Popular, Inc. - Timeline

Timeline

1893: A group of local Puerto Rican and Spanish notables founded the Sociedad Anónima de Economías y Préstamos (later Banco Popular de Economías y Préstamos) on 5 October 1893. The founders wanted to create a thrift institution for the island's poor to encourage savings.

1930: Popular acquired the Banco Comercial de Puerto Rico. This bank had begun in 1857 as Banco Español de Puerto Rico and changed its name to Banco de Puerto Rico in 1900. Then in 1913 it changed its name to Banco Comercial de Puerto Rico.

1961: Popular opened a branch in New York City (Bronx) to serve the Puerto Rican community there.

1975: Popular opened a branch in Los Angeles. Although US banks could not branch across state lines, non-US banks could. The California State Superintendent of Banking declared Puerto Rico "international", allowing Popular to open a branch in reciprocity for the branch Bank of America had opened in Puerto Rico.

1981: Popular started to expand in the Caribbean by establishing a branch in the U.S. Virgin Islands and another in Tortola, British Virgin Islands.

1984: Popular took over the failed Washington National Bank, a locally-owned bank catering to the Hispanic community in Chicago. Popular also launched the first automated teller machine network in the island.

1990: Popular merged with Banco de Ponce to create the largest bank in Puerto Rico. The holding company took the name BanPonce. (Banco de Ponce had established an agency in New York that it had converted to a branch in 1961. At the time of the merger, Banco de Ponce had nine branches in New York to Popular's six.)

1991: Popular acquired the deposits and one branch of New York Capital Bank in upper Manhattan, an unsuccessful attempt to revive the failed Capital National Bank, which had served most of the Dominican small businesses there.

1992: Popular acquired seven branches from the failed American Savings Bank, four branches and their deposits from Bank Leumi Trust Company, and one branch and its deposits from Northside Savings Bank.

1993: Popular became the largest bank in the Virgin Islands when it acquired CoreStates First Pennsylvania Bank's five branches there. Century Anniversary.

1994: Popular bought Pioneer Bank in Chicago and merged it with Popular's existing operations. Popular also entered New Jersey by buying four branches from the failed Carteret Savings Bank. It then opened two more branches, to form Banco Popular FSB (a federal savings association).

1995: Popular established the ATH Dominicana ATM network in the Dominican Republic. (ATH stands for "A Toda Hora". i.e., "at all hours".)

1996: Popular bought American Midwest Bank for its two branches in suburban Melrose Park, a Chicago suburb that was drawing Hispanics. In California, Popular created a subsidiary, Banco Popular NA (California), bought Commerce National Bank, and transferred to it the branch that it had established in 1975.

1997: Popular acquired the Seminole Bank branch in Sanford, Florida, and Banco Roig in Puerto Rico.

1998: Popular made Chicago the headquarters for the US Executive Offices of its subsidiary, Popular North America, which took over all its US mainland commercial activities. In the Dominican Republic, Popular took a minority position in Banco Fiduciario, the fourth largest bank, a stake that it later built up to a majority position. Popular entered Costa Rica as it had entered the Dominican Republic, Popular entered Costa Rica in the same way as it had entered the Dominican Republic, i.e., by establishing an ATM network, ATH Costa Rica.

1999: Popular bought First State Bank of Southern California from Korea's Hanil Bank and merged it with Popular (California). In the Chicago area, Popular bought Irving Bank, Water Tower Bank and Aurora National Bank. Popular also bought Banco Popular, a start-up bank in Orlando, Florida, and Citizens Bank in Houston, Texas. In addition, Popular bought the GM Group, entering the processing business.

2001: Popular buys three branches in Puerto Rico's central mountain region from BBVA.

2005: Popular completes acquisition of Quaker City Bank, establishing California as the largest region of Banco Popular North America. Popular also purchases New Jersey's Infinity Mortgage for an undisclosed amount. On 3 August 2005, Popular announced the purchase of E-Loan for an estimated $300 million merger agreement. A month later, on September 21, Popular announces that they will sell Popular Cash Express to ACE Cash Express for $36 million. Popular was ranked as the 691st largest company in the world by Forbes.

2006: Banco Popular North America relocates its California Region headquarters to Anaheim, CA headed by Vernon Aguirre.

2007: Banco Popular North America sells 5 of six branches in Texas region to Prosperity Bank.

2007: Banco Popular acquires Citibank's retail business in Puerto Rico, including nine branches, as well as the operations in Puerto Rico of broker-dealer Smith Barney, a Citibank subsidiary.

2008: Popular agrees to sell certain assets of Equity One, the U.S. mainland consumer finance operations of Popular Financial Holdings, to American General Finance, a member of American International Group.

2010: Banco Popular acquires one of its competitors, Westernbank, after the latter failed and its deposits were seized by the Federal Deposit Insurance Corporation. On October 1, 2010 Popular sold 51% Evertec participating to Apollo Management.

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