On Friday, April 30, 2010, Westernbank Puerto Rico, Mayaguez, PR was
closed by the
Office of the Commissioner of Financial Institutions of the
Commonwealth of Puerto Rico, and
the Federal Deposit Insurance Corporation (FDIC)
was named Receiver. No advance notice is given to the
public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with
this institution. Besides a checking
account, you may have Certificates of Deposit, a car loan, a business checking
account, a commercial loan, a Social Security direct deposit, and other
relationships with the institution. The FDIC has compiled the following information,
which should answer many of your questions.
All deposit accounts, excluding certain brokered deposits, have
been transferred to Banco Popular de Puerto Rico, Hato Rey, PR ("assuming
institution") and will be available immediately. The former Westernbank Puerto Rico locations will reopen as branches of Banco Popular de Puerto Rico during regular business hours.
Your transferred deposits will be separately insured from any accounts
you may already have at Banco Popular de Puerto Rico for six
months after the failure of Westernbank Puerto Rico. Checks
that were drawn on Westernbank Puerto Rico that did not
clear before the institution closed will be honored as long as there are
sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank,
you may speak to an FDIC representative by calling 1-800-591-2909.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
- FDIC's Electronic Deposit Insurance Estimator
You may withdraw your funds from any transferred
account without an early withdrawal penalty until you enter into a new deposit
agreement with Banco Popular de Puerto Rico as long as
the deposits are not pledged as collateral for loans. You may view more
information about Banco Popular de Puerto Rico by visiting their web site.
Banco Popular de Puerto Rico (www.popular.com)
The Automated Teller Machines (ATM) and online service will remain available.
The bank will maintain its regular business hours, and you may continue
to use the services to which you previously had access, such as safe deposit
boxes, night deposit boxes, wire services, etc.
Your checks will be processed as usual. All outstanding checks
will be paid against your available balance(s) as if no change
had occurred. Your new bank will
contact you soon regarding any changes in the terms of your account. If
you have a problem with a merchant refusing to accept your check, please
contact your branch
office. An account representative will
clear up any confusion about the validity of your checks.
All interest accrued through Friday, April 30,
2010 will be paid at your same rate. Banco Popular de Puerto Rico will
be reviewing rates. You
will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to your new bank. If
you have any questions or special requests, you may contact a representative
of your assuming institution at your
Determination of Insufficient Assets To
Satisfy Claims Against Financial
Institution in Receivership
SUMMARY: The FDIC has determined that
insufficient assets exist in the
receivership of Westernbank Puerto
Rico, Mayaguez, Puerto Rico, to make
any distribution to general unsecured
claims, and therefore such claims will
recover nothing and have no value.
DATES: The FDIC made its determination
on August 2, 2011.
If you have questions regarding this notice, you may contact an FDIC Claims Agent at (904) 256–3925. Written
correspondence may also be mailed to:
|FDIC as Receiver for Westernbank Puerto Rico
8800 Baymeadows Way West
Jacksonville, FL 32256
Attention: Claims Agent
SUPPLEMENTARY INFORMATION: On April
30, 2010, Westernbank Puerto Rico,
Mayaguez, Puerto Rico, (FIN #10231)
was closed by the Office of the
Commissioner of Financial Institutions
of the Commonwealth of Puerto Rico
(''OCFI''), and the Federal Deposit
Insurance Corporation (''FDIC'') was
appointed as its receiver (''Receiver'').
In complying with its statutory duty to
resolve the institution in the method
that is least costly to the deposit
insurance fund, see 12 U.S.C. 1823(c)(4),
the FDIC facilitated a transaction with
Banco Popular de Puerto Rico, San Juan,
Puerto Rico, to acquire the deposits and
most of the assets of the failed
Section 11(d)(11)(A) of the FDI Act,
12 U.S.C. 1821(d)(11)(A), sets forth the
order of priority for distribution of
amounts realized from the liquidation or
other resolution of an insured
depository institution to pay claims.
Under the statutory order of priority,
administrative expenses and deposit
liabilities must be paid in full before
any distribution may be made to general
unsecured creditors or any lower
As of May 31, 2011, the value of
assets available for distribution by the
Receiver, together with anticipated
recoveries on claims against directors,
officers, and other professionals, and tax
refunds was $4,673,843,188. As of the
same date, administrative expenses and
depositor liabilities equaled
$8,031,697,095, exceeding available
assets and potential recoveries by
$3,357,853,907. Accordingly, the FDIC
has determined that insufficient assets
exist to make any distribution on
general unsecured creditor claims (and
any lower priority claims) and therefore
all such claims, asserted or unasserted,
will recover nothing and have no value.
Dated: August 11, 2011
Federal Register / Vol. 76, No. 158 / Tuesday, August 16, 2011 / Notices Pg. 50734
FAQ For "No Value" Determination