Top 10 Banks in Puerto Rico: Key Players in the Financial Sector

Puerto Rico’s financial landscape is predominantly shaped by a select group of major banks and credit unions. These institutions not only dominate the market but also provide a range of essential banking services to the region. While there are numerous credit unions offering personalized services, the following ten banks are the primary financial service providers in Puerto Rico.

1. FirstBank

Founded in 1948, FirstBank is a leading financial institution in Puerto Rico and a subsidiary of First Bancorp. Headquartered in San Juan, it reported total assets of $12 billion and a net profit of $93 million in 2016. The bank, which rebranded from First Federal Savings Bank to FirstBank in 1994, specializes in retail, corporate, and commercial banking.

2. Banco Popular

Banco Popular, established in 1893, is one of the oldest and largest banks in Puerto Rico. Based in Hato Rey, it managed assets worth $38 billion and earned a net profit of $358 million in 2016. With around 171 branches and 635 ATMs, Banco Popular focuses on retail and commercial banking.

3. Oriental Financial Group

Founded in 1964 and headquartered in San Juan, Oriental Financial Group oversees assets totaling $6.5 billion with a net profit of $45 million in 2016. The group includes Oriental Bank, Oriental Insurance Inc., Caribbean Pension Consultants Inc. (CPC), and Oriental Financial Services Corp., offering a broad spectrum of financial services.

4. Scotiabank of Puerto Rico

Scotiabank of Puerto Rico, established in 1910, operates as a subsidiary of The Bank of Nova Scotia from Canada. Located in Hato Rey, it reported assets of $896 billion and a net profit of $7.368 billion in 2016. The bank specializes in commercial banking, foreign currency exchange, and corporate financing.

5. Banco Santander

Banco Santander, founded in 1976 and based in San Juan, is a subsidiary of Santander Bancorp. With assets of $5 billion and a net profit of $15 million in 2016, it focuses on personal and commercial banking. It rebranded from Banco De Santander-Puerto Rico to Banco Santander in 1989.

6. Caribe Federal Credit Union

Established in 1951, Caribe Federal Credit Union is a prominent non-profit financial institution serving federal employees in Puerto Rico. It had assets of $336 million and a net profit of $2 million in 2016, providing a range of financial services to its members.

7. Citibank NA (Puerto Rico)

Citibank NA, one of the oldest foreign banks in Puerto Rico, was founded in 1918. Based in Hato Rey and a subsidiary of Citibank National Association, it focuses on investment foundations and sophisticated financial products.

8. FEMBi Mortgage

Founded in 1997 and headquartered in San Juan, FEMBi Mortgage offers a variety of mortgage services in Puerto Rico and South Florida. With a team of 125 professionals, it provides financing options such as conventional, VA, and FHA loans, along with quick service.

9. Pentagon Federal Credit Union

Pentagon Federal Credit Union, founded in 1935, is a major credit union with over 50 locations, including Puerto Rico. In 2017, it reported assets of $23 billion and 1.6 million members, serving military personnel and federal employees.

10. JetStream Federal Credit Union

JetStream Federal Credit Union, established in 2016 and located in San Juan, Puerto Rico, had assets of $187 million and a net profit of $2.5 million in 2016. It offers a wide range of services to its members, who must live or work in San Juan.