Popular Bank’s Commitment to Our Customers and Communities
A Message from Chief Operating Officer Manuel Chinea
Dear Customers, Partners and Community Members,
Thank you for being part of our Popular Bank family.
In these uncertain times, we are all working together to navigate our new normal. As we face the immediate and serious health concerns as a community, we are also seeing a much wider impact on all our lives as well as our local, national, and global economies.
For now, most businesses have closed their doors, and our homes have become both office spaces and classrooms. Meanwhile, financial markets continue to experience daily swings. In just a few short weeks, we have faced significant challenges, and we continue to brace for what lies ahead.
Throughout our 126-year history, we have navigated tremendous change and challenge. While these are unprecedented times, our long-standing commitment to you and our communities has prepared us well. Our institution’s DNA is rooted in a core set of institutional values, among them our unwavering commitment to customer service. We stood by this vision through global conflicts, natural disasters, economic crises and unforeseen challenges that have tested our resiliency. We have prevailed through these times, guided by our core values, responsible banking practices, and customer-first commitment.
We know that in times like these, it is not simply business as usual. As the situation continues to unfold, we understand that our customers and communities need us more than ever before. We take this responsibility seriously, and I am proud to say that we are ready and well positioned to help.
We remain financially sound, committed to our legacy of service and focused on meeting your changing needs.
Popular Bank remains financially strong. We are well capitalized and institutionally sound. Amid the current economic volatility and subsequent uncertainty, we are in a prime position to meet our customers’ needs. We are committed to building meaningful relationships, providing sound advice and safeguarding your accounts today and well into the future.
We have taken swift and meaningful actions to support our customers during this time. In fact, just days following the initial impact of the coronavirus pandemic to our communities, we successfully introduced our Popular Bank COVID-19 Financial Hardship Relief Program. This program allows financial relief options for our customers who have been directly or indirectly affected by recent events and need assistance with existing loans, lines of credit, credit cards, and mortgages.
Similarly, as an approved Small Business Administration (SBA) lender, we are actively participating in the Coronavirus Aid, Relief, and Economic Stability (CARES) Act. This historic piece of legislation provides financial relief to some of the most vulnerable small businesses in our communities. Through the Act’s Paycheck Protection Program (PPP), qualifying small businesses may be eligible to receive a loan of up $10 million on favorable terms, including total forgiveness should the business maintain or restore their payroll. This essentially converts the loan into a government grant to assist with expenses including payroll, most mortgage interest, and rent. We successfully secured funding for hundreds of our customers in the first round of funding and expect to secure funding for hundreds more in the second round of funding that began Monday, April 27th.
Our doors are open to you.
We remain committed to meeting your day-to-day financial and banking needs as well. As an essential service, our branch network is open and our team is at the ready.
We do this with the utmost caution for the health and safety of our branch visitors and team members. At this time, we have strengthened our retail banking controls and are taking every precaution within each of our branches. You can learn about these protocols here. As the situation develops, our branch operations may continue to change. I’d like to encourage all of you to stay informed using our Popular Bank ATM and Branch Locator Tool.
I would also like to encourage all of our customers to use our Popular Bank Online and Mobile Banking Platforms and Popular Bank Customer Care Center for help with many of your banking and account management needs at this time.
We stand ready for a gradual return to more normalized operations.
As state governors introduce plans for a gradual reopening of different economic sectors, we stand ready to follow suit. Already, we have expanded branch operation hours in South Florida and expect to do the same in New York and New Jersey in the near future. With this in mind, we are committed to normalizing our operations as quickly and responsibly as we can, while always prioritizing the safety and health of our employees and customers.
We are proud to serve you.
Uncertainty does surround us. However, I am optimistic for our future. As we face new challenges and navigate our new reality, we will continue to work hard to deliver the financial solutions that will move us forward.
All of us at Popular Bank wish you and your loved ones safety and health during this time.
With warm regards,