R & G Financial Corporation
Encyclopedia
The R & G Financial Corporation (commonly known as RG Financial or R-G Financial) was a financial holding company located in San Juan
, Puerto Rico
. On April 30, 2010, its bank failed and its deposits
and assets were seized by the Federal Deposit Insurance Corporation
(FDIC). Its deposits and assets were subsequently sold to Scotiabank
. On May 14, R & G Financial Corporation filed for Chapter 11 bankruptcy
.
RG used to offer a full range of financial services in Puerto Rico and the State of Florida through its wholly owned subsidiaries. Its main subsidiaries are RG Premier Bank, a business and consumer financial services company offering banking services, trust and brokerage services, and various types of loans, and RG Mortgage, one of the largest mortgage lenders in the island. Its headquarters are located at 290 Jesus T. Pinero Avenue in Hato Rey, San Juan.
, Tampa
and St. Petersburg
cities of Florida.
In an effort to compete with larger banks within Puerto Rico and Florida, RG Financial has acquired various banking and lending institutions in order to expand to new markets and improve its services in existing ones. On June 29, 1993, it acquired Caribbean Federal Savings Bank of Puerto Rico, followed by the Fajardo Federal Savings Bank on August 5, 1998, then Continental Capital Corp. on October 7, 1999, and finally Crown Group, Inc. on June 7, 2002. Additionally, RG Financial has acquired various other assets and rights from other financial companies, such as 18 bank branches from Wachovia Corporation in 2004, and mortgage servicing rights from Banco Santander in 1998.
San Juan, Puerto Rico
San Juan , officially Municipio de la Ciudad Capital San Juan Bautista , is the capital and most populous municipality in Puerto Rico, an unincorporated territory of the United States. As of the 2010 census, it had a population of 395,326 making it the 46th-largest city under the jurisdiction of...
, 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...
. On April 30, 2010, its bank failed and its deposits
Deposit account
A deposit account is a current account, savings account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the...
and assets were seized by the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
(FDIC). Its deposits and assets were subsequently sold to Scotiabank
Scotiabank
The Bank of Nova Scotia , commonly known as Scotiabank , is the third largest bank in Canada by deposits and market capitalization. It serves some 18.6 million customers in more than 50 countries around the world and offers a broad range of products and services including personal, commercial,...
. On May 14, R & G Financial Corporation filed for Chapter 11 bankruptcy
Chapter 11, Title 11, United States Code
Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most...
.
RG used to offer a full range of financial services in Puerto Rico and the State of Florida through its wholly owned subsidiaries. Its main subsidiaries are RG Premier Bank, a business and consumer financial services company offering banking services, trust and brokerage services, and various types of loans, and RG Mortgage, one of the largest mortgage lenders in the island. Its headquarters are located at 290 Jesus T. Pinero Avenue in Hato Rey, San Juan.
Summary
RG Financial Corp’s chief assets and sources of income are its commercial loans (which mainly consist of commercial real estate loans and construction loans), consumer loans (which mainly consist of auto loans, personal loans and credit card loans), and residential mortgage loans. RG Financial offers banking services through a network of 66 branches (2005) between two of its subsidiaries, the largest being RG Premier Bank in Puerto Rico and the second being RG Crown Bank in the OrlandoOrlando, Florida
Orlando is a city in the central region of the U.S. state of Florida. It is the county seat of Orange County, and the center of the Greater Orlando metropolitan area. According to the 2010 US Census, the city had a population of 238,300, making Orlando the 79th largest city in the United States...
, Tampa
Tampa, Florida
Tampa is a city in the U.S. state of Florida. It serves as the county seat for Hillsborough County. Tampa is located on the west coast of Florida. The population of Tampa in 2010 was 335,709....
and St. Petersburg
St. Petersburg, Florida
St. Petersburg is a city in Pinellas County, Florida, United States. It is known as a vacation destination for both American and foreign tourists. As of 2008, the population estimate by the U.S. Census Bureau is 245,314, making St...
cities of Florida.
In an effort to compete with larger banks within Puerto Rico and Florida, RG Financial has acquired various banking and lending institutions in order to expand to new markets and improve its services in existing ones. On June 29, 1993, it acquired Caribbean Federal Savings Bank of Puerto Rico, followed by the Fajardo Federal Savings Bank on August 5, 1998, then Continental Capital Corp. on October 7, 1999, and finally Crown Group, Inc. on June 7, 2002. Additionally, RG Financial has acquired various other assets and rights from other financial companies, such as 18 bank branches from Wachovia Corporation in 2004, and mortgage servicing rights from Banco Santander in 1998.
Competitors (in Puerto Rico)
- Banco Bilbao Vizcaya ArgentariaBanco Bilbao Vizcaya ArgentariaBanco Bilbao Vizcaya Argentaria, S.A. is a multinational Spanish banking group. It was formed in 1999 from the merger of Banco Bilbao Vizcaya and Argentaria, both of which in turn had previously amalgamated three important banks in Spain, namely Banco de Bilbao, Banco de Vizcaya, Banco Exterior de...
- Banco Popular de Puerto Rico
- Banco Santander
- Doral Bank
- EurobankEurobankEuroBancshares, Inc. was a financial holding company located in San Juan, Puerto Rico. On April 30, 2010, the bank failed and its deposits and assets were seized by the Federal Deposit Insurance Corporation...
- FirstBank
- Oriental Financial Group, Inc.Oriental Financial Group, Inc.Oriental Financial Group, Inc. , more commonly known as Oriental Financial or Oriental Bank, is a financial holding company located in San Juan, Puerto Rico which offers a range of financial services in Puerto Rico and the state of Florida through its four wholly owned subsidiaries: Oriental Bank...
- ScotiabankScotiabankThe Bank of Nova Scotia , commonly known as Scotiabank , is the third largest bank in Canada by deposits and market capitalization. It serves some 18.6 million customers in more than 50 countries around the world and offers a broad range of products and services including personal, commercial,...
- Westernbank