Friday, February 27, 2015

Bank Failure #4 in 2015: Doral Bank, San Juan, Puerto Rico

by Bill McBride on 2/27/2015 06:46:00 PM

From the FDIC: Banco Popular De Puerto Rico, Hato Rey, Puerto Rico, Assumes all of the Deposits of Doral Bank, San Juan, Puerto Rico

As of December 31, 2014, Doral Bank had approximately $5.9 billion in total assets and $4.1 billion in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $748.9 million. ... Doral Bank is the fourth FDIC-insured institution to fail this year, and the first in Puerto Rico. The last time an FDIC-insured institution was closed in Puerto Rico was on April 30, 2010.
This was a decent size bank a fairly large hit to the DIF.