Closed Friday, February 27, 2015 · San Juan, Puerto Rico
Doral Bank
By total assets Doral Bank is the 33rd-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. It was the largest of the 8 bank failures in 2015. No bank in Puerto Rico had failed for four years, since Eurobank closed in 2010.
On the books, 2007 to 2014
Total assets peaked at $9.3 billion in the fourth quarter of 2009 and were 36% lower at the final report. Equity capital stayed close to 7% of assets from the first quarter of 2007 to the last report. By then 14% of its loans were 90 days or more past due or no longer accruing interest. Doral Bank lost money in every one of the eight reporting years on file before it closed. The deepest annual loss, $336 million, was booked in 2014.
Size against the other 2015 failures
Total assets of each 2015 failure, log scale; Doral Bank in red.
Of the 12 failed banks on record in Puerto Rico since 1934, it ranks second by size. Across the failures of 2015, the median estimated loss came to 11% of assets. Ranked by estimated loss, it is 58th of 2,944 failures since 1934. The next-largest failure of that year was The Bank of Georgia of Peachtree City, Georgia ($286 million, loss 9.7% of assets). Every 2015 failure in the explorer.
Failures in Puerto Rico
No bank in Puerto Rico has failed since. The municipality of San Juan has 7 failed banks on FDIC record since 1934. Closest in time: Union Trust Company (1983), Girod Trust Company (1984), Banco Nacional, National Association (1992), R-G Premier Bank of Puerto Rico (2010), Eurobank (2010).