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Stock Market & Financial Investment News

News Breaks
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 Companyís 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 companyís 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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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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