Banco Popular (BPOP) in San Juan, Puerto Rico, is nearing the finish line of its two-year project to rebrand itself in the continental U.S.
The $36.3 billion-asset company said Thursday that, beginning Monday, its 39 branches in New York and New Jersey will sport the new name Popular Community Bank. The branch conversion will complete a rebranding in the U.S. that began with a pilot program in Chicago in 2010 and was rolled out last year in California and Florida.
Banco Popular opened its first branch in New York in 1961 largely to serve the Hispanic community, and it kept the name intact as it expanded into other markets with large Spanish-speaking populations. Roughly a quarter of its assets are in the continental U.S., where it has 94 branches.
Carlos Vazques, the president of Popular Community Bank, said the name change reflects the company's effort to appeal to a wider audience. "With the name change, we want to maintain our strong connection to our traditional Hispanic customers and broaden our appeal to all demographics in the communities we serve," Vazquez said in a news release.
The company is planning to launch a region-wide advertising campaign to spread the word about its New York-area rebranding. It is also developing an extensive, multi-media financial literacy program.