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August 22, 2014
11:24 EDTDRLDoral Financial legal counsel issues statement regarding Hacienda negotiations
In response to recent developments in the negotiations between Doral Financial Corporation and the Puerto Rico Treasury Department, Matthew McGill of Gibson, Dunn and Crutcher issued the following statement, "Doral has not left the negotiations. The Treasury Department attempted on Thursday to introduce into the negotiations so-called 'business points' conceived by its new outside counsel, Foley & Lardner, that were contrary to the provisions of the agreement reached and sworn to by the parties in front of Judge Perez-Perez of the Court of the First Instance. Foley & Lardner recently represented Doral in a related matter and that raises a conflict of interest. It has a duty of loyalty to its client, Doral, from acting adversely to Doral. For that reason, Doral sought guidance from Judge Perez-Perez as to how to proceed. Judge Perez-Perez ruled that the parties will continue negotiations today under her supervision, without the participation of Foley & Lardner, and according to the terms previously agreed by the parties."
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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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