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Doral Financial (DRL) is evaluating its legal options after Puerto Rico rejected the company's request for a $230 million refund of overpaid taxes.
May 15 -
Puerto Rico's banks are stronger than before, but are they strong enough?
February 25 -
Doral Financial in Puerto Rico is aiming its philanthropic work at women entrepreneurs to improve the fortunes of its community and its own.
August 16
Under pressure from the Federal Deposit Insurance Corp. to increase its capital levels, Doral Financial (DRL) is selling its health care lending division to Triumph Bancorp in Dallas.
The transaction, announced Thursday, is expected to close this quarter and the lending platform will be rebranded as Triumph Healthcare Finance. Terms of the deal were not disclosed.
News of the sale comes just weeks after the FDIC told the San Juan, Puerto Rico, company that it
Doral said at the time that it was exploring a range of capital-raising options, including selling off performing and nonperforming assets.
Doral requested a $230 million refund of overpaid taxes from Puerto Rico, but was denied. Therefore, the $8.5 billion-asset Doral is looking at
Doral Healthcare Financial was launched in January 2011 as an asset-based lender targeting the medical industry.
Houlihan Lokey served as Doral's financial advisor during this transaction.
