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The '''R & G Financial Corporation''' (commonly known as '''RG Financial''' or '''R-G Financial''') was a financial holding company located in [[San Juan, Puerto Rico|San Juan]], [[Puerto Rico]]. On April 30, 2010, its bank failed and its [[deposit account|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, Title 11, United States Code|Chapter 11 bankruptcy]].<ref>{{cite web |url=http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=RGFCQ:US |title=R & G FINANCIAL CORP-CLASS B (RGFCQ:US): Stock quote & company profile |date=June 18, 2010 |work=[[Bloomberg Businessweek]] |publisher=[[Bloomberg L.P.|Bloomberg]] |accessdate=June 19, 2010}}</ref>
The '''R & G Financial Corporation''' (commonly known as '''RG Financial''' or '''R-G Financial''') was a financial holding company located in [[San Juan, Puerto Rico|San Juan]], [[Puerto Rico]]. On April 30, 2010, its bank failed and its [[deposit account|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, Title 11, United States Code|Chapter 11 bankruptcy]].<ref>{{cite web |url=http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=RGFCQ:US |title=R & G FINANCIAL CORP-CLASS B (RGFCQ:US): Stock quote & company profile |date=June 18, 2010 |work=[[Bloomberg Businessweek]] |publisher=[[Bloomberg L.P.|Bloomberg]] |accessdate=June 19, 2010}}</ref>


RG used to offer a full range of financial services in Puerto Rico and the [[State of Florida]] through its wholly owned subsidiaries. Its main subsidiaries are '''RG Premier Bank''', a business and consumer financial services company offering banking services, trust and [[brokerage firm|brokerage services]], and various types of loans, and '''RG Mortgage''', one of the largest mortgage lenders in the island. Its headquarters are located at 290 Jesus T. Pinero Avenue in [[Hato Rey]], San Juan.
RG used to offer a full range of financial services in Puerto Rico and the [[State of Florida]] through its wholly owned subsidiaries. Its main subsidiaries were '''RG Premier Bank''', a business and consumer financial services company offering banking services, trust and [[brokerage firm|brokerage services]], and various types of loans, and '''RG Mortgage''', which was one of the largest mortgage lenders in the island. Its headquarters were located at 290 Jesus T. Pinero Avenue in [[Hato Rey]], San Juan.


==Summary==
==Summary==
RG Financial Corp’s chief assets and sources of income are its commercial loans (which mainly consist of commercial real estate loans and construction loans), consumer loans (which mainly consist of auto loans, personal loans and credit card loans), and residential mortgage loans. RG Financial offers banking services through a network of 66 branches (2005) between two of its subsidiaries, the largest being RG Premier Bank in Puerto Rico and the second being RG Crown Bank in the [[Orlando, Florida|Orlando]], [[Tampa, Florida|Tampa]] and [[St. Petersburg, Florida|St. Petersburg]] cities of Florida.
RG Financial Corp’s chief assets and sources of income are its commercial loans (which mainly consist of commercial real estate loans and construction loans), consumer loans (which mainly consist of auto loans, personal loans and credit card loans), and residential mortgage loans. RG Financial offers banking services through a network of 66 branches (2005) between two of its subsidiaries, the largest being RG Premier Bank in Puerto Rico and the second being RG Crown Bank in the [[Orlando, Florida|Orlando]], [[Tampa, Florida|Tampa]] and [[St. Petersburg, Florida|St. Petersburg]] cities of Florida.


In an effort to compete with larger banks within Puerto Rico and Florida, RG Financial has acquired various banking and lending institutions in order to expand to new markets and improve its services in existing ones. On June 29, 1993, it acquired [http://www.snl.com/irweblinkx/mnahistory.aspx?iid=1027858&KeyDeal=5662 Caribbean Federal Savings Bank of Puerto Rico], followed by the [http://www.snl.com/irweblinkx/mnahistory.aspx?iid=1027858&KeyDeal=40630 Fajardo Federal Savings Bank] on August 5, 1998, then [http://www.snl.com/irweblinkx/mnahistory.aspx?iid=1027858&KeyDeal=111898 Continental Capital Corp.] on October 7, 1999, and finally [http://www.snl.com/irweblinkx/mnahistory.aspx?iid=1027858&KeyDeal=117264 Crown Group, Inc.] on June 7, 2002. Additionally, RG Financial has acquired various other assets and rights from other financial companies, such as 18 bank branches from [[Wachovia Corporation]] in 2004, and mortgage servicing rights from [[Banco Santander]] in 1998.
In an effort to compete with larger banks within Puerto Rico and Florida, RG Financial has acquired various banking and lending institutions in order to expand to new markets and improve its services in existing ones. On June 29, 1993, it acquired [http://www.snl.com/irweblinkx/mnahistory.aspx?iid=1027858&KeyDeal=5662 Caribbean Federal Savings Bank of Puerto Rico], followed by the [http://www.snl.com/irweblinkx/mnahistory.aspx?iid=1027858&KeyDeal=40630 Fajardo Federal Savings Bank] on August 5, 1998, then [http://www.snl.com/irweblinkx/mnahistory.aspx?iid=1027858&KeyDeal=111898 Continental Capital Corp.] on October 7, 1999, and finally [http://www.snl.com/irweblinkx/mnahistory.aspx?iid=1027858&KeyDeal=117264 Crown Group, Inc.] on June 7, 2002. Additionally, RG Financial acquired various other assets and rights from other financial companies, such as 18 bank branches from [[Wachovia Corporation]] in 2004, and mortgage servicing rights from [[Banco Santander]] in 1998.


⚫
By 2004, the company had over $10.20 billion in assets<ref name="snapshot"> [http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=RGF RG Financial Corporate Information] by [[Forbes|Forbes.com]]</ref> and approximately 2,404 employees.
==Stats==
⚫
* Has over $10.20 billion in assets (2004). )<ref name="snapshot">[http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=RGF RG Financial Corporate Information] by [[Forbes|Forbes.com]]</ref>
* Approx. 2,404 employees.

==Subsidiaries==
* R-G Premier Bank (Puerto Rico)
* RG Mortgage
* RG Insurance Corporation


==Competitors (in Puerto Rico)==
==Competitors (in Puerto Rico)==
Line 49: Line 42:


==External links==
==External links==
* [http://www.rgonline.com Official Site (Puerto Rico)]
* [http://www.rgpremierbank.com RG Premier Bank Site]
* [http://www.rgmortgage.com RG Mortgage Corp Site]
* [http://www.rginsurance.com RG Insurance Corp Site]
* [http://www.rgonline.com/rginvestment RG Investment Corp Site]


{{DEFAULTSORT:R and G Financial Corporation}}
{{DEFAULTSORT:R and G Financial Corporation}}

Revision as of 13:42, 12 May 2014

R & G Financial Corporation
Company typePublic
Grey Market: RGFCQ
IndustryFinance and Insurance
FoundedSan Juan, Puerto Rico
DefunctApril 30, 2010 (2010-04-30)
FateThe Office of the Commissioner of Financial Institutions of Puerto Rico seized it and appointed the FDIC to become the failed bank's receiver.
SuccessorScotiabank
HeadquartersSan Juan, Puerto Rico
Key people
Victor J. Galán, Chairman & CEO
ProductsBanking
Checking Accounts
Insurance
stock brokerage
Investment Bank
Asset-Based Lending
Consumer finance
Websitewww.rgonline.com
R & G Financial Corporation headquarters in Hato Rey, Puerto Rico.
Front facade of the R & G Financial Corporation headquarters.

The R & G Financial Corporation (commonly known as RG Financial or R-G Financial) 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.[1]

RG used to offer a full range of financial services in Puerto Rico and the State of Florida through its wholly owned subsidiaries. Its main subsidiaries were RG Premier Bank, a business and consumer financial services company offering banking services, trust and brokerage services, and various types of loans, and RG Mortgage, which was one of the largest mortgage lenders in the island. Its headquarters were located at 290 Jesus T. Pinero Avenue in Hato Rey, San Juan.

Summary

RG Financial Corp’s chief assets and sources of income are its commercial loans (which mainly consist of commercial real estate loans and construction loans), consumer loans (which mainly consist of auto loans, personal loans and credit card loans), and residential mortgage loans. RG Financial offers banking services through a network of 66 branches (2005) between two of its subsidiaries, the largest being RG Premier Bank in Puerto Rico and the second being RG Crown Bank in the Orlando, Tampa and St. Petersburg cities of Florida.

In an effort to compete with larger banks within Puerto Rico and Florida, RG Financial has acquired various banking and lending institutions in order to expand to new markets and improve its services in existing ones. On June 29, 1993, it acquired Caribbean Federal Savings Bank of Puerto Rico, followed by the Fajardo Federal Savings Bank on August 5, 1998, then Continental Capital Corp. on October 7, 1999, and finally Crown Group, Inc. on June 7, 2002. Additionally, RG Financial acquired various other assets and rights from other financial companies, such as 18 bank branches from Wachovia Corporation in 2004, and mortgage servicing rights from Banco Santander in 1998.

By 2004, the company had over $10.20 billion in assets[2] and approximately 2,404 employees.

Competitors (in Puerto Rico)

References

  1. ^ "R & G FINANCIAL CORP-CLASS B (RGFCQ:US): Stock quote & company profile". Bloomberg Businessweek. Bloomberg. June 18, 2010. Retrieved June 19, 2010.
  2. ^ RG Financial Corporate Information by Forbes.com
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