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August 12, 2014
18:57 EDTDRLDoral Financial files to delay 10-Q
The company has continued working to complete all of the required information for its quarterly report on form 10-Q for the quarter ended March 31. As previously disclosed in the Company’s Notification of Late Filing for the quarter ended March 31, dated May 13, the delays in filing the first quarter form 10-Q are primarily the result of the receipt by the company on May 1, of a joint Report of Examination of Doral Bank issued by the Federal Deposit Insurance Corporation and the Puerto Rico Office of the Commissioner of Financial Institutions for the review period ending March 31, 2013 in which Doral Bank was notified that it may no longer include in its calculation of Tier 1 Capital certain tax receivables from the government of Puerto Rico. The Report of Examination also instructs the company to recognize certain charges related to loans and non-performing assets, and to evaluate certain assumptions in the allowance for loan losses and for modified loans. Until the company has fully assessed the impact of the information set forth in the Report of Examination on its business, has undertaken an analysis to determine whether it will be able to obtain on an ongoing basis an unqualified opinion of its independent auditors, as disclosed in the May 1 form 8-K, has completed the review of certain valuation methodologies and estimates, has completed the company’s evaluation of its deferred tax assets in light of new developments in connection with the lawsuit against the government of Puerto Rico, and has evaluated any adjustments relating to a possible settlement of such lawsuit under a court-supervised negotiation process, the company cannot finalize the preparation of its quarterly financial statements as of and for the three months ended March 31. Until the company has completed this additional work and has filed its first quarter form 10-Q, the company will be unable to complete and file its second quarter form 10-Q. As a result of these developments, the company is unable, without unreasonable effort or expense, to timely file its second quarter form 10-Q within the 5-day extension provided by Rule 12b-25.
News For DRL From The Last 14 Days
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October 1, 2014
18:36 EDTDRLOn The Fly: After Hours Movers
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18:08 EDTDRLDoral Financial experiences sharp drop following FDIC comments
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17:23 EDTDRLDoral Financial says latest PCA letter does not change requirements
Doral Financial said in a regulatory filing that as disclosed in a Form 8-K filed by the company with the SEC October 1, Doral Bank received a second prompt corrective action, PCA, letter, dated September 26, from the Federal Deposit Insurance Corporation. That letter did not materially change the requirements imposed on Doral Bank from a prior prompt corrective action letter dated June 12,. The September PCA letter informs Doral Bank that the FDIC has not yet received the capital restoration and contingency plans required by the consent order between Doral Bank, the FDIC and the Puerto Rico Commissioner of Financial Institutions. The recent PCA letter requiring Doral Bank to file capital restoration and contingency plans refers to requirements imposed by the FDIC with respect to formal written documents that must be submitted by Doral Bank to the FDIC. Given that transactions that form the basis for these plans have only recently been completed or are still underway, information for the plans is still being developed and finalized. Doral Bank continues to keep the FDIC apprised of the development of its written capital restoration and contingency plans. Once Doral Bank has consummated the last of the transactions that are underway, and which are subject to compliance with regulatory requirements, Doral Bank intends to embody the information already provided to the FDIC in a formal written capital restoration plan and a contingency plan reflecting the then-operating size and business activities of Doral Bank and to submit those written plans to the FDIC to satisfy FDIC requirements. Doral Bank maintains readily available liquidity sources of approximately $1B, which is adequate liquidity to continue to operate its business and serve its clients both in the Puerto Rico and US markets.
September 22, 2014
18:28 EDTDRLDoral Financial legal counsel issues statement as Hacienda trial concludes
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September 20, 2014
15:39 EDTDRLDoral Financial says Hacienda has put forth no evidence
Following the trial in the Doral Financial Corporation v. Hacienda court case, Doral Legal Counsel Matthew D. McGill issued the following statement: "For four months, Doral has been waiting for Hacienda to explain its attempt to nullify its $230M debt to Doral. Hacienda claimed that Doral obtained its 2012 tax agreement through a fraud, but after two days of trial, including testimony from Secretary Melba Acosta Febo herself, Hacienda has come forward with no evidence supporting that outrageous accusation. When this case is over, the people of Puerto Rico will have to ask whether they were well served by their government's unfounded attack on one of Puerto Rico's few remaining banks."

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