Banco de Ponce
| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | 20 August 1917 |
| Defunct | 1990 (as a result of merger) |
| Fate | Integrated into Banco Popular de Puerto Rico |
| Headquarters | Ponce, Puerto Rico (1917-1970) San Juan, Puerto Rico (1970-1990) |
Key people |
|
| Products |
Banco de Ponce was a leading Puerto Rican financial institution, recognized for having the most extensive branch system among banks in the United States and ranking second in both deposits and branch count within Puerto Rico throughout the twentieth century. Originating in Ponce, Puerto Rico, the bank transferred its main office to San Juan, Puerto Rico in 1970 and ultimately merged with Banco Popular in 1990, resulting in the formation of BancPonce Corporation.
History
Founded on August 20, 1917, in Ponce by a group including Mario Mercado, Amador Torres, Manuel Meiriño, Augusto Quiñones, Francisco Oliver, Antonio Morales, Juan Colón, José de Jesús, Francisco Forteza, and Cándido Noriega, Banco de Ponce quickly established itself. In 1924, it erected its distinguished headquarters in downtown Ponce, a structure later honored on the National Register of Historic Places.
By 1961, the bank had extended its presence to New York City. By 1989, it led all Puerto Rican banks on the U.S. mainland in branch numbers and was recognized as the largest Hispanic bank nationwide in terms of deposits.
The merger with Banco Popular in 1990 resulted in the creation of Puerto Rico's largest banking institution. At that time, Banco de Ponce operated nine branches in New York City compared to Banco Popular’s six. This consolidation propelled the new entity into the ranks of Latin America’s top ten commercial banks and placed it among the fifty largest banks across the United States.
Headquarters
In 1970, Banco de Ponce inaugurated its headquarters within a notable 23-story building located in San Juan’s Milla de Oro financial district. The facility offered approximately 424,900 square feet of office space alongside parking accommodations for 1,375 vehicles. After merging with Banco Popular in 1990, this property became part of BanPonce Corporation. The building was sold in 2002 to WesternBank of Mayaguez and renamed "WesternBank World Plaza." Following WesternBank’s collapse in 2010, Banco Popular acquired its assets but excluded this tower. The Commonwealth of Puerto Rico purchased the building in 2012 to serve as offices for the Puerto Rico Department of Justice. As of 2019, it is referred to as the "World Plaza Building."
Motto
Throughout the 1960s and 1970s, Banco de Ponce employed slogans such as "...El Banco de Puerto Rico" ("Puerto Rico's Bank") and "El Banco de Puerto Rico que se da a querer" ("Puerto Rico's Bank that's loved").