Doral Financial Corporation

Doral Financial Corporation
Public
Traded as NYSE: DRL
Industry Banking
Founded San Juan, Puerto Rico; 1972
Headquarters San Juan, Puerto Rico
Key people

Glen R. Wakeman
President and (CEO)

Enrique Ubarri
(General Counsel)
Products Checking Accounts
Insurance
Commercial Lending
Institutional Securities
Consumer Finance
Residential Mortgage
Revenue Decrease $545.4 million USD (2010)[1]
Decrease –$21.1 million USD (2010)[1]
Total assets Decrease $10.2 billion USD (2010) [1]
Number of employees
 Decrease 1,154 (2010)[1]
Website

Doral Bank Puerto Rico Website Doral Bank New York Website

Doral Bank Florida Website

The Doral Financial Corporation was the holding company of Doral Bank.

Background

Doral Financial Corporation(Doral Financial) was a Puerto Rico based diversified financial services company founded in 1972.[2] Through its wholly owned subsidiaries, Doral Financial offers a variety of banking and insurance agency activities in Puerto Rico and the United States, including residential mortgages, commercial lending, institutional securities, retail and online banking.[3] Doral Financial Corporation’s main subsidiary, Doral Bank, is one of the leading community banks in Puerto Rico with over $6.2 billion in assets and $1.8 billion in deposits and has a total of 29 branches; 18 in Puerto Rico, five in Florida and two in New York City.[2][4]

Doral Bank has been recognized for its community-related projects in Puerto Rico and abroad.[5] Doral’s initiatives include supporting affordable housing, loss mitigation efforts and a series of programs focused on promoting the development of female entrepreneurs in Puerto Rico and the US communities which they serve.[6]

On Friday, February 27, 2015, Doral Bank, San Juan, PR was closed by the Commissioner of Financial Institutions of Puerto Rico. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. All deposit accounts, including brokered deposits have been transferred to Banco Popular de Puerto Rico & FirstBank.

Key people

Glen R. Wakeman has been president, chief executive officer and Board of Directors member of the corporation since May 2006. Wakeman has resolved 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 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.[7]

Awards

2008

2009

2010

2012

Legal activity

On August 19, 2013, Doral Bank and certain of its executives filed a motion to dismiss in the United States District Court for the District of Puerto Rico Federal Court a June 2013 lawsuit brought by Marisa Spagnoletti alleging that the bank and certain of its executives were involved in the death of her husband Maurice Spagnoletti, an executive at the bank at the time of his death.[16] The motion to dismiss Mrs. Spagnoletti’s lawsuit cited its overwhelming lack of evidence, describing Mrs. Spagnoletti’s allegations as “speculative, implausible, internally inconsistent and legally deficient.” On January 14, 2013 Marisa Spagnoletti and her daughter filed a motion to dismiss the lawsuit in U.S. District Court for Puerto Rico three days after Mrs. Spagnoletti’s court-ordered deposition.[17]

Direct competition in Puerto Rico

References

External links