�౦��Ϸ����

Information for Doral Bank, San Juan, PR

En Español

1. Introduction
2. Press Release
3. Acquiring Financial Institution
4. Question and Answer Guide Puerto Rico  (En Español) 
   Question and Answer Guide New York  (En Español)
   Question and Answer Guide Florida  (En Español)
5. Banking Services
6. Loan Customers
7. Possible Claims Against the Failed Institution
8. Priority of Claims
9. Dividend Information
10. Brokered Deposits
11. Purchase and Assumption Agreement
12. Bid Summary

Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.

I. Introduction

On Friday, February 27, 2015, Doral Bank, San Juan, PR was closed by the Commissioner of Financial Institutions of Puerto Rico, and the Federal Deposit Insurance Corporation (�౦��Ϸ����) was named Receiver. No advance notice is given to the public when a financial institution is closed.

The �౦��Ϸ���� has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The �౦��Ϸ���� has compiled the following information, which should answer many of your questions.

Back to top

II. Press Release

The �౦��Ϸ���� has issued a press release about the institution's closure. If you represent a media outlet and would like information about the closure, please contact David Barr at 1-202-898-6992.

The �౦��Ϸ���� has assembled useful video and audio files for download and broadcast. Click on the link below to open and download the files.

Information for Doral Bank, San Juan, PR - Media Files

Back to top

III. Acquiring Financial Institution

All deposit accounts, including brokered deposits (excluding certain Cede & Co. brokered deposits), have been transferred to Banco Popular de Puerto Rico, Hato Rey, Puerto Rico ("assuming institution") and will be available immediately. The Assuming Institution entered into separate agreements to transfer deposits and assets in specific markets to Banco Popular North America, New York, New York, FirstBank Puerto Rico, Santurce, Puerto Rico, and Centennial Bank, Conway, Arkansas (each a "New Institution"). The former Doral Bank locations will reopen during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at a New Institution for six months after the failure of Doral Bank. Checks that were drawn on Doral Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank, you may speak to an �౦��Ϸ���� representative by calling (888) 206-4662.

For general questions about �౦��Ϸ���� deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the �౦��Ϸ����'s Electronic Deposit Insurance Estimator.

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with a New Institution as long as the deposits are not pledged as collateral for loans. You may view more information about the New Institution by visiting their web site, listed above.

Back to top

V. Banking Services

The Automated Teller Machines (ATM) and online service will remain available.

The bank will maintain its regular business hours, and you may continue to use the services to which you previously had access, such as safe deposit boxes, night deposit boxes, wire services, etc.

Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s) as if no change had occurred. Your new bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office. An account representative will clear up any confusion about the validity of your checks.

All interest accrued through Friday, February 27, 2015 will be paid at your same rate. Your New Institution will be reviewing rates. You will be notified of any changes.

Your direct deposits and automatic withdrawals will be transferred to your new bank. If you have any questions or special requests, you may contact a representative of your new bank at your branch office.

Back to top 

VI. Loan Customers

If you had a loan with Doral Bank, you should continue to make your payments as usual. The terms of your loan will not change, because they are contractually agreed to in your promissory note. Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, please contact your loan officer.

For all questions regarding new loans and the lending policies of the New Institution, please contact your branch office. Please see A Borrower's Guide to an �౦��Ϸ���� Insured Bank Failure for additional information.

Back to top

VII. Possible Claims Against the Failed Institution

TO THE CREDITORS OF THE FAILED INSTITUTION

All creditors having claims against the Failed Institution must submit their claims in writing, together with proof of the claims, to the Receiver at the following address:

�౦��Ϸ���� as Receiver for Doral Bank
1601 Bryan Street, Suite 1410
Dallas, TX  75201-3430
Attention: Claims Agent

Telephone: (888) 206-4662

Please note: There are time limits for filing a claim, your claim must be filed on or before 06/04/2015. Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).

If you or your company provided a service or product, leased space, furniture, or equipment to Doral Bank prior to February 27, 2015 and have not been paid, you may have a claim against Doral Bank.

NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.

DORAL FINANCIAL CORPORATION INVESTORS

All shares of Doral Bank were owned by its holding company, Doral Financial Corporation, Coral Gables, FL. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Doral Financial Corporation, please do not contact or file a claim with the Receiver. You must contact Doral Financial Corporation directly for information as follows:

Doral Financial Corporation
999 Ponce DeLeon Blvd, Suite 730
Coral Gables, FL 33134

Back to top

VIII. Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

1. Depositors
2. General Unsecured Creditors
3. Subordinated Debt
4. Stockholders

Back to top

IX. Dividend Information

Back to top

X. Brokered Deposits

The �౦��Ϸ���� offers a reference guide to deposit brokers acting as agents for their investor clientele. This site outlines the �౦��Ϸ����'s policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed �౦��Ϸ���� Insured Institution.

Deposit Broker's Processing Guide

Back to top

General Disclaimer