The R & G Financial Corporation (commonly known as RG Financial or R-G Financial) was a financial holding company located in

San Juan San Juan, Spanish for Saint John (disambiguation), Saint John, most commonly refers to: * San Juan, Puerto Rico * San Juan, Argentina * San Juan, Metro Manila, a highly urbanized city in the Philippines San Juan may also refer to: Places Arge ...

Puerto Rico ; abbreviated PR), officially the Commonwealth of Puerto Rico, is a Government of Puerto Rico, self-governing Caribbean Geography of Puerto Rico, archipelago and island organized as an Territories of the United States, unincorporated territo ...

. On April 30, 2010, its bank failed and its

deposits A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below. ...

and assets were seized by the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...

(FDIC). Its deposits and assets were subsequently sold to

Scotiabank The Bank of Nova Scotia (), operating as Scotiabank (), is a Canadian multinational corporation, multinational banking and financial services company headquartered in Toronto, Ontario. One of Canada's Big Five (banks), Big Five banks, it is the ...

. On May 14, R & G Financial Corporation filed for

Chapter 11 bankruptcy Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, w ...

. RG used to offer a full range of financial services in Puerto Rico and the

State of Florida Florida ( ; ) is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. It borders the Gulf of Mexico to the west, Alabama to the northwest, Georgia (U.S. state), Georgia to the north, the Atlantic ...

through its wholly owned subsidiaries. Its main subsidiaries were 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, which was one of the largest mortgage lenders in the island. Its headquarters were located at 290 Jesús T. Piñero Avenue in

Hato Rey Hato Rey ( Spanish for ''king’s cattle farm''), often considered the central business district of Puerto Rico, is a highly urbanized financial, commercial, and residential district in San Juan, the capital municipality of the archipelago and ...

, 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

Orlando Orlando commonly refers to: * Orlando, Florida, a city in the United States Orlando may also refer to: People * Orlando (given name), a masculine name, includes a list of people with the name * Orlando (surname), includes a list of people wit ...

Tampa Tampa ( ) is a city on the Gulf Coast of the United States, Gulf Coast of the U.S. state of Florida. Tampa's borders include the north shore of Tampa Bay and the east shore of Old Tampa Bay. Tampa is the largest city in the Tampa Bay area and t ...

and

St. Petersburg Saint Petersburg, formerly known as Petrograd and later Leningrad, is the second-largest city in Russia after Moscow. It is situated on the River Neva, at the head of the Gulf of Finland on the Baltic Sea. The city had a population of 5,601, ...

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 acquired various other assets and rights from other financial companies, such as 18 bank branches from

Wachovia Corporation Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total asset ...

in 2004, and mortgage servicing rights from

Banco Santander Banco Santander S.A. trading as Santander Group ( , , ), is a Spanish multinational financial services company based in Santander, with operative offices in Madrid. Additionally, Santander maintains a presence in most global financial centres ...

in 1998. By 2004, the company had over $10.20 billion in assets and approximately 2,404 employees.

Competitors (in Puerto Rico)

Banco Bilbao Vizcaya Argentaria Banco Bilbao Vizcaya Argentaria, S.A. (), better known by its initialism BBVA, is a Spanish multinational financial services company based in Bilbao, with operative offices in Madrid. It is one of the largest financial institutions in the world, ...

* Banco Popular de Puerto Rico *

* Doral Bank * EuroBancshares * FirstBank * Oriental Financial Group, Inc. *

* Westernbank

References

{{DEFAULTSORT:R and G Financial Corporation Scotiabank Banks of Puerto Rico Companies based in San Juan, Puerto Rico Companies that filed for Chapter 11 bankruptcy in 2010 Banks established in 1966 Banks disestablished in 2010 Bank failures in the United States Defunct companies of Puerto Rico 1966 establishments in Puerto Rico 2010 disestablishments in Puerto Rico