| Type | Public (NYSE: DRL) |
|---|---|
| Industry | Banking |
| Founded | San Juan, Puerto Rico; 1972 |
| Headquarters | San Juan, Puerto Rico |
| Key people | Glen R. Wakeman President & CEO |
| Products | Checking Accounts Insurance Consumer Finance Mortgage |
| Revenue | $545.4 millions USD (2010)[1] |
| Net income | –$21.1 millions USD (2010)[1] |
| Total assets | $10.2 billions USD (2010) [1] |
| Employees | 1,154 (2010)[1] |
| Website | Official Site |
The Doral Financial Corporation (NYSE: DRL) is the holding company of Doral Bank.
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Doral Bank is a $10 billion-asset financial institution with 40 branches strategically located throughout Puerto Rico. Doral Bank serves approximately 450,000 customers by providing a full array of financial services in the areas of consumer banking, mortgage, internet banking, commercial lending and insurance. Doral was ranked the 701st & 1,502nd largest company in the world by Forbes by total assets and profits in 2006 with over $19.2 billion in assets.[1]
Doral DRL (NYSE Symbol) has approximately 2,598 employees and three (3) subsidiaries: Doral Bank Puerto Rico, Doral Bank FSB and Doral Mortgage Corporation.
The company is headquartered in Puerto Rico.
Glen R. Wakeman has been president, chief executive officer and Board of Directors member of the corporation since May 2006. Wakeman has been steadfast in successfully resolving several compliance and governance issues at the financial institution, including an SEC claim, an FDIC Cease and Desist Order, and a class-action lawsuit as a result of the company’s share-price collapse.
In July 2007, at the brink of bankruptcy, Wakeman led Doral’s successful recapitalization, helping the company avoid bankruptcy and saving thousands of jobs. Doral’s recapitalization is the first U.S. bank to be recapitalized through the use of private-equity funding.[2]