NEW YORK ( TheStreet) -- The Federal Deposit Insurance Corp. has received bids for three under-capitalized banks based in Puerto Rico, according to a published report.
While FDIC spokesman Greg Hernandez said the FDIC's bidding process was "highly confidential," the Wall Street Journal reported Thursday that agency's bidding deadline passed on Tuesday for interested parties to put in offers for Westernbank Puerto Rico, a unit of W. Holding Company (WHI), R-G Premier Bank, which is held by R&G Financial (RGFC), and EuroBank of San Juan, a subsidiary of EuroBancshares (EUBK).
According to the Journal, bidders have included Popular Inc. (BPOP - Get Report), which holds Banco Popular Puerto Rico of San Juan and Banco Popular North America of New York; Oriental Financial Group (OFG - Get Report); Doral Financial (DRL - Get Report); and Banco Santander SA (STD), the Spanish bank that holds Banco Santander Puerto Rico, along with Sovereign Bank of Wyomissing, Pa., one of the largest U.S. thrifts, with $74 billion in total assets.
The table below provides a snapshot of the financial condition of the ten biggest banks in Puerto Rico, based on asset size, as of Dec. 31. Of the institutions listed, eight were considered well capitalized at the end of 2009 according to the regulatory guidelines that apply to most banks. The exceptions were R-G and EuroBank, since those institutions had total risk-based capital ratios below the 10% threshold.: