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Puerto Rico's economy has been in disarray for eight years, and it's taken many banks down with it. OFG weathered the financial crisis and is considering how to capitalize on its status as the island's healthiest bank.
November 3 -
A judge's ruling that Doral is owed $230 million by the territory's government may not immediately change its status as "significantly undercapitalized."
October 14 -
The agency has been hounding the "significantly undercapitalized" bank to provide written capital restoration and contingency plans that would include ways Doral could be sold or liquidated.
October 2
Doral Financial continues to go back and forth with the Federal Deposit Insurance Corp. over the San Juan, Puerto Rico, company's capital restoration plan.
Doral said in a regulatory filing Monday that the FDIC continues to reject its capital plan, which was most recently submitted in mid-December. Doral has been including an anticipated $229 million payment from the Puerto Rican government in its plan; the FDIC is objecting to that inclusion based on a belief that the territory is unlikely to pay the money anytime soon.
Puerto Rico, statutorily barred from declaring bankruptcy, has had great difficulty meeting financial obligations due to poor economic conditions.
Doral "intends to continue to discuss with the FDIC its capital restoration plan which it believes is the best possible outcome for all constituencies," the filing said.
Doral has asked Puerto Rico's Supreme Court to expedite resolution of its case against the territory's government.
