Caribe Federal Credit Union expands with Universal Coop merger
Caribe Federal added two branches and increased membership to 58,000.
Caribe Federal Credit Union, the largest federal cooperative in Puerto Rico, announced it has formalized a merger with Universal Coop Federal Credit Union, increasing its branch network by adding two locations: one in Río Grande and a satellite unit in Añasco.
With this merger, Caribe Federal now operates six branches, establishing a presence in the eastern and western regions of Puerto Rico.
Jorge Vadell, chief executive officer of Caribe Federal, told News is my Business that discussions between the two cooperatives began during the acquisition process.
“We always talk because we help each other on different cooperative topics, and we talked about how they can improve their services and products, and in these conversations, the possibility of both cooperatives uniting was discussed,” Vadell said.
He explained that, as a smaller cooperative, Universal Coop had fewer opportunities to offer enhanced services and limited resources to invest in technological products.
“They saw that we could provide better services to members of the cooperative,” Vadell added.
The regulatory body, the National Credit Union Administration (NCUA) approved the merger, with Universal Coop’s assets, deposits and loans now transferred to Caribe Federal — “all of that is unified with ours,” Vadell said.
“Merging with Universal Coop is a decision that aligns with our commitment to Puerto Rico and our expansion plan. This translates into now serving nearly 58,000 members and growing the credit union to more than $726 million in assets,” Vadell noted.
“Our team of professionals is dedicated to serving our current members well and promoting service with human warmth, so that these new partners and those who are about to place their trust in us can benefit from the wide variety of financial products we offer,” he said.
Caribe Federal also increased its workforce to 158 employees, retaining all of Universal Coop’s staff.
“Increasing our presence in these new regions of the island allows us to expand the scope of our financial product offering, which utilizes advanced technology, allowing us to offer first-class digital banking, the best interest rates and low service charges. Additionally, there is the service of excellence that characterizes us,” said Caribe Federal Chairman Benito Rodríguez-Massó.
In 2018, Caribe Federal opened its fourth branch in Ponce, marking its entry into the southern region. Its other branches are in Guaynabo and two locations in San Juan.
