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Stock Market & Financial Investment News

News Breaks
May 20, 2014
14:00 EDTDRLDoral working with advisors to sell assets, raise funds, DealReporter says
News For DRL From The Last 14 Days
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January 28, 2015
10:21 EDTDRLDoral Financial issued Prompt Corrective Action Directive from FDIC
Doral Financial disclosed in a filing earlier that on January 26, the board of the bank received a letter from the FDIC notifying the board that the FDIC issued against the bank a Prompt Corrective Action Directive, which became effective immediately upon its receipt by the bank. The Directive directs the Bank to promptly increase the amount of its Tier 1 capital to a level sufficient to restore the Bank to the capital category of “adequately capitalized” and/or accept an offer to combine with another insured depositary institution. "The Bank believes the inclusion of the payment obligations from Puerto Rico is appropriate as the Bank has a court order validating the obligation of Puerto Rico under the Closing Agreement. The Bank believes its previously submitted capital restoration plan, while not accepted by the FDIC, presents the best possible outcome for all constituencies," Doral said. Also, on Friday, January 23, the Federal Home Loan Bank of New York notified its wholly-owned subsidiary Doral Bank that the bank’s borrowing terms under its credit facility had been modified from 30 days to overnight and that, barring any significant and material events occurring that impact the financial condition of the bank, the bank is eligible to borrow from its available credit line on an overnight basis in a business as usual environment. The FHLB also notified the bank that as a safe and sound practice and in order to comply with the FHLB’s regulatory guidelines, the FHLB could not extend credit to a capital-deficient member that has positive tangible capital if it receives written notice from the Federal Deposit Insurance Corporation that the member’s use of the FHLB’s advances is prohibited. The bank is currently assessing the materiality and magnitude of the impact of these changes in its liquidity forecasts.

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