page_title: Rafael Carrión Sr.
section_title: Banco Popular de Puerto Rico
hierarchical_section_title: Rafael Carrión Sr. / Banco Popular de Puerto Rico
caption_attribution_description: English: Old picture of the Banco Popular Building in San Juan Old picture of the Banco Popular Building in San Juan
context_page_description: Rafael Carrión Sr., the patriarch of one of Puerto Rico's financial dynasties, was one of the founding fathers of Banco Popular de Puerto Rico, the largest bank in Puerto Rico and the largest Hispanic bank in the United States.
context_section_description: Carrión presided and led the bank until 1956. Under his leadership the bank established its first physical branch in 1934. In its first year the bank provided personal loans without requiring collateral. This made the bank enormously popular (in accordance with its name) and, by 1954, the bank had 20 branches in different parts of the island. This represented a growth rate of one new Banco Popular branch for every year of its existence, between 1934 and 1954. Given the challenges of the Great Depression, World War II, and the Korean War, this success and growth rate was astounding.
  During the Great Depression, the bank survived while others failed. In 1930, Banco Popular purchased the oldest and most respected banking institution on the island,  the Banco Comercial de Puerto Rico. With a total of $8.82 million in deposits in 1937, Banco Popular became the largest bank in Puerto Rico. In 1938, it became the first bank in Puerto Rico to offer FHA mortgage loans. In 1939, Carrión completed the construction of an Art Deco headquarters for the bank, on Tetuán Street in Old San Juan.
  Carrión was a stock holder in the Continental Bank of New York and when that institution merged with Chemical Bank & Trust Co. in 1948, he became a member of Chemical's Board of Directors. He retired in 1956 and the leadership positions were occupied by his sons Rafael Jr. and Joe Carrión. In 1990, his grandson (son of Rafael Jr.) Richard Carrión was named Chairman of the Board and Chief Executive Officer of the Company, the Bank, Popular North America, Inc. and Subsidiaries.
caption: Art Deco "BPPR" Headquarters Building
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