The W Holding Company was a financial holding corporation located in Mayagüez, Puerto Rico. On April 30, 2010, Westernbank, its wholly owned bank subsidiary, failed and its deposits and assets were seized by the Federal Deposit Insurance Corporation and subsequently sold to Banco Popular de Puerto Rico.
On Friday, April 30, 2010, Westernbank Puerto Rico, Mayaguez, PR was closed by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is ...
Apr 30, 2010 ... En Español. Westernbank Puerto Rico, Mayaguez, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into ...
Apr 30, 2010 ... Successor Bank: All deposit accounts, excluding certain brokered deposits, have been transferred to Banco Popular de Puerto Rico, Hato Rey, PR. The 46 branches of Westernbank Puerto Rico reopened as branches of Banco Popular de Puerto Rico. Depositors of Westernbank Puerto Rico automatically ...
May 1, 2010 ... Westernbank Puerto Rico was a subsidiary of W. Holding ( WHI) and was the largest institution to fail Friday, with $11.9 billion in total assets. The FDIC arranged for Banco Popular de Puerto Rico to assume the failed bank's deposits and $9.4 billion of its assets, with the agency agreeing to share in losses ...
Apr 30, 2010 ... Popular Inc., BPOP 0.11% the island's largest bank by assets, is buying Westernbank, the largest of the three and the one with the most construction loans. ... The three failed banks in Puerto Rico have been suffering for some time, and they were ordered by regulators last year to clean up their act.
Apr 3, 2013 ... Case opinion for US 1st Circuit ACOSTA RAMÍREZ v. Federal Deposit Insurance Corporation, as Receiver of Westernbank Puerto Rico, Intervenor Defendant, Appellee.. Read the Court's full decision on FindLaw.
Apr 12, 2012 ... Executives and directors of the now-defunct Westernbank Puerto Rico asked a federal judge Wednesday to dismiss a $176 million Federal Deposit Insurance Corp. suit accusing the group of gross negligence in its handling of loans prior to the bank's closure in 2010.
Feb 27, 2015 ... It is the most costly failure since Western Bank, which was also based in Puerto Rico and collapsed in 2010 at a cost of $3.8 billion. It is not clear what will happen to Mr. Wakeman, Doral's chief executive, who was one of the highest- paid executives of a Puerto Rico bank, though he had relocated his offices ...