The requirements for establishing a bank under this grant of authority, demanded that at least three-fourths of the board of directors lived in Puerto Rico at least for a year. It took the group two years to meet these regulations, but in 1902 the First National Bank of Porto Rico was inaugurated, with Andrés Crosas from San Juan serving as its president. The bank began issuing notes in denominations of 10, 20, 50 and 100 dollars which were manufactured by October 27, 1902, even before all of the requirements were met.