Popular Celebrates 127 Years of Service to our Communities
A Message from Popular Bank Chief Operating Officer Manuel Chinea
On October 5, Popular will proudly celebrate our 127th year of service.
This is truly a tremendous milestone for our organization. When we first opened our doors, we did so with a great sense of purpose and a vision to make a difference within our communities. While this year’s celebration looks different from years’ past, our core values remain steadfast. I am proud to share that Popular’s commitment to meeting the diverse and growing needs of our customers and communities across all our regions is stronger than ever before.
Throughout our long-standing history, we have successfully navigated tremendous change and challenge. Each time, we have emerged stronger, more resilient and better equipped for the future. Today, we face the COVID-19 health crisis with the same preparedness, resilience and ingenuity. As we continue to navigate our current circumstances, it is our promise to stand by our core values. We will remain guided by our responsible banking practices, and customer-first commitment to serve you best.
With that said, I would like to share with you some of the initiatives we have taken this year to serve you best in the face of these unique circumstances.
We have taken meaningful actions to serve you best during this time.
Since COVID-19’s initial impact to our communities in March, our Popular Bank team worked tirelessly to keep our branch locations open, safe and easily accessible to our community members. As a designated essential service, we took meaningful actions to strengthen our retail banking controls. Today, we continue to take every precaution within each of our branches.
We have also worked tirelessly to meet the changing needs of our customers and create meaningful pathways to solutions. Within days, we introduced our Popular Bank COVID-19 Financial Hardship Relief Program. This program has since provided relief to more than 1,500 consumer and commercial customers.
This year our small business clients faced and continue to navigate significant financial and operational disruption. To meet these needs, our team worked around the clock to effectively issue both Small Business Administration Paycheck Protection Program (PPP) loans and Federal Home Loan Bank of New York (FHLBNY) Small Business Recovery grants to provide critical relief. I am proud to share that Popular, Inc. issued more than 28,000 PPP loans in the amount of $1.424B. For us here at Popular Bank, we processed 1,455 PPP loans amounting to more than $220MM. We also secured a total of $100,000 for 14 non-profit organizations and small businesses through the FHLBNY Small Business Recovery Grants Program, which serves to provide relief to organizations in New York and New Jersey. And now, we are working diligently to help our commercial clients explore financing options through the CARES Act Main Street Lending Program.
It is our commitment to continue to look for ways to help clients overcome challenges and seize opportunities so that you may fulfill your financial potential.
We remain financially strong and look forward to the next 127 years.
Finally, I would like to share that Popular remains financially strong. We are well capitalized, institutionally sound and well positioned to continue supporting you through these volatile and uncertain times. At Popular, we believe that strong relationships are the key to success. We will continue to work closely with you, providing sound advice and safeguarding your accounts well into the future.
Thank you for being part of our Popular family as we celebrate 127 years of service.