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, as well as to guarantee strict adherence to all applicable laws and regulations.
According to Moody’s, the outlook for the territory’s the three major banks is stable, as the rating agency believes Puerto Rico will come out of recession and the banks will be able to cover their credit losses.
For anyone considering a career in banking in Puerto Rico, this list of the top banks in Puerto Rico is a helpful guide on where to start. To learn more, see our lists of financial institutions.
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.
In 2016, the bank reported total assets of US$12 billion and a net profit of US$93 million.
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, 2016, it operated a retail banking franchise comprising 171 branches and 635 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 20 ATMs in the British Virgin Islands.
As of 2016, the total assets of the bank were US$38 billion and net profit was US$358 million.
Oriental Financial Group
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 Inc. (CPC)
In 2016, the group’s total assets amounted to US$6.5 billion and net profit reached US$45 million.
Scotiabank of Puerto Rico
Founded in 1910, Scotiabank operates as an international bank. Based in Hato Rey, it provides personal and commercial banking, corporate financing, and foreign currency exchange services in Puerto Rico. Scotiabank of Puerto Rico Inc. operates as a subsidiary of The Bank of Nova Scotia, based in Canada. Scotia is one of the largest banks in Puerto Rico.
In 2016, the bank reported total assets of US$896 billion and a net profit of US$7,368 million.
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 in 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.
Caribe Federal Credit Union
Founded in 1951, Caribe Federal Credit Union is a non-profit financial institution organized and chartered under the Federal Credit Union Act to serve federal employees in Puerto Rico.
In 2016, the bank’s total assets amounted to US$336 million and net profit reached US$2 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.
JetStream Federal Credit Union
Based in Carolina, Puerto Rico, Jetstream Federal Credit Union is a not-for-profit, cooperative financial institution that provides a wide range of services to its members. Membership is open to anyone who lives, works, worships, and attends school or businesses and other legal entities in all of San Juan, Puerto Rico.
In 2016, the group reported total assets of US$187 million and a net profit of US$2.5 million.
Careers in investment banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map….
For banking careers, you will have a significant edge over the competition with our financial modeling courses.
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: