Bank Failure
Westernbank Puerto Rico
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Closed April 30, 2010 · Mayaguez, PR · FDIC Cert #31027.
- Closing date
- April 30, 2010
- Headquarters
- Mayaguez, PR
- FDIC Certificate
- 31027
- Total assets at closing
- $10.80B
- Total deposits at closing
- $8.42B
- Estimated loss to the insurance fund
- $2.17B
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Banco Popular de Puerto Rico
Context
On April 30, 2010, regulators closed Westernbank Puerto Rico, headquartered in Mayaguez, PR. At closing, the institution held approximately $10.80B in assets and $8.42B in deposits. The FDIC record names Banco Popular de Puerto Rico as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $2.17B.
By assets at closing this is the 17th largest of the 3,526 bank failures in the FDIC record, and the 1st of 157 in 2010. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Westernbank Puerto Rico fail?
Westernbank Puerto Rico was closed by regulators on April 30, 2010.
Who acquired Westernbank Puerto Rico?
The FDIC record names Banco Popular de Puerto Rico as the acquiring institution in the resolution of Westernbank Puerto Rico.
How big was Westernbank Puerto Rico when it failed?
Westernbank Puerto Rico had approximately $10.80B in total assets and $8.42B in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | The Bank of Miami | $448.1M |
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Paramount Bank | $252.7M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
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