Overview of banks in Puerto Rico
Banks in Puerto Rico are component of the U.S. Bank system, with a few differences in tax laws. The Office the the Commissioner that Financial establishments of Puerto Rico supervises and also regulates the territory’s financial ar to ensure its safety and soundness and also guarantee strict adherence to all applicable laws and also regulations.
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According come Moody’s, the outlook for the territory’s three major banks is stable, together the rating agency believes the the banks’ current strong capitalization and also liquidity carry out them with heightened resilience to weather Puerto Rico’s economic challenges.
The obstacles include continued public ar austerity measures, a sectorial and also geographically-concentrated island economy, and much more recently, the financial disruption resulted in by the coronavirus pandemic. The outlook also reflects a long-term consolidation trend of the island’s bank sector, top to higher operating spare for continuing to be banks.
For everyone considering a job in banking in Puerto Rico, this list of the top financial institutions in the territory is a beneficial guide on where to start. To find out more, check out our list of gaue won institutionsCompaniesLists that the key players in that company finance. We"ve gained lists the the most crucial financial services companies, banks, institutions, accountancy firms, and corporations in the industry. Browse these guides come prepare for a career in gaue won services and start networking now to accelerate her career.
The Top financial institutions 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 also corporate bank products and services. FirstBank Puerto Rico was previously known as an initial Federal Savings financial institution and readjusted its surname 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 exchange rate (3/2021)
Banco renowned was produced in 1893 and also is headquartered in Hato Rey. The bank provides miscellaneous retail and commercial bank services. As of December 31, 2020, it activate a retail banking franchise consisting of 172 branches and 619 automatically teller makers (ATMs) in Puerto Rico; 8 branches in the United states Virgin Islands; 1 branch in the brothers Virgin Islands; and also 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 exchange rate (3/2021)
Oriental Financial team (OFG Bancorp)
Oriental Financial group was established in 1964 and also is headquartered in mountain Juan. The team offers a selection of financial solutions in Puerto Rico and also the state of Florida through its 4 wholly-owned subsidiaries: oriental Bank, oriental Financial solutions Corp., eastern Insurance Inc., and also Caribbean Pension Consultants (CPC) Inc.
Net income: USD 74.33 million (2020)
Total assets: USD 10.15 exchange rate (3/2021)
Bancolombia Puerto Rico Internacional
Founded in 1997, Bancolombia Puerto Rico Internacional gives financial solutions for foreign individuals and legal entities. That is based in mountain Juan and also operates together a subsidiary of Bancolumbia S.A.
Net income: USD -4.56 million (2020)
Total assets: USD 826.28 million (2020)
Banco Santander started its to work in 1976 through the acquisition of the very first National bank of Puerto Rico. Headquartered in san Juan, the bank offers personal and advertising banking solutions on the island. That was formerly known together Banco De Santander-Puerto Rico and adjusted its name to Banco Santander Puerto Rico in November 1989. The operates together a subsidiary of Santander BanCorp.
As of 2016, the total assets of the financial institution were US$5 billion, and net benefit was US$15 million.
Citibank NA (Puerto Rico)
Founded in 1918, Citibank NA (Puerto Rico) operates as a subsidiary the Citibank national Association. Based in mountain Juan, it to be the very first of the phibìc American banks in Puerto Rico.
FEMBi Mortgage was started in 1997 and is headquartered in san Juan. The group offers mortgage and also home financing remedies throughout southern Florida and also Puerto Rico.
Pentagon Federal credit Union
Pentagon Federal credit Union operates together a credit union that uses financial products and also services come its members. It serves personnel indigenous the Army, air Force, shore Guard, marine Corps and Navy, department of homeland Security, DoD personnel, VFW, their family members, and others worldwide. PenFed credit transaction Union Puerto Rico is a branch the Pentagon Federal credit Union.
The group offers credit transaction cards, including rewards, army and basic cards, and auto loans. It also provides mortgages, residence refinancing solutions, residence equity loans, auto and also other an individual loans, checking and also savings accounts, certificate of deposit, and also IRAs.
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This has been CFI’s guide to the top banks in Puerto Rico. For anyone in search of a career in banking, this perform is a an excellent place to begin your networking. Please additionally see these added resources: