Posted on 03/16/2010 9:50:20 PM PDT by optiguy
NEW YORK—The Federal Deposit Insurance Corp. is seeking buyers for three banks in Puerto Rico, a small island with big banking problems.
According to two people familiar with the matter, the agency has hired an investment bank to try to find capital or outright purchasers for W Holding Co. Inc., R&G Financial Corp. and Eurobancshares Inc., which have almost $21 billion in combined assets.
The three banks hold almost 30% of Puerto Rico's $62 billion of deposits, and their bank subsidiaries are operating under enhanced FDIC scrutiny.
The three banks didn't respond to requests for comment. A spokesman for the
(Excerpt) Read more at online.wsj.com ...
I’ll buy them but the Fed would need to finance the deal.
I’m sure they will end up doing just that. Not for you though.
/mark for later read
Anywhere near Brownsville, TN?
No, I’m just outside of Nashville, Brownsville is over by Memphis.
And you’re right. They will do it, but not for me.
Although I have a friend in Louisiana whose Dad took over a bank. He was reading through the bank’s bylaws and saw something, and took it to his attorney. What the bylaws said, was that for every account of $5000 or more you have one vote. So he and his lawyer friends opened up a ton of $5000 accounts, walked into the next board meeting with enough votes to take over the bank and change the bylaws.
It wouldn't do for a fella to live *that* close to Bozo's Bar-b-que(!) :)
(Wondering if they're still in bidness?)
Under new ownership but still going. The wife and I have a place in Brownsville but live in Oklahoma City. Try The Burger Basket. Brownsville or Bells. My father-in-law owns one, brother-in-law owns the other.
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