New Name Aligns with the Bank’s Consistent Growth
Popular Community Bank, a subsidiary of Popular, Inc. (Nasdaq: BPOP), announced its new name, Popular, and new legal name, Popular Bank. The new name aligns with Popular’s strategic growth, expanded capabilities and launch of several business platforms designed to attract diverse consumer and business segments. As a result of the rebranding initiative, the corporation now operates under a single brand, “Popular”, throughout all its regions – United States mainland, Puerto Rico and Virgin Islands – for the first time in the corporation’s history.
Popular has evolved over the last few years, refocusing on New York, New Jersey and South Florida. Since that change in 2014, Popular has almost doubled its assets in the U.S. Mainland from $5 billion to $9.2 billion. In addition to becoming a leaner, more focused organization, Popular has achieved strong loan growth and implemented an ongoing transformation of its branch network to better serve customers. Popular has continued to diversify its customer base with the launch of a new private banking platform, the expansion of its residential mortgage business and the phenomenal success of its healthcare and association banking niche businesses.
“We have made great strides in bringing our operations closer together. Popular in the U.S. represents 22% of our total assets and is a main source of growth for Popular, Inc. Together, we are a dynamic organization that works constantly to provide meaningful solutions for our customers,” said Ignacio Alvarez, president and CEO of Popular, Inc. “Popular reflects who we are today and have been for nearly 125 years – the trusted advocate – working on behalf of our customers and our employees.”
“Our new name coupled with our agility and comprehensive platform, gives us a distinct opportunity to deliver on a value proposition centered around service and customer experience,” said Manuel Chinea, COO of Popular. “With the expansion of Popular’s capabilities beyond those typical of community banks, the time had come to evolve our brand.”
Added Chinea, “While we no longer have community in our name, our commitment to our communities is as strong as ever. Our team members continue to be actively engaged in the communities we serve.”
As part of the rebranding initiative, Popular unveiled a new tagline – “Our bottom line is you” and a new customer value proposition, to continue to be a customer’s at-the-ready advocate, enabling them to focus on what matters most to them. The new name will be visible at all branches and many special events, including the Popular Brooklyn Half Marathon and through sponsorships with the Miami Dolphins and Miami Heat.
About Popular Bank
Popular is part of Popular, Inc. (Nasdaq: BPOP), which ranks among the top 50 U.S. banks by assets and brings more than 120 years of success in banking, driven by integrity and values. Popular leverages its financial expertise to enable customers to focus on what matters most. Leveraging its institutional depth, Popular works side-by-side with business and retail customers delivering competitive business and retail offerings including Retail and Private Banking, Commercial Lending, Mortgage Services, Association Lending, Healthcare financing and Middle Market banking. Popular has branches in New York, New Jersey and Florida, 24/7 digital banking solutions and access to 55,000 ATMs through the Allpoint network.