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News Breaks
May 15, 2014
12:15 EDTDRLDoral Financial says Hacienda claims it has no right to refund of overpaid taxes
Earlier today, Doral Financial disclosed the following: Doral Financial Corporation, the holding company of Doral Bank, with operations in Puerto Rico and the U.S., called upon the Government of Puerto Rico, and Puerto Rico Department of Treasury, Hacienda, to honor its obligations, as it repeatedly committed to do in communications with the financial community since January of 2013. Contrary to these commitments, on May 14, Doral received a letter wherein Hacienda unilaterally decided that the 2012 Closing Agreement is null and that Doral has no right to a refund of its overpaid taxes. Doral is evaluating its legal options in connection with this letter and anticipates taking appropriate action to protect its legal rights. Over the last few weeks, Doral has attempted to provide options to the Government to assist in the repayment of its debt to Doral. Instead, Hacienda has sent a letter claiming that its previous agreement with Doral was now null. This unilateral action raises serious questions as to whether the Government will make good on its promises and honor its legal agreements. In midday trading, shares of Doral Financial are down almost 20% to $2.64.
News For DRL From The Last 14 Days
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February 27, 2015
17:19 EDTDRLPopular acquires certain assets of Doral Bank from FDIC
Popular (BPOP) announced that Banco Popular de Puerto Rico, its Puerto Rico banking subsidiary, acquired certain assets and all deposits of Doral Bank (DRL) from the FDIC as receiver, in alliance with other co-bidders, including its U.S. mainland banking subsidiary, Banco Popular North America, doing business as Popular Community Bank. Under the FDICís bidding format, BPPR was the lead bidder and party to the purchase and assumption agreement with the FDIC covering all assets and deposits to be acquired by it and its alliance co-bidders. BPPR entered into back to back purchase and assumption agreements with each alliance co-bidder for the transferred assets and deposits. The other bidders that formed part of the alliance were FirstBank Puerto Rico, Centennial Bank and an affiliate of JC Flowers III L.P. As part of the transaction, BPPR assumed approximately $1B in deposits that reside in eight of the 18 Puerto Rico branches of Doral Bank and in its online deposit platform. In addition, BPPR acquired $848M in Puerto Rico performing residential and commercial loans. PCB assumed approximately $1.3B in deposits in three New York branches, and acquired $931M in performing commercial loans primarily in the New York metropolitan area. There is no loss-sharing arrangement with the FDIC in the acquired assets.
17:09 EDTDRLFirstBank Puerto Rico acquires 10 Doral Bank branches
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17:02 EDTDRLHome Bancshares subsidiary to acquire Doral Florida operations
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16:07 EDTDRLPopular to acquire Doral Financial operations, Bloomberg reports
February 20, 2015
16:59 EDTDRLDoral Financial says pending items to impact 'going concern' analysis
On February 17, Doral Financial filed with the Federal Reserve Bank of New York, its principal regulatory agency, its annual report for FY14 on Federal Reserve Bank Form FR Y-9C. The company is still in the process of completing its financial statements for the first three fiscal quarters of 2014 as well as the full fiscal year and its independent auditors have not reviewed or audited the financial information set forth in the Form FR Y-9C. Accordingly, the financial information set forth in the Form FR Y-9C remains subject to further adjustments which may result in a material negative impact on results of operations and financial condition which could result in the companyís primary operating subsidiary, Doral Bank, falling into the "critically undercapitalized" regulatory capital category. The finalization of the pending items outlined above will impact managementís analysis of the companyís ability to continue as a going concern.

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