In 1865, the Spanish Civil Code was imposed in Puerto Rico. Meanwhile, the "Caja de Ahorros" was founded in San Juan, a small bank, which provided an annual interest of up to 6% to its subscribers. The institution was bankrupted in 1879, but its business model was followed by other banks founded in the southern region of Puerto Rico. The "Caja de Ahorros de Ponce" (lit. "Ponce Savings Bank") was founded in 1873 and continued in business until 1879. The institution issued notes in denominations of 1, 3, 5 and 50 "pesos" which were printed by the P.W. Derhan firm. These bills were only printed in one side and were signed by members of the bank's board of directors, which was composed by eminent Puerto Rican citizens. These were redeemed mostly in Ponce and co-existed along tokens issued by local business entities.