[Federal Register Volume 76, Number 158 (Tuesday, August 16, 2011)]
[Notices]
[Page 50733]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-20765]


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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 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. 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