Updated July 29, 2023
Overview of Banks in Puerto Rico
Banks currently operating in Puerto Rico are an essential 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 operating in Puerto Rico adhere to all the applicable rules. The key objective of the central authority is to ensure the security and safety, and well-being 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 Moody’s Investors Services report, Puerto Rico’s banking system approach has been stabilized from not being positive earlier, and this happened due to a few of the banks have improved their capitalization, reserves, and core funding. At the same time, the others have improved upon their financial buffers that aim the economic recession, which the nation has been suffering from since 2004.
Further, Moody’s Investors Services rating has improved its liquidity and funding over the years.
List of Top Banks in Puerto Rico
Here is a list of the top 10 Banks in Puerto Rico –
FirstBank was founded in 1948 and is a subsidiary of First Bancorp. The bank’s headquarter is situated in San Juan. The Bank provides commercial, retail, and corporate banking products and services. It has handled around US$1.71 billion of the total assets. First Bank 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 about 186+ employees.
2. Banco Popular
Banco Popular was founded in 1893, and the bank’s headquarters is in Hato Rey. It is also one of the top banks in Puerto Rico. The Bank offers various services, such as commercial and retail banking services. It has handled around US $38 billion of the total assets. It handles about 635+ ATMs within 171+ branches.
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, 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 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 1973, and the bank provides commercial and personal banking services on the island. It is a subsidiary of Santander Bancorp. The bank was early known as “Banco De Santander Puerto Rico,” later, in 1989, the bank was renamed “Banco Santander Puerto Rico”. The Bank has handled around US$1.44 trillion of the total assets. Banco Santander generated a net interest income of around US$39.40 billion in 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 1976 under the Federal Credit Union Act to serve 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 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 and 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 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 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 of the Top banks in Puerto Rico.
9. Pentagon Federal Credit Union
This is one of the most significant credit unions in the U.S., founded in 1935. It serves the Army, air force, department of homeland security, coast guard, etc. Pentagon Federal Credit Union offers military and simple cards, credit cards, 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 handled around US$23bn of the total assets in 2017.
10. JetStream Federal Credit Union
JetStream Federal Credit Union is a non-profit credit union that provides its members with a wide range of services. Its headquarter is located in San Juan and is also listed among 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.
This has been a guide to Top Banks in Puerto Rico. Here we have discussed the 10 topmost banks in Puerto Rico with their financial structure. You may also look at the following articles to learn more –