History of CommoLoCo
For over 50 years CommoLoCo, as part of Springleaf Financial Services, has provided loans and other financial products to customers in Puerto Rico and the Virgin Islands when they needed them most. We provide personal loans to consolidate debts, for home improvements, to solve unexpected expenses, to take a vacation, or for whatever the need.
Historical Time Line
On Wednesday, March 9, 1960, CommoLoCo opened the doors of its first branch office to serve the Puerto Rican community. In 1978, we opened two branches in the Virgin Islands. Today CommoLoCo has 28 branches in Puerto Rico and the Virgin Islands focused on meeting the needs of all our customers.
- 1960 - CommoLoCo registered as the Commonwealth Loan Corporation on
March 9, 1960 and was founded by businessman Jorge Colón Nevares. It started with a base of 500 customers in a market where there were already 135 financial institutions.
- 1970 - The Commonwealth Loan Corporation expanded to 22 branches throughout Puerto Rico. During this year the name was changed from Commonwealth Loan Corporation to CommoLoCo to make the company name easier to pronounce.
- 1971 - First Pennsylvania Bank acquires CommoLoCo for $11 million.
- 1978 - CommoLoCo's expansion continued with the addition of branches in
St. Thomas and St. Croix. CommoLoCo was acquired by Manufacturers Hanover Trust Bank.
- 1981 - CommoLoCo achieved its greatest expansion and growth with the opening of 17 new branches.
- 1988 - CommoLoCo, as a part of Manufacturers Hanover Consumer Services, Inc., is acquired by CREDITHRIFT, a subsidiary of American General Corporation.
- 1999 - American General Finance establishes an online system to improve customer service, investing $2 million in new technology and a more direct control of the principal company.
- Currently CommoLoCo has 26 offices across Puerto Rico and two in the Virgin Islands with nearly 170 employees.
Springleaf Financial Services continues to develop integration programs so that CommoLoCo operates at the forefront of technology, improving customer service and providing quality to the communities it serves.
Thanks to everyone! Celebrating our 50th anniversary would not have been possible without our valued customers. We are committed to providing fast and friendly service in which you can depend. Looking forward to another 50 years! We appreciate and value the opportunity to serve you.