Banco Popular de Puerto Rico, Hato Rey, Puerto Rico, Assumes all of the Deposits of Doral Bank, San Juan, Puerto Rico — 2015-02-27

Doral Bank, San Juan, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as 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. Doral Bank's 26 former branches will reopen under normal business hours beginning Saturday, February 28th. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Depositors of Doral Bank can continue to access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed.