Doral Bank contender to purchase R-G Financial Corp.

Mar 7, 2008 Full story: www.prwow.com 29

On Feb. 13, R-G Financial Corp. removed a major obstacle from its path when it was announced the Securities & Exchange Commission had approved a final settlement with the company, resolving the SEC's ...

"Among the top local contenders for R-G Financial Corp., Doral Financial Corp. came out as the most likely winner according to a recent internal analysis made by a local industry source after weighing the pros and cons of an R-G acquisition for each local bank (CB, Jan. 7)." Full Story
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“Honorable Permanent Union”

Since: Aug 07

San Juan, Puerto Rico

#1 Mar 7, 2008

Original story Posted: Wednesday, December 31, 1969 - 08:00 PM on expired -- no longer in business -- www.prwow.com ????? Check out link Grino In Tropics gave in his posting today:

http://www.prwow.com/news/eng/news_detail.php...

There is nothing like being up-to-date when posting NEWS stories on Topix Puerto Rico NEWS. This story was original posted on www.prwow.com on Wednesday, December 31, 1969 - 08:00 PM.

Why did Gringo In Tropics posted it here as a recent news story? Is he playing games with his being an editor of Topix? Or is he incompetent?

Thank God, GIT does not work for MSNBC, CBS, ABC, The New York Times, The International Herald Tribune, The San Juan Star and other responsible media.

Would you consider Gringo In Tropics as a reliable source? What is his game? Not very professional for him to be posting very old NEWS stories on Topix Puerto Rico today's NEWS. As I stated, this story was original posted on www.prwow.com on Wednesday, December 31, 1969 - 08:00 PM.

Why did Gringo In Tropic posted here as a recent news story? Is he playing games with his editorship of Topix? Or is he incompetent?

Thank God, GIT does not work for MSNBC, CBS, ABC, The New York Times, The International Herald Tribune, The San Juan Star and other responsible media.

Would you consider Gringo In Tropics as a reliable source? What is his game? Not very professional. He should have commented that his story is not recent but very old as accessed from www.prwow.com

“Honorable Permanent Union”

Since: Aug 07

San Juan, Puerto Rico

#2 Mar 7, 2008
If Gringo In Tropic edits or deletes this very old banking "news" story, I hope he will honestly let us know that he made a mistake or was trying kid us or whatever...

Since: Oct 07

Location hidden

#3 Mar 7, 2008
The article was published on February 28, 2008. It may be found in its entirety at the URL below.

http://209.85.207.104/search?q =cache:wtBinuwfvGcJ:www.prwow. com/news/eng/news_detail.php%3 Fnt_id%3D18083%26ct_id%3D2+R-G +Financial+settlement+with+SEC &hl=en&ct=clnk&cd= 1

Unfortunately, Yankee in Puerto Rico is a sick old man who has a grudge against me for some reason.

He usually attempts to discredit me and makes a fool of himself. It's a regrettable result of incompetence of an addled mind.

No reason for me to 'edit' a story I did not produce but merely passed on to those readers who care.

You may ingore YIPR. Everyone else does.

Since: Oct 07

Location hidden

#4 Mar 7, 2008
Well, the cache link above doesn't work so here is the story, attributed to Caribbean Business.

R-G Financial putting the house in order
Posted: Thursday, February 28, 2008 - 09:18 AM
By Jose L. Carmona of Caribbean Business

On Feb. 13, R-G Financial Corp. removed a major obstacle from its path when it was announced the Securities & Exchange Commission (SEC) had approved a final settlement with the company, resolving the SEC’s investigation into R-G in connection with its restatement of financial statements.
As part of the SEC settlement, R-G agreed, without admitting or denying any wrongdoing, to be enjoined from future violations of certain provisions of the securities laws. The SEC did not impose a financial penalty in connection with this settlement.
With the SEC investigation resolved, R-G Financial’s only major hurdle remaining is the class-action lawsuit settlement with shareholders, which could be announced in coming weeks.
In November of last year, the bank holding company of R-G Mortgage, R-G Premier Bank and R-G Insurance completed the restatement of its consolidated financial statements for the years 2002 through 2004 and the filing of its amended annual report for the year ended Dec. 31, 2004 with the SEC.
The company has stated it continues to work to complete the preparation of its consolidated financial statements for the periods subsequent to 2004 and to become current in its periodic reporting obligations. Although R-G Financial has expressed no views as to when its audited financial statements will be available, sources contend these could be available soon.
Last December, R-G Financial announced the company and its Strategic Capital Committee had retained investment banks Keefe, Bruyette & Woods Inc. and Sandler O’Neill & Partners to assist the company in evaluating its strategic options, including the raising of capital to strengthen its liquidity and the possible sale of the company.

Since: Oct 07

Location hidden

#5 Mar 7, 2008
more:

R-G Financial officials have reiterated the sale of R-G is highly speculative at this point, and the company does not comment on speculation or rumors.“Despite its problems, R-G still has a strong brand value, and there’s no question they still remain a significant force in the local mortgage business, although they have lost significant market share over the past couple of years,” commented a local source, who asked to remain anonymous.
Doral on the lookout?
Despite the fact R-G is only worth $76.7 million in market capitalization, the sale of the entire operations of R-G Financial could fetch between $250 million and $500 million including the premium the buyer would have to pay for R-G’s deposit portfolios.
Among the top local contenders for R-G Financial Corp., Doral Financial Corp. came out as the most likely winner according to a recent internal analysis made by a local industry source after weighing the pros and cons of an R-G acquisition for each local bank (CB, Jan. 7).
“Although some may wonder if Doral Financial’s new owners would be willing to make an additional investment in Puerto Rico after the $610 million recapitalization transaction last year, the fact of the matter is that Doral Financial has enough capital to buy R-G. Doral’s new owners have big pockets and could easily make the investment if needed,” added the source.“I believe Doral has more than enough capital right now so it could spend up to $500 million on R-G.”
Doral has $1 billion in market capitalization. The banking institution performed a 1-for-20 reverse split of its common stock on Aug. 17, 2007.
One industry source indicated Doral could strengthen its merchant banking operations with the R-G acquisition, plus it would become once again a mortgage-lending powerhouse and would double the number of branches instantly. In addition, R-G Premier Bank is an established community bank, something Doral is working on.
The only major drawback from an R-G acquisition would be the massive duplication of employees and divisions that would result from the acquisition, which would require the layoff of personnel, a natural byproduct of any consolidation process, noted Advantage Business Consulting President José“Chenti” Feliciano.
“The possible link-up of R-G and Doral would bring immediate consolidation in the local banking industry. In addition, layoffs and cost-cutting would result in a single stronger institution instead of two weak ones,” added Feliciano.
One local bank source indicated Doral could be looking into Westernbank as well, which is currently facing problems with its asset-based lending portfolio.
Other sources contend Doral may instead be looking beyond Puerto Rico’s borders to expand the bank, namely to the continental U.S. as well as to the Caribbean, Central and South America, a market that Doral Financial Corp. President & CEO Glen Wakeman knows well from his days as head of GE Consumer Finance in Latin America.

Since: Oct 07

Location hidden

#6 Mar 7, 2008
R-G Financial officials have reiterated the sale of R-G is highly speculative at this point, and the company does not comment on speculation or rumors.“Despite its problems, R-G still has a strong brand value, and there’s no question they still remain a significant force in the local mortgage business, although they have lost significant market share over the past couple of years,” commented a local source, who asked to remain anonymous.
Doral on the lookout?
Despite the fact R-G is only worth $76.7 million in market capitalization, the sale of the entire operations of R-G Financial could fetch between $250 million and $500 million including the premium the buyer would have to pay for R-G’s deposit portfolios.
Among the top local contenders for R-G Financial Corp., Doral Financial Corp. came out as the most likely winner according to a recent internal analysis made by a local industry source after weighing the pros and cons of an R-G acquisition for each local bank (CB, Jan. 7).
“Although some may wonder if Doral Financial’s new owners would be willing to make an additional investment in Puerto Rico after the $610 million recapitalization transaction last year, the fact of the matter is that Doral Financial has enough capital to buy R-G. Doral’s new owners have big pockets and could easily make the investment if needed,” added the source.“I believe Doral has more than enough capital right now so it could spend up to $500 million on R-G.”
Doral has $1 billion in market capitalization. The banking institution performed a 1-for-20 reverse split of its common stock on Aug. 17, 2007.
One industry source indicated Doral could strengthen its merchant banking operations with the R-G acquisition, plus it would become once again a mortgage-lending powerhouse and would double the number of branches instantly. In addition, R-G Premier Bank is an established community bank, something Doral is working on.
The only major drawback from an R-G acquisition would be the massive duplication of employees and divisions that would result from the acquisition, which would require the layoff of personnel, a natural byproduct of any consolidation process, noted Advantage Business Consulting President José“Chenti” Feliciano.
“The possible link-up of R-G and Doral would bring immediate consolidation in the local banking industry. In addition, layoffs and cost-cutting would result in a single stronger institution instead of two weak ones,” added Feliciano.
One local bank source indicated Doral could be looking into Westernbank as well, which is currently facing problems with its asset-based lending portfolio.
Other sources contend Doral may instead be looking beyond Puerto Rico’s borders to expand the bank, namely to the continental U.S. as well as to the Caribbean, Central and South America, a market that Doral Financial Corp. President & CEO Glen Wakeman knows well from his days as head of GE Consumer Finance in Latin America.

Since: Oct 07

Location hidden

#7 Mar 7, 2008
Yankee In Puerto Rico wrote:
If Gringo In Tropic edits or deletes this very old banking "news" story, I hope he will honestly let us know that he made a mistake or was trying kid us or whatever...
Maybe Yankee in Puerto Rico should apologize to all the TOPIX readers that he has 'misled.'

Clearly, he was wrong. The story is not 'very old banking news,' unless he thinks a week is 'very old.'

Yankee in Puerto Rico is 'very old.'

Since: Feb 07

Caguas, Puerto Rico

#8 Mar 7, 2008
gringo in tropics wrote:
<quoted text>
Maybe Yankee in Puerto Rico should apologize to all the TOPIX readers that he has 'misled.'
Clearly, he was wrong. The story is not 'very old banking news,' unless he thinks a week is 'very old.'
Yankee in Puerto Rico is 'very old.'
Maybe PRWOW screwed with the link after the original posting. Let's try this:

http://www.prwow.com/html/Archives/ArcDetail2...

Since: Oct 07

Location hidden

#9 Mar 7, 2008
PRJester wrote:
<quoted text>
Maybe PRWOW screwed with the link after the original posting. Let's try this:
http://www.prwow.com/html/Archives/ArcDetail2...
Jester,

I think PRWOW archived last week's stories after I linked to where it had been, and then put up this week's stories.

Thanks for an easier approach. Although I guess I don't have to thank you since "Gringo in Tropics and PRJester are the same person."

Did you ever notice that Bob never sees together us at the same time? He has his eyes closed.

Since: Feb 07

Caguas, Puerto Rico

#10 Mar 7, 2008
gringo in tropics wrote:
<quoted text>
Jester,
I think PRWOW archived last week's stories after I linked to where it had been, and then put up this week's stories.
Thanks for an easier approach. Although I guess I don't have to thank you since "Gringo in Tropics and PRJester are the same person."
Did you ever notice that Bob never sees together us at the same time? He has his eyes closed.
Maybe "the eyes are the first thing to go". Well, maybe second, after one's mental faculties.

“Honorable Permanent Union”

Since: Aug 07

San Juan, Puerto Rico

#11 Mar 7, 2008
PRJester wrote:
<quoted text>
Maybe PRWOW screwed with the link after the original posting. Let's try this:
http://www.prwow.com/html/Archives/ArcDetail2...
I did not mislead the Topix readers. Gringo In Tropics' link did not work. I always check my link when posting. Also, www.prwow.com has not been functioning for some months now. Why does GIT use this as a news source?

Another inaccurate and unprofessional claim that Gringo In Tropics makes is that all members of Topix hate me and are isolating me. Now, tell me how he came to this conclusion. Did he contact all members of Topix to get this information? It is obvious he jumps to irresponsible conclusions without any facts or evidence. I think there also a little of the pot calling the kettle black when he claims that I am not liked.

He is a great for posting inaccurate information, broad statesments and personal insults. This is what he can do perfectly and doesn't want anyone to call him on it.

I have no grudge against Gringo In Tropics. He is not that important!!!!I just won't let him get away with it. Why would I have a grudge against him but not against other posters?

There are only three posters that I have problems with on Topix: David Lopez -- PRjester -- Gringo In Tropics. I have no problems with Coquilogan though he and I often disagree.

“Honorable Permanent Union”

Since: Aug 07

San Juan, Puerto Rico

#12 Mar 7, 2008
PRJester wrote:
<quoted text>
Maybe "the eyes are the first thing to go". Well, maybe second, after one's mental faculties.
How can someone claim he is a lawyer when he behaves against the Code of Ethics for being a lawyer?

Both Gringo In Tropics and PRjester try to insult me by attacking my age as a senior citizen. Do they believe that all old people are to be insulted. This shows that they are not ethical or responsible. When they put me down for being old, they are insulting other senior citizens on Topix.

WHAT IS SAD IS THAT THEY ARE TOO DUMB TO REALIZE THIS!

They are small minds in the gutter with their personal, petty attacks. Gringo In Tropics even tried to belittle me by suggesting there is something wrong with me if I am in a 12 Step Program. I guess he will stoop to any opportunity to make a personal insult even to recovering alcoholics and drug addicts in a 12 Step Program.

THEY HAVE NO SHAME OR ETHICS. REALLY GUTTER POSTERS??????

They put Topix Puerto Rico News in the gutter rather than keeping this blog on the high road of decent postings.

“Honorable Permanent Union”

Since: Aug 07

San Juan, Puerto Rico

#13 Mar 7, 2008
Key Posting Guidelines & Tips for Topix Editors

Headline
This is the headline of your story.

URL
This is the link that points to an article you reference in your story. For example: http://www.mynewspaper.com/article.html

~~~~~~~~~~

Don't
...copy an entire article into your story. This constitutes copyright infringement and such posts will be removed.
~~~~~~~~~~

http://www.topix.com/world/puerto-rico/2008/0...

Did Gringo In Tropics violated this important rule? Can Tropix be sued for copyright infringement? He posted an entire long article in comment section.

Since: Feb 07

Caguas, Puerto Rico

#14 Mar 7, 2008
Yankee In Puerto Rico wrote:
<quoted text>
How can someone claim he is a lawyer when he behaves against the Code of Ethics for being a lawyer?
Both Gringo In Tropics and PRjester try to insult me by attacking my age as a senior citizen. Do they believe that all old people are to be insulted. This shows that they are not ethical or responsible. When they put me down for being old, they are insulting other senior citizens on Topix.
WHAT IS SAD IS THAT THEY ARE TOO DUMB TO REALIZE THIS!
They are small minds in the gutter with their personal, petty attacks. Gringo In Tropics even tried to belittle me by suggesting there is something wrong with me if I am in a 12 Step Program. I guess he will stoop to any opportunity to make a personal insult even to recovering alcoholics and drug addicts in a 12 Step Program.
THEY HAVE NO SHAME OR ETHICS. REALLY GUTTER POSTERS??????
They put Topix Puerto Rico News in the gutter rather than keeping this blog on the high road of decent postings.
Hey, Bob, how's it going?

PRWOW is still very active. They just don't host the local news as they did before. They DO still host the Caribbean Business news. Surprised you didn't know that.

To what are you referring when you state that "Another inaccurate and unprofessional claim that Gringo In Tropics makes is that all members of Topix hate me and are isolating me."? I don't recall reading that.

When I saw Gringo's broken link, I spent TWO MINUTES finding the problem. Why did you attack him instead of just doing the same?

I'm not a lawyer, Bob. GIT is.

I don't attack your AGE, Bob. Hey, I belong to AARP too. I just think you're becoming senile. It'll possibly happen to me one day, too. When it does, hopefully my wife will take away my computer priveledges, so that I don't make an ass out of myself, publicly.

“Honorable Permanent Union”

Since: Aug 07

San Juan, Puerto Rico

#15 Mar 7, 2008
PRjester writes:
"...I don't attack your AGE, Bob. Hey, I belong to AARP too. I just think you're becoming senile. It'll possibly happen to me one day, too. When it does, hopefully my wife will take away my computer priveledges, so that I don't make an ass out of myself, publicly..."

~~~~~~~~~~

There is something slick and sneaky about PRjester. He speaks with a fork tongue. He tries to say that I am senile and he is not. Implicit in his calling me senile is his trying to say I am senile because I am an older person. "Senile" is his buzz word for not being competent because of old age.

Of course he decides who is senile based on no facts or actually not knowing the person. He is the Great Wizard who can judge everyone based on nothing. The Great Wizard makes a personal judgement because he plays at being God! The sad part is that he thinks he is God.

I can just as easily say PRjester is "senile" because he disagrees with me. I havve as much facts as he does.

He states that I make "an ass of myself publicly" but He and GIT do not make "asses of themselves publicly." There he goes again with his double standard.

I think a better case can be made that these two buddies, who play God, are more senile and ass-like than "Yankee In Puerto Rico" and any other posters on Topix except no-name.

It takes a senile ass in public to say I never visit San Juan because it is a cesspool of drunks. This again is not based on facts or reality. It is based on Gringo In Tropics just saying so. If he says a person is senile or San Juan is one big cesspool than it must be so because he says so. No one should disagree with him or they will be judged as senile (because of old age) and an ass in public. No one should disagree with the two self-appointed Topix icons.-- GIVE ME A BREAK!!!!

Since: Feb 07

Caguas, Puerto Rico

#16 Mar 8, 2008
Yankee In Puerto Rico wrote:
PRjester writes:
"...I don't attack your AGE, Bob. Hey, I belong to AARP too. I just think you're becoming senile. It'll possibly happen to me one day, too. When it does, hopefully my wife will take away my computer priveledges, so that I don't make an ass out of myself, publicly..."
~~~~~~~~~~
There is something slick and sneaky about PRjester. He speaks with a fork tongue. He tries to say that I am senile and he is not. Implicit in his calling me senile is his trying to say I am senile because I am an older person. "Senile" is his buzz word for not being competent because of old age.
Of course he decides who is senile based on no facts or actually not knowing the person. He is the Great Wizard who can judge everyone based on nothing. The Great Wizard makes a personal judgement because he plays at being God! The sad part is that he thinks he is God.
I can just as easily say PRjester is "senile" because he disagrees with me. I havve as much facts as he does.
He states that I make "an ass of myself publicly" but He and GIT do not make "asses of themselves publicly." There he goes again with his double standard.
I think a better case can be made that these two buddies, who play God, are more senile and ass-like than "Yankee In Puerto Rico" and any other posters on Topix except no-name.
It takes a senile ass in public to say I never visit San Juan because it is a cesspool of drunks. This again is not based on facts or reality. It is based on Gringo In Tropics just saying so. If he says a person is senile or San Juan is one big cesspool than it must be so because he says so. No one should disagree with him or they will be judged as senile (because of old age) and an ass in public. No one should disagree with the two self-appointed Topix icons.-- GIVE ME A BREAK!!!!
Thanks for that, YIPR. You make my point much more convincingly than I ever could.

“Honorable Permanent Union”

Since: Aug 07

San Juan, Puerto Rico

#17 Mar 8, 2008
You can never teach an arrogant person. It requires the ability to be humble in order to learn and be educated. An arrogant person is unteachable.

I rest my case.

Since: Oct 07

Location hidden

#18 Mar 8, 2008
Yankee In Puerto Rico wrote:
You can never teach an arrogant person. It requires the ability to be humble in order to learn and be educated. An arrogant person is unteachable.
I rest my case.
And therein lies the reason YIPR is unteachable.

YIPR is not a buffoon--he just plays one on TOPIX!

Well...maybe it isn't an act.

Of course, the bottom line in all of this is that YIPR decided to bank at R-G Financial instead of Doral and he may become a customer of Doral no matter WHAT he thought would happen. He's unteachable.

“Honorable Permanent Union”

Since: Aug 07

San Juan, Puerto Rico

#19 Mar 8, 2008
gringo in tropics wrote:
<quoted text>
And therein lies the reason YIPR is unteachable.
YIPR is not a buffoon--he just plays one on TOPIX!
Well...maybe it isn't an act.
Of course, the bottom line in all of this is that YIPR decided to bank at R-G Financial instead of Doral and he may become a customer of Doral no matter WHAT he thought would happen. He's unteachable.
There you go again jumping to conclusions based on no facts or other information. Only God can can get inside me and know what I am thinking. My dear know-it-all Gringo In Tropics you do not have this supreme power. You are not God! Get humble and teachable!

When I banked with R-G bank, Doral's fraud problems were not even a consideration. It was not even on the radar screen. I switched to R-G bank for one reason only: R-G gave me the best deal possible and is well located to where I live and usually visit. Doral had nothing to do with my decision.

Your arrogance and know-it-all attitude is appalling! It must be spiritual painful for you to be always playing God and judging others without the slightest information about those who you judge.

You do have a lot in common with the Messiah Rossello.

Since: Feb 07

Caguas, Puerto Rico

#20 Mar 8, 2008
Yankee In Puerto Rico wrote:
<quoted text>
When I banked with R-G bank, Doral's fraud problems were not even a consideration. It was not even on the radar screen. I switched to R-G bank for one reason only: R-G gave me the best deal possible and is well located to where I live and usually visit. Doral had nothing to do with my decision.
Yankee In Puerto Rico wrote:
<quoted text>
About eighteen months ago, I was planing to switch to a different bank in Puerto Rico from my mortgage and checking account with Banco Popular.
I kept debating between Doral and R-G Premium Bank. A couple friends in banking warned me that there were rumors that Doral's mortgage section was being investigated for fraud. I am glad I decided on R-G Premium.
?

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