 Westernbank was founded on March 1, 1958 under the name "Western Federal Savings and Loan Association of Puerto Rico" in the western town of Mayagüez by Miguel A. García Méndez, a local statesman, businessman and experienced banker.With initial deposits reaching $250,000, the bank grew at a rapid rate, quadrupling its deposits and assets in less than nine months.By the early 1960s, Westernbank had expanded to the western and southwestern region of the island, with bank branches in the towns of Aguadilla, San Germán and Cabo Rojo.