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 (General Counsel) |
| Products |
Checking Accounts Insurance Commercial Lending Institutional Securities Consumer Finance Residential Mortgage |
| Revenue |
 $545.4 million USD (2010)[1] |
|
–$21.1 million USD (2010)[1] | |
| Total assets |
$10.2 billion USD (2010) [1] |
Number of employees |
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
- 1 2 3 4 Doral Financial Corporate Information by Forbes.com
- ↑ http://secfilings.nyse.com/filing.php?ipage=8170589&DSEQ=&SEQ=6&SQDESC=SECTION_PAGE
- ↑ The New York Times http://topics.nytimes.com/top/news/business/companies/doral-financial-corporation/index.html. Missing or empty
|title=(help) - ↑ Dwivedi, Anupama (March 11, 2015). "Doral Financial files for Chapter 11 bankruptcy". Reuters. Reuters. Retrieved May 5, 2016.
- ↑ "Officials investigating death of Puerto Rico bank executive". Reuters. 18 June 2013.