Check Out Price Volatility In EuroBancshares (EUBK), FDIC Closes Three Puerto Rican Banks: Eurobank, Westernbank, R-G Premier Bank

Three Puerto Rican banks closed down today, Eurobank, Westernbank and R-G Premier. They were pretty big. Westernbank had $11.9 billion in assets and $8.6 billion in deposits.  Look at the chart of EuroBancshares (EUBK), it went from $0.30 to $1.30 and hit 0.19 during after hours today, all during the month April.  Oriental Bank ended up buying the assets.  Below are press releases from the FDIC.

Banco Popular de Puerto Rico, San Juan, Puerto Rico, Assumes All of the Deposits of Westernbank Puerto Rico, Mayaguez, Puerto Rico
"As of December 31, 2009, Westernbank Puerto Rico had approximately $11.94 billion in total assets and $8.62 billion in total deposits. Banco Popular de Puerto Rico did not pay the FDIC a premium to assume all of the deposits of Westernbank Puerto Rico. In addition to assuming all of the deposits, Banco Popular de Puerto Rico agreed to purchase approximately $9.39 billion of the failed bank's assets. The FDIC will retain the remaining assets for later disposition." [full release at FDIC.gov]

Scotiabank de Puerto Rico, San Juan, Puerto Rico, Assumes All of the Deposits of R-G Premier Bank of Puerto Rico, Hato Rey, Puerto Rico
"As of December 31, 2009, R-G Premier Bank of Puerto Rico had approximately $5.92 billion in total assets and $4.25 billion in total deposits. Scotiabank de Puerto Rico paid the FDIC a premium of 1.35 percent to assume all of the deposits of R-G Premier Bank of Puerto Rico. In addition to assuming all of the deposits, Scotiabank de Puerto Rico agreed to purchase essentially all of the failed bank's assets." [full release at FDIC.gov]

Oriental Bank and Trust, San Juan, Puerto Rico, Assumes All of the Deposits of Eurobank, San Juan, Puerto Rico
EUBK, EuroBancshares (Stockcharts)
"As of December 31, 2009, Eurobank had approximately $2.56 billion in total assets and $1.97 billion in total deposits. Oriental Bank and Trust paid the FDIC a premium of 1.25 percent to assume all of the deposits of Eurobank. In addition to assuming all of the deposits, Oriental Bank and Trust agreed to purchase essentially all of the failed bank's assets." [full release at FDIC.gov]

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