Doral Financial Corporation

Doral Financial Corporation
Public
Traded as OTC Pink No Information: DORNQ
OTC Pink No Information: DOROQ
OTC Pink No Information: DORPQ
OTC Pink No Information: DRLCQ
Grey Market: DORLQ
Industry Banking
Founded San Juan, Puerto Rico; 1972
Headquarters San Juan, Puerto Rico
Key people

Glen R. Wakeman
President and (CEO)

Enrique Ubarri
(General Counsel)
Products Checking Accounts
Insurance
Commercial Lending
Institutional Securities
Consumer Finance
Residential Mortgage
Revenue Decrease $545.4 million USD (2010)[1]
Decrease $21.1 million USD (2010)[1]
Total assets Decrease $10.2 billion USD (2010) [1]
Number of employees
Decrease 1,154 (2010)[1]
Website

Doral Bank Puerto Rico Website Doral Bank New York Website

Doral Bank Florida Website

The Doral Financial Corporation was the holding company of Doral Bank. It was the largest bank failure in the United States in 2015 (see List of bank failures in the United States (2008–present)#2015). At the time it was brought into receivership, its assets were found to be worth $5.9 billion making it the 30th largest bank failure ever in American history (see List of largest U.S. bank failures).

Background

Doral Financial Corporation(Doral Financial) was a Puerto Rico based diversified financial services company founded in 1972.[2] Through its wholly owned subsidiaries, Doral Financial offered a variety of banking and insurance agency activities in Puerto Rico and the United States.[3]

Bank Failure

On Friday, February 27, 2015, Doral Bank, San Juan, PR was closed by the Commissioner of Financial Institutions of Puerto Rico. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. All deposit accounts, including brokered deposits have been transferred to Banco Popular de Puerto Rico & FirstBank.

It then filed for Chapter 11 bankruptcy protection on March 11, 2015.[4]

Legal activity

On August 19, 2013, Doral Bank and certain of its executives filed a motion to dismiss in the United States District Court for the District of Puerto Rico Federal Court a June 2013 lawsuit brought by Marisa Spagnoletti alleging that the bank and certain of its executives were involved in the death of her husband Maurice Spagnoletti, an executive at the bank at the time of his death.[5]

Direct competition in Puerto Rico

References

External links

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