Doral Financial Corporation

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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 MarketDORLQ
Industry Banking
Founded San Juan, Puerto Rico; 1972
Defunct February 2015
Headquarters San Juan, Puerto Rico
Key people

Glen Wakeman
President and (CEO)

Enrique Ubarri
(General Counsel)
Products Checking Accounts
Insurance
Commercial Lending
Institutional Securities
Consumer Finance
Residential Mortgage
Revenue Decrease $545.4 million USD (2010)[1]
Decrease –$21.1 million USD (2010)[1]
Total assets Decrease $10.2 billion USD (2010) [1]
Number of employees
Decrease 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 founded in 1972.[2] At the time the bank closed in February, 2015, it had $5.9 billion in assets and 26 branches.[3]

History[edit]

Doral Financial Corporation(Doral Financial) was a Puerto Rico based diversified financial services company founded in 1972.[4] In 1999 it established its first branch in New York.[5] In 2006 the Board of Directors appointed Glen Wakeman as President and CEO. [6] Through its wholly owned subsidiaries, Doral Financial offered a variety of banking and insurance agency activities in Puerto Rico and the United States.[7]

Its three main subsidiaries were Doral Mortgage and HF Mortgage,[5] which were two of the largest mortgage companies in Puerto Rico. It also owned Doral Bank whose headquarters was located at 1451 F.D. Roosevelt Avenue, near the Golden Mile District of Hato Rey, San Juan.[8]

In 2008 Doral was transformed to a full-service community bank. It then instituted two community programs, “Ruta Pink” and Sundays at the Museum. In 2009 the bank was recognized by the American Bankers Association Financial Marketing with a top prize. Doral also received a Country Award for Achievement, and was singled out for the 2009 Bank of the Year award by United Kingdom-based ACQ Finance Magazine. [9] In 2010 Doral won several Communitas Awards for providing free homes for families; for providing free access to museums, art workshops and cultural performances; reforesting parks in communities in need; and providing free access to healthcare services, for pro-active community service initiatives, and for high-impact corporate social responsibility.[10] In 2009 the bank also earned the Excel Award from the Public Relations Association for "Domingos dmuseos" in the public relations campaign category.[11] In 2012 the bank was recognized by Communitas and received two award: for TRATA-The Fight Against Child Trafficking; and for Mujeres de Exito (Women of Success.) [12]

In January 2014 Marisa Spagnoletti withdrew her lawsuit that alleged [13] 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]

On Friday, February 27, 2015,[14] Doral Bank, San Juan, PR was closed by the Commissioner of Financial Institutions of Puerto Rico.[15] 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.[16] It was the largest bank failure in the United States in 2015[17] and the 30th largest bank failure in American history.[18]

It then filed for Chapter 11 bankruptcy protection on March 11, 2015.[19][20]

Direct competition in Puerto Rico[edit]

References[edit]

  1. ^ a b c d Doral Financial Corporate Information by Forbes.com
  2. ^ Corkery, Michael (27 February 2015). "Doral Financial in Puerto Rico Is Shut Down by Regulators". DealB%k:New York Times. New York Times. Retrieved 14 December 2016. 
  3. ^ Kuriloff, Aaron; Tracy, Ryan (2015-02-28). "Doral Bank Fails After Years of Tumult". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-12-14. 
  4. ^ http://secfilings.nyse.com/filing.php?ipage=8170589&DSEQ=&SEQ=6&SQDESC=SECTION_PAGE
  5. ^ a b "PUERTO RICO HERALD: Source of Pride: The Puerto Rico Bank Invasion". www.puertorico-herald.org. Retrieved 2016-12-14. 
  6. ^ "Doral Financial Corporation Names Glen Wakeman President and Chief Operating Officer; Veteran Financial Services Executive at General Electric to Lead Doral". www.businesswire.com. Retrieved 2017-02-19. 
  7. ^ "News about Doral Financial Corporation , including commentary and archival articles published in The New York Times.". The New York Times. 
  8. ^ "Doral Bank, 1451 Fd Roosevelt Avenue, San Juan - Banks Cloud". Banks Cloud. 2014-07-02. Retrieved 2016-12-14. 
  9. ^ "Doral Bank Takes First in American Bankers Association Financial Marketing Awards". www.snl.com. Retrieved 2016-12-14. 
  10. ^ www.wantabetterwebsite.com. "Communitas Awards - Winners". www.communitasawards.com. Retrieved 2016-12-14. 
  11. ^ "Doral Bank of Puerto Rico Engages Its Customers - Media Rumba". mediarumba.com. Retrieved 2016-12-15. 
  12. ^ www.wantabetterwebsite.com. "Communitas Awards - Winners". www.communitasawards.com. Retrieved 2016-12-14. 
  13. ^ "Family of murdered executive withdraws lawsuit against Puerto Rico bank". Reuters. 2017-01-13. Retrieved 2016-12-14. 
  14. ^ Lincoff, Nina (27 February 2015). "FDIC closes Doral Bank; Banco Popular to pick up $3.25B of its assets". www.bizjournals.com. South Florida Business Journal. Retrieved 2016-12-14. 
  15. ^ Kuehner-Hebert, Katie (2015-03-02). "Doral Bank's Struggles End". CFO. Retrieved 2016-12-14. 
  16. ^ Lincoff, Nina (27 February 2015). "FDIC closes Doral Bank; Banco Popular to pick up $3.25B of its assets". www.bizjournals.com. South Florida Business Journal. Retrieved 2016-12-14. 
  17. ^ Kuriloff, Aaron; Tracy, Ryan (2015-02-28). "Doral Bank Fails After Years of Tumult". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-12-14. 
  18. ^ Kuehner-Hebert, Katie (2015-03-02). "Doral Bank's Struggles End". CFO. Retrieved 2016-12-14. 
  19. ^ Dwivedi, Anupama (March 11, 2015). "Doral Financial files for Chapter 11 bankruptcy". Reuters. Reuters. Retrieved May 5, 2016. 
  20. ^ "Doral Financial Bankruptcy Plan Effective - Daily Bankrupt Company Updates | Bankrupt Company News". Daily Bankrupt Company Updates | Bankrupt Company News. 2016-10-31. Retrieved 2016-12-14. 

External links[edit]