Saturday, April 24, 2010

Puerto Rico Banking News

by Calculated Risk on 4/24/2010 04:08:00 PM

From Martha Dreyer Duperray at Caribbean Business: Frank Stipes out as Westernbank chief

Westernbank President and CFO Frank Stipes ... resigned [on Friday] ... sources told that agreement has been reached by the troubled bank to sell several branches to Banco Popular ...
From the Unofficial Problem Bank List - there are three banks in Puerto Rico operating under Cease & Desist orders:

1) Westernbank Puerto Rico in Mayaguez with $11.9 billion in assets.
2) R-G Premier Bank of Puerto Rico in Hato Rey with $6.6 billion in assets.
3) Eurobank in Hato Rey with $2.6 billion in assets

All three are rumored to be out for bid. Last week the FDIC was busy in Illinois. Is this the week for Puerto Rico?