Banco Popular de Puerto Rico is a financial institution belonging to Popular Inc, the country's major financial holding. It is engaged in providing retail and commercial banking services to individuals, corporate clients and small and medium-sized enterprises in Puerto Rico. Founded in 1983, the bank has over 160 local branches and offices in New York and the British Virgin Islands. Through its subsidiaries, it also operates in the vehicle and equipment financing area and the residential mortgage business. In early 2015, Banco Popular acquired assets and all deposits of local Doral Bank, which was closed by the Office of the Commissioner of Financial Institutions of Puerto Rico (FDIC).