Doral Financial Corporation

Last updated
Doral Financial Corporation
Type Public
OTC Pink  No Information: DORNQ
OTC Pink  No Information: DOROQ
OTC Pink  No Information: DORPQ
OTC Pink  No Information: DRLCQ
Industry Banking
Founded San Juan, Puerto Rico; 1972
DefunctFebruary 2015
HeadquartersSan Juan, Puerto Rico
Products Checking Accounts
Insurance
Commercial Lending
Institutional Securities
Consumer Finance
Residential Mortgage
RevenueDecrease2.svg $545.4 million USD (2010) [1]
Decrease2.svg–$21.1 million USD (2010) [1]
Total assets Decrease2.svg $10.2 billion USD (2010) [1]
Number of employees
Decrease2.svg 1,154 (2010) [1]
Website Doral Bank Puerto Rico Website

Doral Bank New York Website

Doral Bank Florida Website

Doral Financial Corporation was the holding company of Doral Bank. [2] It was founded in 1972. [3] At the time the bank closed in February 2015, it had $5.9 billion in assets and 26 branches. [4]

Contents

History

Doral Financial Corporation was a Puerto Rico based diversified financial services company founded in 1972. [5] In 1999 it established its first branch in New York. [6] Through its wholly owned subsidiaries, Doral Financial offered a variety of banking and insurance agency activities in Puerto Rico and the United States.

Its three main subsidiaries were Doral Mortgage and HF Mortgage, [6] which were two of the largest mortgage companies in Puerto Rico, and Doral Bank whose headquarters was located at 1451 F.D. Roosevelt Avenue, near the Golden Mile District of Hato Rey, San Juan. [7]

In 2008 Doral was transformed to a full-service community bank. It then instituted two community programs, "Ruta Pink" and Sundays at the Museum. In 2009 the bank was recognized by the American Bankers Association Financial Marketing with a top prize. Doral also received a Country Award for Achievement, and was singled out for the 2009 Bank of the Year award by United Kingdom-based ACQ Finance Magazine. [8] In 2010 Doral won several Communitas Awards for providing free homes for families; for providing free access to museums, art workshops and cultural performances; reforesting parks in communities in need; and providing free access to healthcare services, for pro-active community service initiatives, and for high-impact corporate social responsibility. [9] In 2009 the bank also earned the Excel Award from the Public Relations Association for "Domingos dmuseos" in the public relations campaign category. [10] In 2012 the bank was recognized by Communitas and received two award: for TRATA-The Fight Against Child Trafficking; and for Mujeres de Exito (Women of Success.) [11]

On February 27, 2015, [12] Doral Bank, San Juan, PR was closed by the Commissioner of Financial Institutions of Puerto Rico. [13] 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. [14] It was the largest bank failure in the United States in 2015 [15] and the 30th largest bank failure in American history. [16]

It then filed for Chapter 11 bankruptcy protection on March 11, 2015. [17] [18]

Direct competition in Puerto Rico

Related Research Articles

<span class="mw-page-title-main">Popular, Inc.</span> Bank based in Puerto Rico

Popular, Inc., doing business as Banco Popular in Puerto Rico and the Virgin Islands and as Popular Bank in the mainland United States, is a financial services conglomerate that has operated in Puerto Rico for over 125 years and in the mainland United States for over 52 years. In recent years, it has expanded into other areas of the Caribbean and Central America. The BPPR in the logo stands for Banco Popular de Puerto Rico, where the bank has its major historical footprint.

<span class="mw-page-title-main">First BanCorp</span> Bank based in Puerto Rico

First BanCorp is a publicly owned financial holding company located in San Juan, Puerto Rico.

NetBank, formerly named Atlanta Internet Bank (1996) and Net.B@nk (1998), was a direct bank.

<span class="mw-page-title-main">W Holding Company</span> Former financial holding corporation located in Puerto Rico

The W Holding Company was a financial holding corporation located in Mayagüez, Puerto Rico. On April 30, 2010, Westernbank, its wholly owned bank subsidiary, failed and its deposits and assets were seized by the Federal Deposit Insurance Corporation and subsequently sold to Banco Popular de Puerto Rico.

<span class="mw-page-title-main">R & G Financial Corporation</span> Former financial holding company in Puerto Rico

The R & G Financial Corporation was a financial holding company located in San Juan, Puerto Rico. On April 30, 2010, its bank failed and its deposits and assets were seized by the Federal Deposit Insurance Corporation (FDIC). Its deposits and assets were subsequently sold to Scotiabank. On May 14, R & G Financial Corporation filed for Chapter 11 bankruptcy.

<span class="mw-page-title-main">New York Community Bank</span> US Bank

New York Community Bancorp, Inc. (NYCB) is a bank holding company headquartered in Hicksville, New York. The holding company owns several businesses, most notably New York Community Bank and Flagstar Bank. In 2023, the two banks operated 395 branches in New York, Michigan, New Jersey, Ohio, Florida and Arizona. Some branches bear the New York Community Bank name, while others operate under other names. NYCB is on the list of largest banks in the United States.

EuroBancshares, Inc. was a financial holding company located in San Juan, Puerto Rico. On April 30, 2010, the bank failed and its deposits and assets were seized by the Federal Deposit Insurance Corporation (FDIC). Its deposits and assets were subsequently sold to Oriental Bank and Trust.

<span class="mw-page-title-main">E-Loan</span> American financial services company

E-Loan, Inc. is a financial services company that offers its users access to partners that may be able to assist them in obtaining loans.

IndyMac, a contraction of Independent National Mortgage Corporation, was an American bank based in California that failed in 2008 and was seized by the United States Federal Deposit Insurance Corporation (FDIC).

<span class="mw-page-title-main">EverBank</span>

EverBank, now TIAA Bank, is an American diversified financial services company providing banking, mortgages, and investing services. It is based in Jacksonville, Florida, U.S. It operates through standard banking offices and through its Direct Banking division. EverBank Direct operates by telephone, mail, and over the Internet. As of September 30, 2015, EverBank had approximately $25.2 billion in total assets.

Alfredo Salazar is an economist by education and a banker by profession. He is currently retired. He entered into public service and ran for an elected position affiliated with the Popular Democratic Party of Puerto Rico (PDP). He ran for the office of Resident Commissioner of Puerto Rico in the United States Congress in the 2008 elections. Prior to running for Congress, he served as Chairman and President of the Puerto Rico Government Development Bank (GDB) and financial advisor to the then governor of Puerto Rico, Aníbal Acevedo Vilá. He had previously served as President of the Puerto Rico Industrial Development Company and GDB president during the first administration of Gov. Rafael Hernández Colón in the mid seventies and Head of the Economic Development Administration during Hernández Colón third administration.

<span class="mw-page-title-main">Bank failure</span> Insolvency or illiquidity of a bank

A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. A bank usually fails economically when the market value of its assets declines to a value that is less than the market value of its liabilities. The insolvent bank either borrows from other solvent banks or sells its assets at a lower price than its market value to generate liquid money to pay its depositors on demand. The inability of the solvent banks to lend liquid money to the insolvent bank creates a bank panic among the depositors as more depositors try to take out cash deposits from the bank. As such, the bank is unable to fulfill the demands of all of its depositors on time. A bank may be taken over by the regulating government agency if its shareholders' equity are below the regulatory minimum.

Rafael Carrión Sr., the patriarch of one of Puerto Rico's financial dynasties, was one of the founding fathers of Banco Popular de Puerto Rico, the largest bank in Puerto Rico and the largest Hispanic bank in the United States.

<span class="mw-page-title-main">Banco de Ponce</span> Former bank in Puerto Rico

Banco de Ponce was the Puerto Rican bank with the largest number of branches in the United States and second largest bank in deposits and number of branches in Puerto Rico during the twentieth century. Founded in Ponce, Puerto Rico, in the early part of the century, it headquartered in San Juan in 1970 and, 20 years later, merged with Banco Popular forming BancPonce Corporation.

<span class="mw-page-title-main">Banco Crédito y Ahorro Ponceño</span> Former bank in Puerto Rico

Banco Crédito y Ahorro Ponceño was the first bank in Ponce, Puerto Rico, and one of the first two native Puerto Rican banks to be established in Puerto Rico. The bank was the first one to introduce a bank credit card to the Puerto Rican market. With over 50 branches throughout the island, the bank was one of the largest banking companies in Puerto Rico during most of the twentieth century.

<span class="mw-page-title-main">Silicon Valley Bank</span> American commercial bank (1983–2023)

Silicon Valley Bank (SVB) was a state-chartered commercial bank headquartered in Santa Clara, California now administered in receivership by the Federal Deposit Insurance Corporation (FDIC). It operated branches in California and Massachusetts and was the largest bank by deposits in Silicon Valley. The bank was part of SVB Financial Group, a publicly traded bank holding company that had offices in 13 other U.S. states and over a dozen international jurisdictions.

<span class="mw-page-title-main">PacWest Bancorp</span> American bank holding company

PacWest Bancorp is a bank holding company based in Beverly Hills, California, with one wholly owned banking subsidiary, Pacific Western Bank. Pacific Western Bank has 69 full-service branches throughout California, one in Denver, Colorado, one in Durham, North Carolina, and several loan production offices across the country. Pacific Western provides commercial banking services, including real estate, construction, and commercial loans, and deposit and treasury management services to small and medium-sized businesses.

FirstBank, is a banking institution in Puerto Rico. The company is headquartered in San Juan, with branches there and in twenty-two other Puerto Rican cities. "1FirstBank Florida" includes branches in Miami, Boca Raton and Ft Lauderdale.

<span class="mw-page-title-main">Banco Bilbao Vizcaya Argentaria</span> Spanish financial services company

Banco Bilbao Vizcaya Argentaria, S.A., better known by its initialism BBVA, is a Spanish multinational financial services company based in Madrid and Bilbao, Spain. It is one of the largest financial institutions in the world, and is present mainly in Spain, South America, Turkey and Italy and Romania.

References

  1. 1 2 3 4 Doral Financial Corporate Information by Forbes.com
  2. ↑ "Failed Bank Information: Information for Doral Bank, San Juan, PR". FDIC. Federal Deposit Insurance Corporation. Retrieved 4 March 2018.
  3. ↑ Corrigan, Tom; Zheng, Anjie (12 March 2015). "Doral Financial Corp. Files for Chapter 11 Bankruptcy". WSJ. The Wall Street Journal. Retrieved 4 March 2018.
  4. ↑ Kuriloff, Aaron; Tracy, Ryan (2015-02-28). "Doral Bank Fails After Years of Tumult". Wall Street Journal. ISSN   0099-9660 . Retrieved 2016-12-14.
  5. ↑ "Archived copy". Archived from the original on 2013-10-29. Retrieved 2013-08-07.{{cite web}}: CS1 maint: archived copy as title (link)
  6. 1 2 "Source of Pride: The Puerto Rico Bank Invasion". www.puertorico-herald.org. Retrieved 2016-12-14.
  7. ↑ "Doral Bank, 1451 Fd Roosevelt Avenue, San Juan - Banks Cloud". Banks Cloud. 2014-07-02. Retrieved 2016-12-14.
  8. ↑ "Doral Bank Takes First in American Bankers Association Financial Marketing Awards". www.snl.com. Retrieved 2016-12-14.
  9. ↑ www.wantabetterwebsite.com. "Communitas Awards - Winners". www.communitasawards.com. Retrieved 2016-12-14.
  10. ↑ "Doral Bank of Puerto Rico Engages Its Customers - Media Rumba". mediarumba.com. Retrieved 2016-12-15.
  11. ↑ www.wantabetterwebsite.com. "Communitas Awards - Winners". www.communitasawards.com. Retrieved 2016-12-14.
  12. ↑ Lincoff, Nina (27 February 2015). "FDIC closes Doral Bank; Banco Popular to pick up $3.25B of its assets". www.bizjournals.com. South Florida Business Journal. Retrieved 2016-12-14.
  13. ↑ Kuehner-Hebert, Katie (2015-03-02). "Doral Bank's Struggles End". CFO. Retrieved 2016-12-14.
  14. ↑ Lincoff, Nina (27 February 2015). "FDIC closes Doral Bank; Banco Popular to pick up $3.25B of its assets". www.bizjournals.com. South Florida Business Journal. Retrieved 2016-12-14.
  15. ↑ Kuriloff, Aaron; Tracy, Ryan (2015-02-28). "Doral Bank Fails After Years of Tumult". Wall Street Journal. ISSN   0099-9660 . Retrieved 2016-12-14.
  16. ↑ Kuehner-Hebert, Katie (2015-03-02). "Doral Bank's Struggles End". CFO. Retrieved 2016-12-14.
  17. ↑ Dwivedi, Anupama (March 11, 2015). "Doral Financial files for Chapter 11 bankruptcy". Reuters. Reuters. Retrieved May 5, 2016.
  18. ↑ "Doral Financial Bankruptcy Plan Effective - Daily Bankrupt Company Updates | Bankrupt Company News". Daily Bankrupt Company Updates | Bankrupt Company News. 2016-10-31. Retrieved 2016-12-14.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.