Triumph Bancorp in Dallas Buys Certain Doral Assets

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Triumph Bancorp in Dallas has purchased several entities that the Federal Deposit Insurance Corp. retained after the failure of Doral Financial in Puerto Rico.

The $1.3 billion-asset Triumph said in a press release late Tuesday that one of its units bought the equity of Doral Money, along with loans with a face value of roughly $37 million.

Triumph also gained the management contracts to two active collateralized-loan obligations with about $703 million in assets, increasing the company's assets under management to about $1.7 billion.

The company said it divested some securities associated with the CLOs to an unnamed third party.

The acquisition provides more resolution to the Feb. 27 closure of Doral Bank. Three other banks, along with investment firm J.C. Flowers & Co., divided the majority of Doral's assets and deposits.

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