Doral Financial Corporation
{{short description|Former Puerto Rican financial holding company}}
{{Infobox company
| name = Doral Financial Corporation
| logo = Image:Doral logo.svg
| type = Public
| traded_as = {{OTC Pink was|t=noinfo|DORNQ}}
{{OTC Pink was|t=noinfo|DOROQ}}
{{OTC Pink was|t=noinfo|DORPQ}}
{{OTC Pink was|t=noinfo|DRLCQ}}
| foundation = San Juan, Puerto Rico; 1972
| defunct = February 2015
| location = San Juan, Puerto Rico
| industry = Banking
| products = Checking accounts
Insurance
Commercial lending
Institutional securities
Consumer finance
Residential mortgage
| revenue = {{loss}} $545.4 million USD (2010)[https://web.archive.org/web/20070311103005/http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=DRL Doral Financial Corporate Information] by Forbes.com
| operating_income =
| net_income = {{loss}} –$21.1 million USD (2010)
| assets = {{loss}} $10.2 billion USD (2010)
| num_employees = {{loss}} 1,154 (2010)
| homepage = [https://web.archive.org/web/20090204130903/http://doralbank.com/ Doral Bank Puerto Rico Website]
[http://www.doralbankny.com Doral Bank New York Website]
[http://www.doralbankflorida.com Doral Bank Florida Website]
}}
Doral Financial Corporation was the holding company of Doral Bank located in San Juan, Puerto Rico.{{Cite web|url=https://www.fdic.gov/bank/individual/failed/doral.html|title=Failed Bank Information: Information for Doral Bank, San Juan, PR|website=FDIC|publisher=Federal Deposit Insurance Corporation|access-date=4 March 2018}} It was founded in 1972.{{Cite web|url=https://www.wsj.com/articles/doral-financial-corp-files-for-chapter-11-bankruptcy-1426157099|title=Doral Financial Corp. Files for Chapter 11 Bankruptcy|last1=Corrigan|first1=Tom|last2=Zheng|first2=Anjie|date=12 March 2015|website=WSJ|publisher=The Wall Street Journal|access-date=4 March 2018}} At the time the bank closed in February 2015, it had $5.9 billion in assets and 26 branches.{{Cite news|url=https://www.wsj.com/articles/fdic-releases-doral-bank-failure-news-early-1425070689|title=Doral Bank Fails After Years of Tumult|last1=Kuriloff|first1=Aaron|date=2015-02-28|last2=Tracy|first2=Ryan|newspaper=Wall Street Journal|issn=0099-9660|access-date=2016-12-14}}
History
Doral Financial Corporation was a Puerto Rico based diversified financial services company founded in 1972.{{Cite web |url=http://secfilings.nyse.com/filing.php?ipage=8170589&DSEQ=&SEQ=6&SQDESC=SECTION_PAGE |title=Archived copy |access-date=2013-08-07 |archive-url=https://web.archive.org/web/20131029192142/http://secfilings.nyse.com/filing.php?ipage=8170589&DSEQ=&SEQ=6&SQDESC=SECTION_PAGE |archive-date=2013-10-29 |url-status=dead }} In 1999 it established its first branch in New York.{{Cite web|url=http://www.puertorico-herald.org/issues/2002/vol6n02/CBPRBankInvasion-en.html|title=Source of Pride: The Puerto Rico Bank Invasion|website=www.puertorico-herald.org|access-date=2016-12-14}} Through its wholly owned subsidiaries, Doral Financial offered a variety of banking and insurance agency activities in Puerto Rico and the United States.
Its three main subsidiaries were Doral Mortgage and HF Mortgage, which were two of the largest mortgage companies in Puerto Rico, and Doral Bank whose headquarters was located at 1451 F.D. Roosevelt Avenue, near the Golden Mile District of Hato Rey, San Juan.{{Cite news|url=http://www.bankscloud.org/doral-bank-1451-fd-roosevelt-avenue/|title=Doral Bank, 1451 Fd Roosevelt Avenue, San Juan - Banks Cloud|date=2014-07-02|newspaper=Banks Cloud|language=en-US|access-date=2016-12-14|archive-date=2016-12-20|archive-url=https://web.archive.org/web/20161220111540/http://www.bankscloud.org/doral-bank-1451-fd-roosevelt-avenue/|url-status=dead}}
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. {{Cite web|url=http://www.snl.com/irweblinkx/Mobile/file.aspx?IID=102801&FID=8343648|title=Doral Bank Takes First in American Bankers Association Financial Marketing Awards|website=www.snl.com|access-date=2016-12-14|archive-date=2016-12-21|archive-url=https://web.archive.org/web/20161221003451/http://www.snl.com/irweblinkx/Mobile/file.aspx?IID=102801&FID=8343648|url-status=dead}} 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.{{Cite web|url=http://www.communitasawards.com/list2010.php?a=D|title=Communitas Awards - Winners|last=www.wantabetterwebsite.com|website=www.communitasawards.com|access-date=2016-12-14}} In 2009 the bank also earned the Excel Award from the Public Relations Association for "Domingos dmuseos" in the public relations campaign category.{{Cite web|url=https://mediarumba.com/hispanic-marketing/doral-bank-of-puerto-rico-engages-its-customers-by-giving-back-to-the-puerto-rican-community/|title=Doral Bank of Puerto Rico Engages Its Customers - Media Rumba|website=mediarumba.com|access-date=2016-12-15}} 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.) {{Cite web|url=http://www.communitasawards.com/list2010.php?a=D|title=Communitas Awards - Winners|last=www.wantabetterwebsite.com|website=www.communitasawards.com|access-date=2016-12-14}}
On February 27, 2015,{{Cite web|url=http://www.bizjournals.com/southflorida/news/2015/02/27/fdic-closes-doral-bank-banco-popular-to-pick-up-3.html|title=FDIC closes Doral Bank; Banco Popular to pick up $3.25B of its assets|last=Lincoff|first=Nina|date=27 February 2015|website=www.bizjournals.com|publisher=South Florida Business Journal|access-date=2016-12-14}} Doral Bank, San Juan, PR was closed by the Commissioner of Financial Institutions of Puerto Rico.{{Cite news|url=http://ww2.cfo.com/credit/2015/03/doral-bank/|title=Doral Bank's Struggles End|last=Kuehner-Hebert|first=Katie|date=2015-03-02|newspaper=CFO|language=en-US|access-date=2016-12-14}} 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.{{Cite web|url=http://www.bizjournals.com/southflorida/news/2015/02/27/fdic-closes-doral-bank-banco-popular-to-pick-up-3.html|title=FDIC closes Doral Bank; Banco Popular to pick up $3.25B of its assets|last=Lincoff|first=Nina|date=27 February 2015|website=www.bizjournals.com|publisher=South Florida Business Journal|access-date=2016-12-14}} It was the largest bank failure in the United States in 2015{{Cite news|url=https://www.wsj.com/articles/fdic-releases-doral-bank-failure-news-early-1425070689|title=Doral Bank Fails After Years of Tumult|last1=Kuriloff|first1=Aaron|date=2015-02-28|last2=Tracy|first2=Ryan|newspaper=Wall Street Journal|issn=0099-9660|access-date=2016-12-14}} and the 30th largest bank failure in American history.{{Cite news|url=http://ww2.cfo.com/credit/2015/03/doral-bank/|title=Doral Bank's Struggles End|last=Kuehner-Hebert|first=Katie|date=2015-03-02|newspaper=CFO|language=en-US|access-date=2016-12-14}}
It then filed for Chapter 11 bankruptcy protection on March 11, 2015.{{cite news | url=https://www.reuters.com/article/us-doralfinancialcorp-bankruptcy-idUSKBN0M808T20150312 | title=Doral Financial files for Chapter 11 bankruptcy | work=Reuters | date=March 11, 2015 | agency=Reuters | accessdate=May 5, 2016 | author=Dwivedi, Anupama}}{{Cite news|url=http://bankruptcompanynews.com/doral-bankruptcy-10-31-16/|title=Doral Financial Bankruptcy Plan Effective - Daily Bankrupt Company Updates {{!}} Bankrupt Company News|date=2016-10-31|newspaper=Daily Bankrupt Company Updates {{!}} Bankrupt Company News|language=en-US|access-date=2016-12-14}}
Direct competition in Puerto Rico
References
{{reflist|colwidth=30em}}
External links
- [https://web.archive.org/web/20060820095526/http://www.doralfinancial.com/ Official site]
{{Portal|Banks}}
Category:Companies formerly listed on the New York Stock Exchange
Category:Companies based in San Juan, Puerto Rico
Category:Companies that filed for Chapter 11 bankruptcy in 2015
Category:American companies established in 1972
Category:Banks established in 1972
Category:Banks disestablished in 2015
Category:Bank failures in the United States