“Banks in Puerto Rico are sufficiently well-capitalized and strategically diversified, so their customers’ deposits are completely safe," said OCIF Commissioner Natalia Zequeira.
Funding can be accessed through the Federal Home Loan Bank of New York.
The bank, which has had local presence for 30 years serving the commercial sector exclusively, will likely open two branches in Ponce and somewhere between Mayagüez and Aguadilla.