BANPONCE CORP, 424B2, 1996-02-27

BANPONCE CORP
424B2, 1996-02-27
STATE COMMERCIAL BANKS

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<PAGE>   1
                 PRICING SUPPLEMENT, DATED FEBRUARY 23, 1996
                  TO PROSPECTUS DATED SEPTEMBER 27, 1995 AND
                 PROSPECTUS SUPPLEMENT DATED OCTOBER 6, 1995


                             BANPONCE CORPORATION

                             MEDIUM-TERM SERIES 2

             DUE FROM NINE MONTHS TO 30 YEARS FROM DATE OF ISSUE

             PAYMENT OF PRINCIPAL, PREMIUM, IF ANY, AND INTEREST

<TABLE>
<S>                                            <C>
PRINCIPAL AMOUNT ............................  U.S. $25,000,000.00

ORIGINAL ISSUE DATE .........................  FEBRUARY 28, 1996

MATURITY DATE ...............................  MARCH 1, 1999

GLOBAL NOTE .................................  YES

INITIAL INTEREST RATE .......................  5.75%

INTEREST RATE BASIS .........................  FIXED

INDEX MATURITY ..............................  N/A

SPREAD ......................................  N/A

INTEREST RATE RESET PERIOD ..................  N/A

INTEREST PAYMENT PERIOD......................  JUNE 15, DECEMBER 15 AND AT
                                               THE MATURITY DATE
</TABLE>

THE PROCEEDS FROM THE ISSUANCE OF THE NOTE TO WHICH THIS PRICING SUPPLEMENT
RELATES WILL BE USED TO FINANCE BANPONCE CORPORATION SUBSIDIARIES.