{"id":6080,"date":"2015-02-27T20:01:33","date_gmt":"2015-02-28T01:01:33","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6080"},"modified":"2015-02-27T20:01:33","modified_gmt":"2015-02-28T01:01:33","slug":"puerto-ricos-3rd-largest-bank-fails","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6080","title":{"rendered":"Puerto Rico&#8217;s 3rd Largest Bank Fails"},"content":{"rendered":"<h3><a href=\"http:\/\/www.zerohedge.com\/news\/2015-02-27\/puerto-ricos-3rd-largest-bank-fails\" target=\"_blank\">Puerto Rico&#8217;s 3rd Largest Bank Fails<\/a><\/h3>\n<p>Based on Bloomberg data, Doral Bank is the 3rd largest (by assets) bank in Puerto Rico&#8230;or rather was. After a 58% collapse in the share price today, news broke after the close:<\/p>\n<ul>\n<li><strong>*PUERTO RICO&#8217;S DORAL BANK PLACED UNDER FDIC RECEIVERSHIP<\/strong><\/li>\n<li><strong>*PUERTO RICO&#8217;S BANCO POPULAR AGREES TO BUY DORAL BANK OPERATIONS<\/strong><\/li>\n<\/ul>\n<p>Banco Popular will take the deposits (and 8 of Doral&#8217;s 26 branches) and the FDIC, aka America&#8217;s bad bank, eats the bad debt estimated to\u00a0<strong>cost the Deposit Insurance Fund (DIF), as in the US taxpayer, some $748.9 million<\/strong>.<\/p>\n<p>3rd largest (by assets) Puerto Rico-domiciled bank based on BBG data&#8230;.<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/02-overflow\/20150227_DRL2.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/02-overflow\/20150227_DRL2.jpg\" alt=\"\" width=\"346\" height=\"148\" \/><\/a><\/p>\n<p>The writing could perhaps have been on the wall&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/02-overflow\/20150227_DRL.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/02-overflow\/20150227_DRL_0.jpg\" alt=\"\" width=\"600\" height=\"307\" \/><\/a><\/p>\n<p>And it seems the news of the FDIC Receivership leaked&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/02-overflow\/20150227_DRL1.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/02-overflow\/20150227_DRL1_0.jpg\" alt=\"\" width=\"600\" height=\"517\" \/><\/a><\/p>\n<p>What happened is that the FDIC &#8220;fatf-fingered&#8221; the failure realase just before the market close, with the stock plunging as a reulst, then promptly retracted the release but the damage had already been done. After the close, the FDIC re-informed the public that the bank, which back in 2010 traded at $125, had indeed been liquidated.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Puerto Rico&#8217;s 3rd Largest Bank Fails Based on Bloomberg data, Doral Bank is the 3rd largest (by assets) bank in Puerto Rico&#8230;or rather was. After a 58% collapse in the share price today, news broke after the close: *PUERTO RICO&#8217;S DORAL BANK PLACED UNDER FDIC RECEIVERSHIP *PUERTO RICO&#8217;S BANCO POPULAR AGREES TO BUY DORAL BANK [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[52,3825,3826,3824],"class_list":["post-6080","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank","tag-bank-failure","tag-doral-bank","tag-puerto-rico"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6080"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6080\/revisions"}],"predecessor-version":[{"id":6081,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6080\/revisions\/6081"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}