Doral Survival Struggle Ends as Puerto Rico Regulators Shut Bank
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Doral Financial Corp., the Puerto Rico bank engulfed by legal scrutiny and FBI probes, was seized by regulators after tumbling 94 percent in the past year.
Puerto Rico’s financial regulator shuttered the bank on Friday, according to a statement from the the Federal Deposit Insurance Corp., which was appointed receiver. Popular Inc. agreed to acquire the banking operations of the seized firm, including deposits, and operate eight of Doral’s 26 former branches. Agreements were reached with three banks to acquire the other 18 locations.