Friday, April 30, 2010 - 4:42 PM

Three Bank Failures in Puerto Rico

Yesterday's rumors were correct. Three sizable Puerto Rican banks were seized by regulators today. These include Westernbank Puerto Rico with $11.94 billion in assets, R-G Premier Bank of Puerto Rico with $5.92 billion in assets and Eurobank with $2.56 billion in assets. The FDIC is estimating the cost of these failures to the DIF at over $5 billion.

I'll have more on these closures in my bank failure summary post tonight.

KenBDG4,048 posts since
Nov 29, 2009
Rep Points: 106,905

1. Friday, April 30, 2010 - 8:26 PM

Fortunately E-LOAN was not affected, yet.

"E-LOAN is a wholly-owned subsidiary of Banco Popular North America, a New York State-chartered bank, which in turn is a wholly-owned subsidiary of Popular, Inc., a full service financial services provider with operations in Puerto Rico, the United States, the Caribbean and Latin America. The E-LOAN deposit products are insured with the FDIC through Banco Popular North America."

Anonymous963 posts since
May 9, 2010
Rep Points: 1,819