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 ...
*
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 ...
*
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