Puerto Rico bank to be taken over by FDIC

Breaking News: Puerto Rico bank to be taken over by FDIC By : MARTHA DREYER DUPERRAY martha@caribbeanbusinesspr.com More than 200 Federal Deposit Insurance Corp. (FDIC) agents have been in San Juan this week preparing to take over what sources say is a local bank. If all follows the usual modus operandi of the FDIC, it can be expected that the agents take over the bank today, Friday, after working hours and then reopen it Monday morning with normal operations. The takeover is a seamless one, a source explained, and depositors are fully covered and insured under FDIC provisions, which recently increased coverage of bank accounts from $100,000 to $250,000. This is thought to be the first time the FDIC has taken over a commercial bank on the island although due to the economic problems being suffered throughout the U.S. mainland the federal agency has taken action on some 18 banks there over the past 18 months.