Florida Banking February 2024

E very year on October 5th, Popular Bank employees wear yellow as a tradition to celebrate the company’s anniversary. The color symbolizes prosperity and reminds the team of its rich history and success. The bank was founded in Puerto Rico in 1893 and has been operating on the mainland since 1961. Today, Popular Bank is one of the 50 largest U.S. banks by assets with 40 branches in the United States. The bank recently celebrated

an industry leader in providing financial products and services to condominiums, homeowners associations and other planned communities, with an active lending platform in 28 states. Since its acquisition of Kislak National Bank, Popular Bank has grown organically to nearly a $4 billion franchise in South Florida. “When Popular Bank announced the acquisition of Kislak, I picked up the phone and said, ‘Listen, I want to throw my name in the hat.’ The culture at Popular

130 years of service this past October; leadership wants the bank to be around for 130 more. “The banking industry is changing, and it’s important to evolve. An established brand does not guarantee longevity or customer loyalty,” said Florida Region Executive Israel Velasco. “Two years ago, we kicked off our enterprise-wide transformation that will help position Popular Bank for sustainable growth in the future. We are already seeing the results of our investments in technology that make us more agile, efficient and customer-centric.” According to Velasco, it has been more than 50 years since the bank reevaluated its purpose

Bank matched my values,” Velasco said. “I’ll never forget the words of the chairman in my very last interview. He put his arm around my shoulders and said, ‘Israel, I want this to be the last bank you ever work for. I want you to be a part of our family.’ I share that story with everyone I interview, because that’s what I want for my employees, too. I want to make this the kind of place they feel they can work at for the rest of their lives.” When the bank outgrew its original headquarters, they designed and built a brand-new, state-of-the art space next door, again, with people in mind. The bank moved into the new Miami Lakes building in December 2022. The new

“TODAY, WE CONTINUE TO BE A TRUSTED FINANCIAL INSTITUTION THAT PUTS PEOPLE AT THE CENTER OF PROGRESS, WHICH MEANS PUTTING OUR EMPLOYEES, CUSTOMERS AND COMMUNITIES AT THE HEART OF EVERYTHING WE DO.”

- ISRAEL VELASCO

and culture framework, and it was time for a refresh. “Putting people at the center of progress” is the bank’s newly revised purpose statement, unveiled during the 130th anniversary celebration on October 5, 2023. The bank organized focus groups to interview customers, employees, and shareholders; “people” and “progress” were the recurring themes of those discussions. “One of our key founding values was to always remain human and help empower the economic development of our communities — through innovation, customer service and depth of knowledge. Today, we continue to be a trusted financial institution that puts people at the center of progress, which means putting our employees, customers and communities at the heart of everything we do,” Velasco said. “Whether we’re designing a product, closing a loan, or opening an account — it’s always with the mindset, ‘how can we make this easier for our employees, customers, and the community?’” Velasco joined Popular Bank in 2005 around the time it acquired Kislak National Bank, a small community bank in South Florida. Leadership was attracted to Kislak National Bank for its niche association banking business. Today, Popular Association Banking (PAB) is

building fosters the company’s familial, collaborative culture; amenities include covered parking, electric charging stations, a gym, two cafes, and open, collaborative spaces. The outdoor terrace is the go-to spot for internal company events like the annual holiday party.

Popular Bank, Continued on page 10

WWW.FLORIDABANKERS.COM FEBRUARY 2024 — 9