Our Cooperative originated originally as an Employees' Association over 45 years ago. On February 21, 1978, the first Articles of Incorporation of the Cooperative Savings and Credit Union of the Employees of Banco Popular de Puerto Rico were presented by Attorney Rafael Pagán Aldrich through Affidavit Number 875, supported by Messrs. Augusto Amato, Milton Balbuena, Néstor O. Rivera, Hiram Turell, Carlos Mangual, César Pacheco, María M. Machargo, Luz M. Tous de Torres, Ana M. Santiago, David Rivera, Jacinto Oronoz, and Juan Cruz Santana.
In March 1978, Don Papi Carrión supported the transformation of the Employees' Association into a Savings and Credit Cooperative. Specifically, on October 2, 1978, Certificate of Incorporation Number 551 was filed and recorded at the Department of State, by Assistant Secretary Lourdes I. de Pierluisi, establishing the Cooperative Savings and Credit Union of the Employees of Banco Popular de Puerto Rico.
Being a closed Cooperative, only a select group of individuals could become members. This group included employees and retirees of Banco Popular in Puerto Rico, and by special dispensation, those from New York, St. Thomas, and St. Croix.
On November 24, 1978, Mr. Héctor Zayas Chardón, Inspector of Cooperatives of Puerto Rico, granted Operating Permit No. 514 with unlimited duration. Subsequently, on September 18, 1996, the Assistant Secretary of the Department of State, Lourdes I. de Pierluisi, certified and filed an Amendment to the Articles of Incorporation, modifying Article I to read: Coopertiva de Ahorro y Crédito Rafael Carrión, Jr. However, the name change was officially ratified at the Members’ Assembly held on May 27, 1997.
This amendment recognized Don Papi, who was President of the Bank and Chairman of the Board, for his nearly six decades of service to the Bank and his special affection for the employees. "Our Cooperative is nourished by the memory and honor of Rafael Carrión, Jr., a man of broad vision and an extraordinary human being," said Carlos E. Quiles, former president of the Cooperative.
Simultaneously with the name change, the Cooperative expanded its scope to serve employees of all subsidiaries of Popular, Inc., in Puerto Rico, New York, and the Virgin Islands. As of June 30, 2001, there were 150 Cooperatives under COSSEC insurance (Corporation for the Supervision and Insurance of Cooperatives) before PROSAD-COOP. Additionally, others were grouped and insured under the federal government, NCUA.
Although we are a closed cooperative, our Cooperativa holds a significant position in terms of total assets. For many years, we achieved a number 1 ranking in the CAEL evaluation system, the highest on the scale—a distinction attained by very few cooperatives.
Other financial institutions also had Credit Unions, such as CitiBank, FirstBank, and Banco Santander. Additionally, several companies maintain Credit Unions for their employees, including the Ana G. Méndez Foundation, the University of Puerto Rico, AEELA, and the Teachers’ Federation, among others.
Being integrated within the Bank, some of our services are limited, as the Bank provides them directly and duplication is unnecessary. This applies, for example, to employee accounts, ATH, mortgage loans, among others. Our goal is not to compete with the Bank but to complement it.
It is important to highlight that the Bank wants our Cooperativa to be one of the main benefits for its employees, and it supports us to facilitate our work and ensure our continuity.