We have been advised that on Friday, February 27, 2015, Doral Bank, San Juan, Puerto Rico, was closed by the Commissioner of Financial Institutions of Puerto Rico, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Banco Popular de Puerto Rico, Hato Rey, Puerto Rico, to acquire the banking operations, including all the deposits, of Doral Bank.
Banco Popular will operate eight of Doral Bank's 26 former branches. It entered into separate agreements with three banks to acquire 18 of the remaining locations. FirstBank Puerto Rico, Santurce, Puerto Rico, will operate and assume the deposits of Doral Bank's 10 other branches in Puerto Rico; Banco Popular's affiliated bank, Banco Popular North America, will operate all three locations in New York City; and Centennial Bank, Conway, Ark., will operate and assume the deposits of Doral Bank's five branches in the panhandle area of Florida. Deposits will continue to be insured by the FDIC and checks drawn on the bank will continue to be processed.
For more information about Centennial Bank, visit their web site at http://www.my100bank.com/.
If you have any questions about the change-over, you can call the FDIC toll-free at 800-887-7340, or visit the FDIC's web site at https://www.fdic.gov/bank/individual/failed/doral.html.
This ALERT has been published for the sole purpose of meeting the company’s predetermined underwriting criteria, and should in no way be construed as the opinion of The Fund as to the financial stability or impropriety of the parties or entities named in this ALERT.
** This Alert should be kept as a permanent part of your records to assist in your compliance with the requirements contained herein. **
Please provide a copy of this Alert to your staff so they can read it and become aware of its contents.
Should you have any questions please call The Fund’s Underwriting Department at
800-432-9594 or send an E-mail to: underwriting@thefund.com.