On April 30, 2010 the Office of the Commissioner of Financial Institutions (OCIF) closed Westernbank’s operations because it was not in a financial condition to continue operations, and named the Federal Deposit Insurance Corporation (FDIC) as its trustee.
As Westernbank’s trustee, the FDIC is obligated by law to take the most efficient measures to protect the financial institution’s clients and minimize the impact its closing will have on Puerto Rico’s economy. In this process, the FDIC came to an agreement with Popular to take over some of Westernbank’s deposits, loans and services with an assisted transaction.
In an assisted transaction, the FDIC minimizes the impact that Westernbank’s closing might have on its deposits, loans and services, sharing the costs related to acquiring them with Popular. This way, service to customers will continue to be available without interruption.
This transaction will not affect your services with Popular in any way. If you know someone who is a Westernbank customer, you can direct them to Popular.com/Westernbank, where they will find all the information they need regarding their accounts.