Doral Financial Corporation
Encyclopedia
The Doral Financial Corporation (NYSE
: DRL) is the holding company
of Doral Bank.
by total assets and profits in 2006 with over $19.2 billion in assets.
Doral DRL (NYSE Symbol) has approximately 2,598 employees and three (3) subsidiaries: Doral Bank Puerto Rico, Doral Bank FSB and Doral Mortgage Corporation.
The company is headquartered in Puerto Rico
.
In July of 2007, at the brink of bankruptcy, Wakeman led Doral’s successful recapitalization, helping the company avoid bankruptcy and saving thousands of jobs. Doral’s recapitalization is the first U.S. bank to be recapitalized through the use of private-equity funding.
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
: DRL) is the holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
of Doral Bank.
Background
Doral Bank is a $10 billion-asset financial institution with 40 branches strategically located throughout Puerto Rico. Doral Bank serves approximately 450,000 customers by providing a full array of financial services in the areas of consumer banking, mortgage, internet banking, commercial lending and insurance. Doral was ranked the 701st & 1,502nd largest company in the world by ForbesForbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
by total assets and profits in 2006 with over $19.2 billion in assets.
Doral DRL (NYSE Symbol) has approximately 2,598 employees and three (3) subsidiaries: Doral Bank Puerto Rico, Doral Bank FSB and Doral Mortgage Corporation.
The company is headquartered in Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
.
Key people
Glen R. Wakeman has been president, chief executive officer and Board of Directors member of the corporation since May 2006. Wakeman has been steadfast in successfully resolving several compliance and governance issues at the financial institution, including an SEC claim, an FDIC Cease and Desist Order, and a class-action lawsuit as a result of the company’s share-price collapse.In July of 2007, at the brink of bankruptcy, Wakeman led Doral’s successful recapitalization, helping the company avoid bankruptcy and saving thousands of jobs. Doral’s recapitalization is the first U.S. bank to be recapitalized through the use of private-equity funding.
Direct Competition in Puerto Rico
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- Banco Santander