Overview of Banks in Puerto Rico
Banks in Puerto Rico are part of the U.S. banking system, with a few differences in tax laws. The Office of the Commissioner of Financial Institutions of Puerto Rico supervises and regulates the territory’s financial sector to ensure its safety and soundness and guarantee strict adherence to all applicable laws and regulations.
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According to Moody’s, the outlook for the territory’s three major banks is stable, as the rating agency believes that the banks’ current strong capitalization and liquidity provide them with heightened resilience to weather Puerto Rico’s economic challenges.
The challenges include continued public sector austerity measures, a sectorial and geographically-concentrated island economy, and more recently, the economic disruption caused by the coronavirus pandemic. The outlook also reflects a long-term consolidation trend of the island’s banking sector, leading to higher operating margins for remaining banks.
For anyone considering a career in banking in Puerto Rico, this list of the top banks in the territory is a helpful guide on where to start. To learn more, see our list of financial institutionsCompaniesLists of the main players in corporate finance. We"ve got lists of the most important financial services companies, banks, institutions, accounting firms, and corporations in the industry. Browse these guides to prepare for a career in financial services and start networking today to accelerate your career.
The Top Banks in Puerto Rico are:
Founded in 1948, FirstBank Puerto Rico operates as a subsidiary of First Bancorp. Headquartered in San Juan, the bank provides retail, commercial, and corporate banking products and services. FirstBank Puerto Rico was formerly known as First Federal Savings Bank and changed its name to FirstBank Puerto Rico in November 1994. FirstBank operates 73 branches in Puerto Rico and has 3,317 employees.
Net income: USD 102.27 million (2020)
Total assets: USD 19.41 billion (3/2021)
Banco Popular was created in 1893 and is headquartered in Hato Rey. The bank provides various retail and commercial banking services. As of December 31, 2020, it operated a retail banking franchise comprising 172 branches and 619 automated teller machines (ATMs) in Puerto Rico; 8 branches in the United States Virgin Islands; 1 branch in the British Virgin Islands; and 1 branch in New York, as well as 23 ATMs in the British Virgin Islands.
Net income: USD 506.62 million (2020)
Total assets: USD 66.87 billion (3/2021)
Oriental Financial Group (OFG Bancorp)
Oriental Financial Group was established in 1964 and is headquartered in San Juan. The group offers a range of financial services in Puerto Rico and the state of Florida through its four wholly-owned subsidiaries: Oriental Bank, Oriental Financial Services Corp., Oriental Insurance Inc., and Caribbean Pension Consultants (CPC) Inc.
Net income: USD 74.33 million (2020)
Total assets: USD 10.15 billion (3/2021)
Bancolombia Puerto Rico Internacional
Founded in 1997, Bancolombia Puerto Rico Internacional provides financial services for foreign individuals and legal entities. It is based in San Juan and operates as a subsidiary of Bancolumbia S.A.
Net income: USD -4.56 million (2020)
Total assets: USD 826.28 million (2020)
Banco Santander began its operations in 1976 with the purchase of the First National Bank of Puerto Rico. Headquartered in San Juan, the bank offers personal and commercial banking services on the island. It was formerly known as Banco De Santander-Puerto Rico and changed its name to Banco Santander Puerto Rico in November 1989. It operates as a subsidiary of Santander BanCorp.
As of 2016, the total assets of the bank were US$5 billion, and net profit was US$15 million.
Citibank NA (Puerto Rico)
Founded in 1918, Citibank NA (Puerto Rico) operates as a subsidiary of Citibank National Association. Based in San Juan, it was the first of the North American banks in Puerto Rico.
FEMBi Mortgage was founded in 1997 and is headquartered in San Juan. The group provides mortgage and home financing solutions throughout South Florida and Puerto Rico.
Pentagon Federal Credit Union
Pentagon Federal Credit Union operates as a credit union that offers financial products and services to its members. It serves personnel from the Army, Air Force, Coast Guard, Marine Corps and Navy, Department of Homeland Security, DoD personnel, VFW, their family members, and others worldwide. PenFed Credit Union Puerto Rico is a branch of Pentagon Federal Credit Union.
The group offers credit cards, including rewards, military and simple cards, and auto loans. It also provides mortgages, home refinancing solutions, home equity loans, auto and other personal loans, checking and savings accounts, certificates of deposit, and IRAs.
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This has been CFI’s guide to the top banks in Puerto Rico. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: