Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership, 50733 [2011-20766]

Download as PDF Federal Register / Vol. 76, No. 158 / Tuesday, August 16, 2011 / Notices application may also be purchased from the Commission’s duplicating contractor, Best Copy and Printing, Inc., 445 12th Street, SW., Room CY–B402, Washington, DC, 20554, telephone 1– 800–378–3160 or http:// www.BCPIWEB.com. Federal Communications Commission. James D. Bradshaw, Deputy Chief, Audio Division, Media Bureau. [FR Doc. 2011–20828 Filed 8–15–11; 8:45 am] BILLING CODE 6712–01–P FEDERAL DEPOSIT INSURANCE CORPORATION Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership Federal Deposit Insurance Corporation (FDIC). ACTION: Notice. AGENCY: The FDIC has determined that insufficient assets exist in the receivership of R–G Premier Bank of Puerto Rico, Hato Rey, 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. FOR FURTHER INFORMATION CONTACT: 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 of R–G Premier Bank of Puerto Rico, Attention: Claims Agent, 7777 Baymeadows Way West, Jacksonville, Florida 32256. SUPPLEMENTARY INFORMATION: On April 30, 2010, R–G Premier Bank of Puerto Rico, Hato Rey, Puerto Rico, (FIN #10230) 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 Scotiabank de Puerto Rico, San Juan, Puerto Rico, to acquire the deposits and most of the assets of the failed institution. 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. emcdonald on DSK2BSOYB1PROD with NOTICES SUMMARY: VerDate Mar<15>2010 18:07 Aug 15, 2011 Jkt 223001 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 priority claims. As of May 31, 2011, the value of assets available for distribution by the Receiver, together with maximum possible recoveries on claims against directors, officers, and other professionals, and claims in bankruptcy was $3,321,421,322. As of the same date, administrative expenses and depositor liabilities equaled $4,671,704,953, exceeding available assets and potential recoveries by $1,350,283,631. 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. Robert E. Feldman, Executive Secretary. [FR Doc. 2011–20765 Filed 8–15–11; 8:45 am] BILLING CODE 6714–01–P FEDERAL DEPOSIT INSURANCE CORPORATION Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership Federal Deposit Insurance Corporation (FDIC). ACTION: Notice. AGENCY: The FDIC has determined that insufficient assets exist in the receivership of Eurobank, San Juan, Puerto Rico, to make any distribution on general unsecured claims, and therefore such claims will recover nothing and have no value. DATES: The FDIC made its determination on August 2, 2011. FOR FURTHER INFORMATION CONTACT: 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 of Eurobank, Attention: Claims Agent, 7777 Baymeadows Way West, Jacksonville, Florida 32256. SUPPLEMENTARY INFORMATION: On April 30, 2010, Eurobank, San Juan, Puerto Rico, (FIN #10229) 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 SUMMARY: PO 00000 Frm 00019 Fmt 4703 Sfmt 4703 50733 (‘‘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 Oriental Bank and Trust, San Juan, Puerto Rico, to acquire the deposits and most of the assets of the failed institution. 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 priority claims. 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 was $742,676,348. As of the same date, administrative expenses and depositor liabilities equaled $1,466,183,675, exceeding available assets and potential recoveries by $723,507,327. 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. Robert E. Feldman, Executive Secretary. [FR Doc. 2011–20766 Filed 8–15–11; 8:45 am] BILLING CODE 6714–01–P FEDERAL DEPOSIT INSURANCE CORPORATION Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership Federal Deposit Insurance Corporation (FDIC). ACTION: Notice. AGENCY: 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. FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, you may contact an FDIC Claims SUMMARY: E:\FR\FM\16AUN1.SGM 16AUN1

Agencies

[Federal Register Volume 76, Number 158 (Tuesday, August 16, 2011)]
[Notices]
[Page 50733]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-20766]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Determination of Insufficient Assets To Satisfy Claims Against 
Financial Institution in Receivership

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice.

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SUMMARY: The FDIC has determined that insufficient assets exist in the 
receivership of Eurobank, San Juan, Puerto Rico, to make any 
distribution on general unsecured claims, and therefore such claims 
will recover nothing and have no value.

DATES: The FDIC made its determination on August 2, 2011.

FOR FURTHER INFORMATION CONTACT: 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 of Eurobank, 
Attention: Claims Agent, 7777 Baymeadows Way West, Jacksonville, 
Florida 32256.

SUPPLEMENTARY INFORMATION: On April 30, 2010, Eurobank, San Juan, 
Puerto Rico, (FIN 10229) 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 Oriental Bank and 
Trust, San Juan, Puerto Rico, to acquire the deposits and most of the 
assets of the failed institution.
    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 priority claims.
    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 was $742,676,348. As of 
the same date, administrative expenses and depositor liabilities 
equaled $1,466,183,675, exceeding available assets and potential 
recoveries by $723,507,327. 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.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2011-20766 Filed 8-15-11; 8:45 am]
BILLING CODE 6714-01-P