Two savings and credit cooperatives will cease to exist to strengthen others

Two new mergers between cooperatives were announced today, after both processes were evaluated by the Puerto Rico Cooperative Supervision and Insurance Corporation (COSSEC), which seeks to continue strengthening the structure of the cooperative sector.

One of the mergers involves the Abraham Rosa Savings and Credit Cooperative (ARCoop), which joins Credicentro Coop. In the other, the La Puertorriqueña Savings and Credit Cooperative managed to transfer the assets and liabilities of Primera Cooperativa (PrimeraCoop).

Regarding the transaction in which Credicentro acquires ARCoop, it was reported that this merger ensures the value of the assets of the ARCoop partners, the jobs, as well as the continuity of the services and products of the cooperative, whose headquarters are located in the Birds neighborhood of Toa Baja.

ARCoop was born in 1959, when a group of 22 residents of the Pajaros neighborhood joinedunder the leadership of José “Pepe” Ojeda, to organize the cooperative. Each of those neighbors contributed $62.50 to create it and in assembly they agreed to name it Abraham Rosa Savings and Credit Cooperative, in memory of that deceased cooperative member who stood out as a community leader of Pajaros.

With this transaction, Credicentro begins to serve cooperative members in the metropolitan area. The cooperative was founded in 1967, its central office is in Barranquitas and has branches in the central and southern areas of the country.

Credicentro Coop acquired the ARCoop branches in Rexville, Bayamón and the one on the PR-2 highway in Toa Baja, which will now become part of its network of cooperatives. ARCoop’s assets were $116 million.

“Now we are the fourth cooperative with the largest capital in Puerto Rico, with $439.5 million, a workforce of 96 employees, 32,624 members and our six branches located in Barranquitas, Orocovis, Ponce and now in Toa Baja and Bayamón,” said Miguel Ortiz Santos. , executive president of Credicentro Coop.

On the other hand, Raúl Arambarry Benítez, executive president of the Puerto Rican Cooperative reported that Around 3,500 members and depositors of PrimeraCoop in Cupey now become part of Cooperativa la Puertorriqueña, whose members and clients are around 12,000.

Cooperativa La Puertorriqueña has three branches, located in Río Piedras, Trujillo Alto and Carolina.

For its part, the COSSEC executive president, Mabel Jiménez Mirandaexpressed that this transaction is one more example of the strength of the island’s cooperative system. “This merger guarantees and ensures the services and benefits of the partners”he added.

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