The R & G Financial Corporation (commonly known as RG Financial or R-G Financial) was a financial holding company located in

San Juan San Juan, Spanish for Saint John, may refer to: Places Argentina * San Juan Province, Argentina * San Juan, Argentina, the capital of that province * San Juan, Salta, a village in Iruya, Salta Province * San Juan (Buenos Aires Underground), ...

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 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 cred ...

(FDIC). Its deposits and assets were subsequently sold to

Scotiabank The Bank of Nova Scotia (french: link=no, Banque de Nouvelle-Écosse), operating as Scotiabank (french: link=no, Banque Scotia), is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. One of Canada ...

. On May 14, R & G Financial Corporation filed for

Chapter 11 bankruptcy Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whe ...

. RG used to offer a full range of financial services in Puerto Rico and the State of Florida 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, 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,

Tampa Tampa () is a city on the Gulf Coast of the U.S. state of Florida. The city's borders include the north shore of Tampa Bay and the east shore of Old Tampa Bay. Tampa is the largest city in the Tampa Bay area and the seat of Hillsborough County ...

and St. Petersburg 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 in 2004, and mortgage servicing rights from Banco Santander 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 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 *

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 ...

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