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New popular community branch a block from Santander?

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rated:
Apparently Santander bailed out Banco Popular and now popular community bank which is owned by them, is coming in which is just like a block or two away.

Other banks are closing branches.  Why have obligation of two branches in town?  The person set to benefit the most here is the landlord who owns the property.  

 

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rated:
You have no clue what they're doing.  Maybe soon after then new branch opens, the existing branch will close.  Maybe this new location was already planned prior to the take over, and they're just fulfilling the inherited lease requirements.  Maybe customer data indicates 2 branches could be beneficial.  It could be just about anything, and it's really none of your concern.

rated:
I live in this community and have seen banks shut down, merged and new banks opened around here, But this one is the strangest and makes the least sense. Merged banks and big banks shut diown branches today not open them.

Merges and acquisitions mean shutfing down branches while selectively adding branches in underrepresented regions with obtainable low cost deposits.

Take Hanover Community bank. It was a small one or two branch bank, I forget how many, which opened here and obviously felt this was a worthwhile markets.

Washington Mutual got shut down and deposits acquired by Chase. North fork bank and Greenpoint Banks existed here which eventually merged into one Capital One Branch.

Independence bank owned one branch which got acquired by Sovereign Bank, then it got acquired by Santander which is only down the block.

It makes sense to shut down the Santander branch and consolidate to the new one perhaps and merge and integrate Banco Popular and Santander branches whivh I suspect will happen over time.

rated:
You are talking about an overseas transaction that occurred only about 3 weeks ago.  Don't you think that new branch was planned well before Santander took over Popular?  It is also not likely that the US companies will merge operations immediately, so you can probably expect their overlapping market presence throughout their areas of operation to continue for some time.

rated:
No I don't. Banco Popular had no money to pay landlords and the bank would have failed had Santander not acquired it. Banco Popular was selling branches they couldn't afford to operate anymore. No landlord would have signed a tenancy agreement with shaky financials like Banco Popular for new branch locations. They would have been kicked out of existing locations if the deal didn't go through.

Once Banco was saved, they apparently then signed with a new lease here.  But apparently it will have the Popular Community Bank name.  It is the strangest of all the bank branch deals I have seen.  It seems like the folks at Banco were given a clean bill of health but no merger between Santander and Banco Popular branches.

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Okay, it took a little research, but I hate to break it to you - you are talking about two different companies.  Popular Community Bank is owned by Popular, Inc., of Puerto Rico and has no affiliation with Banco Popular Español in Madrid.

rated:
Oh boy. Lots of confusion in this thread. Santander of Madrid bought out another Spanish failing bank, called Banco Popular Español, S.A.

Banco Popular de Puerto Rico, Popular Community Bank, are part of Popular Inc, which has nothing to do with Spain or Santander. It does operate Popular Direct and formerly eloan.

Banco Popular Español, S.A. may still own TotalBank of Miami, Florida.

rated:
Yeah that is why I got confused. Same names but one is Puerto Rico and Norfh America and other is Spain. Looks like they had better financials and likely just wanted another branch here.

Popular seems to be specializing in longer term cd rates which I guess are competitive. Not sure how they fare for business banking.

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