The R & G Financial Corporation (commonly known as RG Financial or R-G Financial) was a financial holding company located in
San Juan,
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 ...
. On April 30, 2010, its bank failed and its
deposits
A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below.
...
and assets were seized by the
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cr ...
(FDIC). Its deposits and assets were subsequently sold to
Scotiabank. On May 14, R & G Financial Corporation filed for
Chapter 11 bankruptcy.
RG used to offer a full range of financial services in Puerto Rico and the
State of Florida
Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to th ...
through its wholly owned subsidiaries. Its main subsidiaries were RG Premier Bank, a business and consumer financial services company offering banking services, trust and
brokerage services, and various types of loans, and RG Mortgage, which was one of the largest mortgage lenders in the island. Its headquarters were located at 290 Jesus T. Pinero Avenue in
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.
Summary
RG Financial Corp's chief assets and sources of income are its commercial loans (which mainly consist of commercial real estate loans and construction loans), consumer loans (which mainly consist of auto loans, personal loans and credit card loans), and residential mortgage loans. RG Financial offers banking services through a network of 66 branches (2005) between two of its subsidiaries, the largest being RG Premier Bank in Puerto Rico and the second being RG Crown Bank in the
Orlando
Orlando () is a city in the U.S. state of Florida and is the county seat of Orange County. In Central Florida, it is the center of the Orlando metropolitan area, which had a population of 2,509,831, according to U.S. Census Bureau figures re ...
,
Tampa and
St. Petersburg
Saint Petersburg ( rus, links=no, Санкт-Петербург, a=Ru-Sankt Peterburg Leningrad Petrograd Piter.ogg, r=Sankt-Peterburg, p=ˈsankt pʲɪtʲɪrˈburk), formerly known as Petrograd (1914–1924) and later Leningrad (1924–1991), i ...
cities of Florida.
In an effort to compete with larger banks within Puerto Rico and Florida, RG Financial has acquired various banking and lending institutions in order to expand to new markets and improve its services in existing ones. On June 29, 1993, it acquired Caribbean Federal Savings Bank of Puerto Rico, followed by the Fajardo Federal Savings Bank on August 5, 1998, then Continental Capital Corp. on October 7, 1999, and finally Crown Group, Inc.
on June 7, 2002. Additionally, RG Financial acquired various other assets and rights from other financial companies, such as 18 bank branches from
Wachovia Corporation
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total asse ...
in 2004, and mortgage servicing rights from
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 ...
in 1998.
By 2004, the company had over $10.20 billion in assets
and approximately 2,404 employees.
Competitors (in Puerto Rico)
*
Banco Bilbao Vizcaya Argentaria
Banco Bilbao Vizcaya Argentaria, S.A. (), better known by its initialism BBVA, is a Spanish multinational financial services company based in Madrid and Bilbao, Spain. It is one of the largest financial institutions in the world, and is present ...
*
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 ...
*
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 ...
*
Doral Bank
Doral Financial Corporation was the holding company 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 base ...
*
EuroBancshares
EuroBancshares, Inc. (commonly known as Eurobank) was a financial holding company located in San Juan, Puerto Rico. On April 30, 2010, the bank failed and its deposits and assets were seized by the Federal Deposit Insurance Corporation (FDIC). ...
*
FirstBank
*
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
*
Westernbank
The W Holding Company was a financial holding corporation located in Mayagüez, Puerto Rico. On April 30, 2010, Westernbank, its wholly owned bank subsidiary, failed and its deposits and assets were seized by the Federal Deposit Insurance Corpor ...
References
{{DEFAULTSORT:R and G Financial Corporation
Scotiabank
Banks of Puerto Rico
Companies based in San Juan, Puerto Rico
Companies that filed for Chapter 11 bankruptcy in 2010
Banks established in 1966
Banks disestablished in 2010
Bank failures in the United States
Defunct companies of Puerto Rico
1966 establishments in Puerto Rico
2010 disestablishments in Puerto Rico