R & G Financial Corporation
Former financial holding company in Puerto Rico / From Wikipedia, the free encyclopedia
The R & G Financial Corporation (commonly known as RG Financial or R-G Financial) was a financial holding company located in San Juan, Puerto Rico. On April 30, 2010, its bank failed and its deposits and assets were seized by the Federal Deposit Insurance Corporation (FDIC). Its deposits and assets were subsequently sold to Scotiabank. On May 14, R & G Financial Corporation filed for Chapter 11 bankruptcy.[1][2]
Company type | public |
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Industry | Finance and Insurance |
Founded | 1966 San Juan, Puerto Rico |
Defunct | April 30, 2010 (2010-04-30) |
Fate | The Office of the Commissioner of Financial Institutions of Puerto Rico seized it and appointed the FDIC to become the failed bank's receiver. |
Successor | Scotiabank |
Headquarters | San Juan, Puerto Rico |
Key people | Victor J. Galán, Chairman & CEO |
Products | Banking Checking Accounts Insurance stock brokerage Investment Bank Asset-Based Lending Consumer finance |
RG used to offer a full range of financial services in Puerto Rico and the State of Florida 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, San Juan.