The Federal Deposit Insurance Corporation has warned Doral Bank that it may no longer include in its calculation of its Tier 1 Capital some or all of the tax receivables from the government, which represented $289 million of the bank’s approximately $679 million of Tier 1 Capital at Dec. 31, 2013.
Upon wrapping up what company officials called “a difficult year,” Doral Financial Corp. is looking to reduce its exposure to Puerto Rico’s economic problems by migrating its assets to its U.S. mainland business, company CEO Glen Wakeman said during a Monday afternoon earnings conference call.
Problems with internal reviews of data related to its allowance for loan and lease losses and the related provision for loan and lease losses will prevent Doral Financial Corp. to file its 2013 annual report in a timely manner with the Securities and Exchange Commission, the bank told the regulator Tuesday.
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