Cooperativa Rodríguez Hidalgo opens new $500K location in Ponce
The Cooperativa Rodríguez Hidalgo credit union is expanding its footprint by opening a new locale in Ponce following an investment of $500,000.
This is the financial institution’s fourth branch, joining other locations in the towns of Coamo and Santa Isabel.
Miguel Colón-Robles, executive president of the credit union, said the new branch is the reflection of the financial strength and performance that the institution has experienced in recent years due to the strong support of its members, southern-area clients, and communities.
The credit union has $124 million in total assets showing an increase of $38.7 million, or 45%, during the last five years, Colón-Robles said.
The credit union provides services to more than 10,000 members in Puerto Rico and the US mainland.
“We’re very excited about the opening of this new and modern branch, where Ponce residents and small and medium-sized businesses will be able to benefit from our wide range of financial services and advanced technology, adapted to the needs of businesses and members,” said Colón-Robles.
The new branch has eight customer service areas to facilitate transactions, five self-service lanes, and an ATM system to withdraw cash and carry out multiple transactions.
“The institution has distributed close to $3.3 million in dividends and support to its partners in the past five years and has an excellent capital base,” said Cooperativa Rodríguez Hidalgo’s Board Chair Miguel Dávila.
“We have stood out for guaranteeing our partners innovative and agile services, and Ponce will not be the exception,” said Dávila.
Meanwhile, Mabel Jiménez, head of the Public Corporation for the Supervision and Insurance of Puerto Rico Cooperatives (COSSEC, in Spanish), said “the expansion of this credit union represents important growth for the cooperative system on the island, and in particular for the southern part of Puerto Rico.”
“The expansions of credit unions are tied to a strong commitment of the executives, the Boards of Directors and all the employees who give their best every day to offer quality financial services to members,” said Jiménez, adding that Puerto Rico’s credit union network has more than 1.2 million members.