R & amp; G Financial Corporation (commonly known as RG Financial or R-G Financial ) is a financial holding company located in San Juan, Puerto Rico. On April 30, 2010, his bank failed and his deposits and assets were confiscated by the Federal Deposit Insurance Corporation (FDIC). The deposits and assets are then sold to Scotiabank. On May 14th, R & amp; G Financial Corporation filed for Chapter 11 bankruptcy.
RG is used to offer a variety of financial services in Puerto Rico and the State of Florida through a wholly owned subsidiary. Its main subsidiary is RG Premier Bank , a financial and business services company offering banking services, trust services and brokers, and various types of loans, and RG Mortgage , which is one one of the largest mortgage lenders on the island. Its headquarters are located at 290 Jesus T. Pinero Avenue in Hato Rey, San Juan.
Video R & G Financial Corporation
Summary
RG Financial Corp's main assets and sources of revenue are commercial loans (which mainly consist of commercial real estate loans and construction loans), consumer loans (which consist mainly of car loans, personal loans and credit card loans), and residential mortgage loans. RG Financial offers banking services through a network of 66 branches (2005) between its two subsidiaries, the largest being RG Premier Bank in Puerto Rico and the second being RG Crown Bank in Orlando, Tampa and the cities of St. Petersburg in Florida.
In an effort to compete with major banks in Puerto Rico and Florida, RG Financial has acquired various banking and lending institutions to expand into new markets and improve its services in existing ones. On June 29, 1993, he acquired the Federal Savings Bank of Puerto Rico, followed by Federal Savings Bank Fajardo on August 5, 1998, then Continental Capital Corp. on October 7, 1999, and finally Crown Group, Inc. on June 7, 2002. In addition, RG Financial acquired various assets and other rights from other financial companies, such as 18 bank branches from Wachovia Corporation in 2004, and the right to pay mortgage from Banco Santander in 1998.
In 2004, the company had assets of more than $ 10.20 billion and approximately 2,404 employees.
Maps R & G Financial Corporation
Competitors (in Puerto Rico)
- Banco Bilbao Vizcaya Argentaria
- Banco Popular de Puerto Rico
- Banco Santander
- Doral Bank
- EuroBancshares
- FirstBank
- Oriental Finance Group, Inc.
- Scotiabank
- Westernbank
References
External links
The company filed for Chapter 11 bankruptcy in 2010
Source of the article : Wikipedia
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