Nearly five years after falling under the Federal Deposit Insurance Corp.’s watch, First BanCorp, parent company of FirstBank Puerto Rico, announced Thursday the regulator has terminated the Consent Order under which it had been operating since June 2, 2010.
Less than two weeks after the Federal Deposit Insurance Corp. ordered the closing of its banking arm, Doral Financial Corp. announced Wednesday that it has filed for chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York.
Popular Inc., which on Friday picked up the lion’s share of Doral Bank’s assets, announced Monday it won its bid to also take over the mortgage servicing rights on three pools of residential mortgage loans serviced for Ginnie Mae, Fannie Mae and Freddie Mac held by the shuttered bank.
Following weeks and months of speculation about its fate, the Puerto Rico Office of the Commissioner of Financial Institutions and the Federal Deposit Insurance Corporation, announced Friday the closing of Doral Bank’s local and stateside operations.
Doral Bank was on the receiving end of major blows by the Federal Deposit Insurance Corp. and the Appellate Court Wednesday, just before it's time as a member of Puerto Rico’s financial community could come to an end.
In a letter sent to Doral Bank earlier this week, the Federal Deposit Insurance Corp. advised the financially crippled bank to “accept an offer to combine with another insured depositary institution,” or improve its capital levels to once again be considered as “adequately capitalized.”
Doral Bank, a wholly owned subsidiary of Doral Financial Corporation, announced Thursday the completion of the sale of of certain loans, advances, mortgages, and loan participation rights to WOMF REV, LLC, which will shore up $181.3 million in cash for the troubled financial institution.
Doral Financial Corp. told the Securities and Exchange Commission Monday that the revised capital restoration plan submitted to the Federal Deposit Insurance Corp. last week was rejected for failing to “meet the criteria.”
Doral Financial Corp.’s stock plunged nearly 25 percent Wednesday after disclosing it had received a warning by Federal Deposit Insurance Corp. that it falls within its “significantly undercapitalized” category.
The Office of the Commissioner of Financial Institutions, Puerto Rico’s banking watchdog, was left out of the talks leading to the agreement through which the Treasury Department approved a $229 million tax refund to Doral Financial Corp., the regulator said Tuesday during a House public hearing.
Economist and former Clinton administration official Robert Shapiro said Tuesday the Treasury Department’s decision to nullify an agreement that would have granted Doral Financial Corp. a $230 million tax refund has “serious implications” on the potential to attract future investments, as well as on the island’s economic growth.
The problems at Doral Financial Corp. continued Tuesday, when it informed the Securities and Exchange Commission that it will be unable to file its first quarter results report for the period ended Mar. 31 this week, a day after the deadline passed.
Two days after Doral Financial Corp. disclosed its weakened capital position, Standard & Poor's Ratings Services said Wednesday it lowered its issuer credit rating to 'CC' from 'CCC-' and placed the rating on CreditWatch with negative implications.
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.
As part of its ongoing efforts to promote economic vitality throughout the Second District, the Federal Reserve Bank of New York will co-host the “International Trade for Small Businesses Clinic” for small business owners in Puerto Rico on July 10.
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