Wednesday, April 28, 2010

Report: FDIC Receives Bids on Puerto Rico Banks

by Calculated Risk on 4/28/2010 08:02:00 PM

From the WSJ: FDIC Auction of Lenders In Puerto Rico Draws Bids

At least four banks entered bids in a Federal Deposit Insurance Corp. auction ... A deadline passed Tuesday for interested parties to make offers for W Holding Co. Inc.'s Westernbank, R&G Financial Corp.'s R-G Premier Bank and EuroBancshares Inc.'s EuroBank. The FDIC held the auction in case any of the banks fail ...
It is possible that one or more of the banks could raise capital and not be seized by the FDIC.

Also there was a rumor today of liquidity problems at one of the banks, and a Thursday seizure is possible. A local source tells me 'there are lots of "Dentists" in town for a Dental convention that doesn't appear to exist' ... nice cover!