puerto Rico” and later in 1989 the bank was renamed to “Banco Santander Puerto Rico”. The Bank has handled around US$1.44 trillion of the total assets. Banco Santander had generated net interest income around US$39.40 billion in the year 2017. In the same year, the net income of Banco Santander was around US$6.61 billion.
6. Caribe Federal Credit Union
Caribe Federal Credit Union was established in 1976 and under Federal Credit Union act for serving the Federal employees and is a prominent non-profit financial organization. Caribe Federal Credit Union provides services to its customers such as savings accounts, mortgage lending, investments, and insurance arrangement services. It has handled around US$359mn of the total assets in the year 2017.
7. Citibank NA (Puerto Rico)
Citibank NA (Puerto Rico) was incorporated in 1918 which is also a subsidiary of Citibank National Association. The headquarter of this bank is in San Juan. This is one of the large and first foreign subsidiaries that is operating in the country. The bank offers various foundation services such as building investments and further it offers sophisticated financial products to the citizen.
8. FEMBi Mortgage
FEMBi Mortgage Asia has established its operations in 1997 in San Juan. Services such as mortgage and home financing solutions, the bank provided. It employs around 125+ employees and it is one from the Top banks in Puerto Rico.
9. Pentagon Federal Credit Union
This is one of the most significant credit unions in the U.S that was founded in 1935. It serves the army, air force, department of homeland security, coast guard, etc. Pentagon Federal Credit Union provides offers military, and simple cards, credit cards, including rewards, and auto loans. Further, it also provides home refinancing solutions, mortgages, certificates of deposit, auto and other personal loans, home equity loans, checking and savings accounts, and IRAs. It has handled around US$23bn of the total assets in the year 2017.
10. JetStream Federal Credit Union
JetStream Federal Credit Union another non-for-profit credit union which provides a wide range of services to its members and it has headquarter located in San Juan and it is also listed in the top banks in Puerto Rico. Further, their membership is open to anybody who works, lives, attends school or businesses and worships, and other legal entities in San Juan. FY17 revenues stood at $10.69mn and net profit above $1.81mn with total assets of $197mn.
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