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Minority Banking Timeline


Banco Popular

Banco Popular started as the bank of the poor in Puerto Rico in 1893. By the time Rafael Carrión Pacheco took control of Popular in the 1920s, the bank was promoting innovative ways for lower classes to save, such as steel coin banks given to consumers who pledged to bring them back periodically so the money collected could be deposited into savings accounts. Banco Popular opened its first branch in the Bronx, New York, in 1961. From 1965 to 1973, it was among the top 100 banks in the United States.

"Banco Popular is a local institution dedicated exclusively to working for the social and economic well-being of Puerto Rico and inspired by the most sound and fundamental principles of good banking. Banco Popular pledges its efforts and resources to the development of a banking service for Puerto Rico within strict commercial practices and as efficient as required by the most progressive community in the world."

These words, written in 1928 by Don Rafael Carrión Pacheco, executive vice president and president (1927-1956), embody the philosophy that governs Banco Popular.

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