Banco de Ponce

This article is about the defunct bank in Ponce, Puerto Rico. For the historic building home to the same bank, see Banco de Ponce (building).
Banco de Ponce
Private
Industry Banking
Fate Merged with Banco Popular de Puerto Rico
Founded August 20, 1917 (1917-08-20)
Defunct January 1, 1990 (1990-01-01)
Headquarters Ponce, Puerto Rico (1917-1970)
San Juan, Puerto Rico (1970-1990)
Products Savings Accounts, Personal loans, Business Loans
Banco de Ponce merged with Banco Popular in 1990. Its branches, including its main branch above in Ponce, are now branded "Banco Popular". The above branch was Banco de Ponce's first and was built in 1924

Banco de Ponce was the Puerto Rican bank with the largest number of branches in the United States and second largest bank in deposits and number of branches in Puerto Rico during the twentieth century. Founded in Ponce, Puerto Rico, in the early part of the century, it headquartered in San Juan in 1970 and merged with Banco Popular in 1990 forming BancPonce Corporation.

History

Plaque on the former Banco de Ponce building, now (2012) a branch of Banco Popular

The bank was founded on August 20, 1917, in Ponce, Puerto Rico, by Mario Mercado, Amador Torres, Manuel Meiriño, Augusto Quiñones, Francisco Oliver, Antonio Morales, Juan Colón, José de Jesús, Francisco Forteza and Cándido Noriega.[1] It had a prosperous start and in 1924[2] it built its main office in downtown Ponce. Architecturally, the downtown structure was so prominent that it would eventually get listed as historic in the National Register of Historic Places.[3]

The Bank continued its growth and by 1961 it already had offices and branches in New York City. By 1989, it had the largest number of branches of any Puerto Rican bank in mainland United States[4] and was the largest Hispanic bank in the United States by deposits.[5]

In 1990, Banco de Ponce merged with Banco Popular creating Puerto Rico's largest bank. Upon the merge, Banco Popular's holding company changed its name to BanPonce Corporation. At the time of the merger, Banco de Ponce had nine branches in New York to Popular's six. With this merge the new company became one of the top ten commercial banks in Latin America and one of the top fifty banks in the United States of America.[6]

Headquarters

In 1970, Banco de Ponce built a prominent landmark building in San Juan Milla de Oro financial district, where it formed its headquarters.[7] The concave curvilinear structure consisted of a 23-story corporate tower, 424,900 square feet of space, and parking for 1,375 vehicles.[8] With the 1990 merger with Banco Popular, the Banco de Ponce Milla de Oro building became part of the new BancPonce Corporation. In early 2002, the Milla de Oro building was sold to WesternBank, Mayaguez, Puerto Rico, who had it renamed "WesternBank World Plaza".[9] With the 30 April 2010 failure of Westernbank, Banco Popular bought Westernbank's assets, but not the former Banco de Ponce Milla de Oro tower.[10][11] In June 2012, the government of the Commonwealth of Puerto Rico announced it had purchased the Milla de Oro tower to headquarter the Puerto Rico Department of Justice.[12]

See also

Banco de Ponce (building)

External links

Coordinates: 18°0′39.82″N 66°36′47.74″W / 18.0110611°N 66.6132611°W / 18.0110611; -66.6132611

References

  1. ↑ Municipios / Ponce, Antiguo Banco de Ponce. Encyclopedia Puerto Rico. Retrieved 29 June 2012.
  2. ↑ Banks and Commercial Building: Puerto Rico. Edward E. Crain. Historic Architecture in the Caribbean Islands. ISBN 0-8130-1293-7. The University Press of Florida. 1994. Page 229. Retrieved 29 June 2012.
  3. ↑ United States Dept of the Interior, National Park Service. National Register of Historic Places Nomination Form, Banco de Ponce. Number 87001003. (May 19, 1987) Page 3.
  4. ↑ Talking Deals; Bank Merger Plan Stirs Puerto Rico. Keith Bradsher. The New York Times. 13 July 1989. Accessed 8 May 2016.
  5. ↑ New York's Thriving Hispanic Banks. Larry other. The New York Times. 11 August 1985. Accessed 8 May 2016.
  6. ↑ Bayrón Toro, Fernando (2003). Elecciones y Partidos Politicos de Puerto Rico 1809-2000 (in Spanish). Mayagüez, Puerto Rico: Editorial Isla. 215–233. ISBN 0-9650185-0-4.
  7. ↑ Justicia en la Milla de Oro. CyberNews. Noticel. 29 May 2012. Retrieved 29 June 2012.
  8. ↑ Justicia en la Milla de Oro. CyberNews. Noticel. 29 May 2012. Retrieved 29 June 2012.
  9. ↑ Justicia en la Milla de Oro. CyberNews. Noticel. 29 May 2012. Retrieved 29 June 2012.
  10. ↑ {Departmento de} Justicia {de Puerto Rico} en la Milla de Oro. CyberNews. Noticel. 29 May 2012. Retrieved 9 July 2013.
  11. ↑ Calma y expectación en los bancos bajo la mira. Andrea Martinez. El Nuevo Dia. 30 April 2010. Retrieved 29 June 2012.
  12. ↑ Justicia en la Milla de Oro. CyberNews. Noticel. 29 May 2012. Retrieved 29 June 2012.
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