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| '''Rafael Carrión, Sr.''' (January 3, 1891 – March 26, 1964), the patriarch of one of Puerto Rico's financial dynasties, was one of the founding fathers<ref></ref><ref>"Puerto Rico Off the Beaten Path, 5th"; By Tina Cohen; pg.5; Publisher: GPP Travel; 5th edition (October 1, 2006); ISBN 0762742119; ISBN 978-0762742110</ref> of ], the largest bank in Puerto Rico and the largest Hispanic bank in the United States.<ref name="LHB"></ref> | '''Rafael Carrión, Sr.''' (January 3, 1891 – March 26, 1964), the patriarch of one of Puerto Rico's financial dynasties, was one of the founding fathers<ref></ref><ref>"Puerto Rico Off the Beaten Path, 5th"; By Tina Cohen; pg.5; Publisher: GPP Travel; 5th edition (October 1, 2006); ISBN 0762742119; ISBN 978-0762742110</ref> of ], the largest bank in Puerto Rico and the largest Hispanic bank in the United States.<ref name="LHB"></ref> | ||
| ==Early years== | ==Early years== | ||
| Carrión (birth name '''Rafael Carrión Pacheco''') was born in ] |
Carrión (birth name '''Rafael Carrión Pacheco''') was born in ] into one of the island's wealthiest families. There he received his primary and secondary education. Carrión was a successful businessman who joined his brother as the initial founders of Banco Popular de Puerto Rico. | ||
| Director to Chemical Bank of NY. | |||
| ==Beginning of the Carrión dynasty== | ==Beginning of the Carrión dynasty== | ||
| Banco Popular de Puerto Rico can trace its roots to 1893, when Puerto Rico was still a ]. That year Fifty-two stockholders provided the initial capital to establish the "Sociedad Anonima de Economias y Prestamos" (Anonymous Economic and Loan Society) a savings bank for the poor.<ref name="CH"></ref> The United States invaded Puerto Rico during the ] in 1898 and was annexed by the invaders under the terms of the ] which was ratified on December 10, 1898. Almost immediately, the United States began the "]" process of Puerto Rico. The U.S. occupation brought about a total change in Puerto Rico's economy and ].<ref>{{cite book | Banco Popular de Puerto Rico can trace its roots to 1893, when Puerto Rico was still a ]. That year Fifty-two stockholders provided the initial capital to establish the "Sociedad Anonima de Economias y Prestamos" (Anonymous Economic and Loan Society) a savings bank for the poor.<ref name="CH"></ref> The United States invaded Puerto Rico during the ] in 1898 and was annexed by the invaders under the terms of the ] which was ratified on December 10, 1898. Almost immediately, the United States began the "]" process of Puerto Rico. The U.S. occupation brought about a total change in Puerto Rico's economy and ].<ref>{{cite book | ||
Revision as of 19:31, 24 July 2011
| Rafael Carrión, Sr. | |
|---|---|
 Founder of Banco Popular de Puerto Rico | |
| Born | January 3, 1891 San Juan, Puerto Rico |
| Died | March 26, 1964 San Juan, Puerto Rico |
| Nationality | Puerto Rican |
| Occupation(s) | President and CEO, Popular, Inc. (1927–1956) |
| Notes | |
| Banco Popular de Puerto Rico is the largest Hispanic bank in the United States | |
Rafael Carrión, Sr. (January 3, 1891 – March 26, 1964), the patriarch of one of Puerto Rico's financial dynasties, was one of the founding fathers of Banco Popular de Puerto Rico, the largest bank in Puerto Rico and the largest Hispanic bank in the United States.
Early years
Carrión (birth name Rafael Carrión Pacheco) was born in San Juan, Puerto Rico into one of the island's wealthiest families. There he received his primary and secondary education. Carrión was a successful businessman who joined his brother as the initial founders of Banco Popular de Puerto Rico.
Beginning of the Carrión dynasty
Banco Popular de Puerto Rico can trace its roots to 1893, when Puerto Rico was still a Spanish colony. That year Fifty-two stockholders provided the initial capital to establish the "Sociedad Anonima de Economias y Prestamos" (Anonymous Economic and Loan Society) a savings bank for the poor. The United States invaded Puerto Rico during the Spanish–American War in 1898 and was annexed by the invaders under the terms of the Treaty of Paris of 1898 which was ratified on December 10, 1898. Almost immediately, the United States began the "Americanization" process of Puerto Rico. The U.S. occupation brought about a total change in Puerto Rico's economy and polity. Among the many industries which were controlled by the U.S. Government were Puerto Rico's financial and banking institutions.
In 1913, the United States Congress passed the Federal Reserve Act which created The Federal Reserve System. All national banks were required to join the system and Congress created Federal Reserve notes to provide the nation with an elastic supply of currency. The notes were to be issued to Federal Reserve Banks for subsequent transmittal to banking institutions in accordance with the needs of the public. As a consequence of the new rules and regulations, the "Sociedad Anonima de Economias y Prestamos" ceased operations. In 1923, Carrión and his older brother, together with some of the former members of the Sociedad Anonima de Economias y Prestamos, organized and founded "Banco Popular de Puerto Rico" a commercial bank (rather than a savings bank) and served as Executive Vice President. In 1927, Carrion became the majority stockholder of the bank and became its president and CEO.
Banco Popular de Puerto Rico
Carrión presided and led the bank until 1956. Under his leadership the bank established its first branch in 1934 and by 1954 the bank had 20 branches in different parts of the island. In its first year the bank provided personal loans without collateral. During the Great Depression the bank survived the crisis, while other banks failed and in 1930, purchased the oldest and most respected banking institution on the island, Banco Comercial de Puerto Rico. With a total of $8.82 million in deposits in 1937, Banco Popular became the biggest bank in Puerto Rico. In 1938, it became the first bank in Puerto Rico to offer an FHA mortgage loans. Carrión spearheaded the construction on Tetuán Street in Old San Juan of an Art Deco headquarters building which was completed in 1939.
Carrión retired in 1956 and the leadership positions were occupied by his sons Rafael Jr. and Joe Carrión. In 1990, his grandson (son of Rafael Jr.) Richard Carrión was named Chairman of the Board and Chief Executive Officer of the Company, the Bank, Popular North America, Inc. and Subsidiaries.
Legacy
During his lifetime, Carrión was able to witness the growth of the bank which he Co-founded from a small local bank with one branch in 1934 to the largest bank in Puerto Rico with two branches in New York City, one in the Bronx and another in Manhattan. Rafael Carrión Pacheco, died on March 26, 1964, in San Juan, Puerto Rico.
Since his death, Banco Popular de Puerto Rico has grown into a multinational banking and financial institution with 302 bank branches and 382 non-bank offices. It is the 35th largest bank-holding company in the United States and as such the largest Hispanic bank in the United State. Of the company's 302 banking branches, 199 were in Puerto Rico, 95 in the continental United States, and 8 in the Virgin Islands. Of the 382 non-banking offices, Equity One had 136; Popular Cash Express, 132; Popular Finance, 61; Popular Mortgage, 21; Popular Leasing & Rental, 12; and Popular Leasing, U.S.A., 11..
The plaza surrounding the restored 1936 Banco Popular Building in Old San Juan was named the "Plazoleta Rafael Carrión Pacheco" in his honor. On the third floor of the building the "Rafael Carrión Pacheco Exhibition Hall" is held with various exhibits of high interest in Puerto Rico.
See also
References
- A dynasty of leaders
- "Puerto Rico Off the Beaten Path, 5th"; By Tina Cohen; pg.5; Publisher: GPP Travel; 5th edition (October 1, 2006); ISBN 0762742119; ISBN 978-0762742110
- ^ Mayor Announces Agreement by Largest Hispanic Bank in United States to Remain in New York City
- ^ Company History
- Miles, Nelson Appleton (1896). Personal Recollections and Observations of General Nelson A. Miles - Embracing a Brief View of the Civil War, or, From New England to the Golden Gate : and the Story of his Indian Campaigns, with Comments on the Exploration, Development and Progress of Our Great Western Empire. Chicago: Werner.
- Areas Controlled by the United States
- Woodrow Wolson
- NNDB
- Rafael Carrión Pacheco