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 the Unlimited Operating Permit Number 514. On September 18, 1996, an Amendment Certificate to the Articles of Incorporation was filed at the Department of State, by Assistant Secretary Lourdes I. de Pierluisi, modifying Article I (name) to read: Rafael Carrión, Jr. Savings and Credit Cooperative.
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.
Despite being a closed Cooperative, our Cooperative ranks 54th 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 Savings and Credit Cooperatives, such as CitiBank, FirstBank, and Banco Santander. Additionally, several companies maintain Savings and Credit Cooperatives for their employees, such as the Ana G. Méndez Foundation, the University of Puerto Rico, AEELA, and the Teachers Federation, among others.
While being within the Bank, our services are limited since the Bank provides them and duplication is unnecessary. For example, employee accounts, ATH services, mortgage loans, etc. Our purpose is not to compete with the Bank, but to complement each other. It is important to note that the Bank wishes our Cooperative to be one of the best benefits for employees and supports us to facilitate our existence.