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R-G investing $9.2 million in seven new financial centers

Branches will combine banking, mortgage, and investment operations


May 27, 2005
Copyright © 2005 CARIBBEAN BUSINESS. All Rights Reserved.

R-G Financial Corp. subsidiary R-G Premier Bank is investing $9.2 million to open seven new branches of its financial center concept within the next 10 months, R-G Premier Bank Senior Vice President of Branch Management Carlos Mántaras told CARIBBEAN BUSINESS.

R-G Financial Centers combine the operations of subsidiaries R-G Premier Bank, R-G Mortgage, and R-G Investments in one single location. The new financial centers will be located in Hato Rey, Ponce, Bayamón, Humacao, Cupey, Mayagüez, and Trujillo Alto.

The Hato Rey branch opened May 4 along with R-G Financial Corp.’s spanking new $32.5 million tower and headquarters on Piñero Avenue. It is located in the lobby of the new tower, occupying 7,254 square feet.

"The R-G Premier Bank Hato Rey Branch has a very simple, minimalist, elegant design by firm Spillis Candela of Florida," said Mántaras. "It replaced the branch we had at R-G Plaza." Approximately $700,000 was invested in the new branch, which has a combined workforce of 35 employees, Mántaras indicated.

In operation since last week, the R-G Financial Center in Ponce is a 5,000-square-foot freestanding building next to Blockbuster Video in Plaza del Caribe Mall. It has double security doors and three double drive-thru lanes plus one automated teller machine (ATM) lane.

"This branch will join the two existing R-G branches in the Ponce area, which is our fastest-growing region on the island. It features a new design, which will become the standard for R-G’s new branches," the R-G Premier Bank executive explained. The branch represented a $2 million investment and has a staff of 20 employees.

In June, R-G will open its fourth office in the Bayamón area. The R-G Financial Center will be inside Paradise Mall in Bayamón’s Rexville sector. "The 5,000-square-foot structure will feature double security doors, three double drive-thru lanes, and two ATM machines. It will have a staff of 18 employees," said Mántaras.

At a $1 million investment, R-G will open next August or September a 5,000-square-foot in-store branch of its financial center concept in the Humacao Triumph Plaza.

The 5,000-square-foot R-G Cupey Plaza, which is expected to open in late 2005 or early 2006, represents a $1.2 million investment. The R-G Cupey Plaza will also feature a separate building for commercial and office space.

To open early next year, the R-G Western Plaza in Mayagüez will join two existing branches already in the western city, Mántaras noted. The freestanding location will have 5,000 square feet, a staff of 20 employees, and represents a $2 million investment.

At an $800,000 investment, R-G’s Trujillo Alto branch will be the subject of expansion and remodeling, as a result of the continuous growth the area has experienced. Basically, the branch will double in space. It currently has 13 employees, with three more to be added after the expansion, Mántaras added.

This Caribbean Business article appears courtesy of Casiano Communications.
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