FDIC closes Puerto Rico's Doral Bank; Banco Popular steps in
Source: AP
SAN JUAN, Puerto Rico
The Federal Deposit Insurance Corp. shut down Puerto Rico-based Doral Bank on Friday, with Banco Popular taking over most of the operations of what once the U.S. territory's fourth largest bank.
Doral Bank had $5.9 billion in total assets and $4.1 billion in total deposits.
"It is the largest bank failure in five years," FDIC spokesman David Barr said in a phone interview.
The FDIC said Banco Popular will take over eight of Doral's 26 former branches and work with three other banks to operate the other 18 locations on the island. Banco Popular North America will operate Doral's three branches in New York City and Centennial Bank will take over its five branches in Florida.
Read more: http://www.star-telegram.com/news/nation-world/world/article11391731.html
littlemissmartypants
(22,656 posts)MADem
(135,425 posts)PR has been struggling; one can pretty much take it on faith that they're none too pleased about the possibility of any rapprochement with Cuba. This is not going to help the situation on the island. Hell, it's like the wild west lately....
Another article, same topic: http://www.nytimes.com/2015/02/28/business/dealbook/regulators-shut-down-puerto-rico-bank.html
forest444
(5,902 posts)Puerto Rico has been attracting Wall Street banksters of late by offering them zero capital gains taxes. Something tells me we'll be hearing about quite a few more of these before all is said and done.
PoliticAverse
(26,366 posts)BumRushDaShow
(128,979 posts)In some cases, 5 or 6 happening at a time during the financial crises. Found this link -
https://www.fdic.gov/bank/individual/failed/banklist.html
(full failed bank list since Oct. 2000)