Doral Financial Corporation was the

holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...

of ''Doral Bank''. It was founded in 1972. At the time the bank closed in February 2015, it had $5.9 billion in assets and 26 branches.

History

Doral Financial Corporation was a

Puerto Rico Puerto Rico (; abbreviated PR; tnq, Boriken, ''Borinquen''), officially the Commonwealth of Puerto Rico ( es, link=yes, Estado Libre Asociado de Puerto Rico, lit=Free Associated State of Puerto Rico), is a Caribbean island and unincorporated ...

based diversified financial services company founded in 1972. In 1999 it established its first branch in New York. 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 La Milla de Oro (English for ''the golden mile'') is both the popular name given to the main central business district of San Juan and a nickname given to the section of Juan Ponce de León Avenue that crosses Hato Rey Norte from north to south ...

Hato Rey Hato Rey is a former barrio located in the northwest part of the dissolved municipality of Río Piedras. It now stretches over three barrios, of the municipality of San Juan, Puerto Rico: Urban landscape Its name means "king's cattle farm" (' ...

, San Juan. 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. 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. In 2009 the bank also earned the Excel Award from the Public Relations Association for "Domingos dmuseos" in the public relations campaign category. 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.) On February 27, 2015, Doral Bank, San Juan, PR was closed by the Commissioner of Financial Institutions of Puerto Rico. 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 Popular, Inc., doing business as Banco Popular in Puerto Rico and the Virgin Islands and as Popular Bank in the mainland United States, is a financial services conglomerate that has operated in Puerto Rico for over 125 years and in the mainland ...

& FirstBank. It was the largest bank failure in the United States in 2015 and the 30th largest bank failure in American history. It then filed for Chapter 11 bankruptcy protection on March 11, 2015.

Direct competition in Puerto Rico

Oriental Financial Group, Inc. OFG Bancorp, founded in 1964, more commonly known as OFG or Oriental Bank, is a financial holding company located in San Juan, Puerto Rico. OFG offers a wide range of retail and commercial banking, lending and wealth management products, servic ...

* Scotiabank *

Banco Santander Banco Santander, S.A., doing business as Santander Group (, , Spanish: ), is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centr ...

References

External links

Official site
{{Portal, Banks Companies formerly listed on the New York Stock Exchange Companies based in San Juan, Puerto Rico Banks of Puerto Rico Companies that filed for Chapter 11 bankruptcy in 2015 American companies established in 1972 Banks established in 1972 Banks disestablished in 2015 Bank failures in the United States 1972 establishments in Puerto Rico 2015 disestablishments in Puerto Rico