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NEW YORK—The Federal Reserve Bank of New York Tuesday approved the application by First Financial Caribbean Corporation, San Juan, Puerto Rico to become a bank holding company, in connection with the proposed conversion of Doral Federal Savings Bank, San Juan, Puerto Rico, to a commercial bank chartered under the laws of the Commonwealth of Puerto Rico, and the notice by First Financial Caribbean Corporation, San Juan, Puerto Rico, to continue to engage in making, aquiring and servicing, mortgage loans through its subsidiary, Doral Mortgage Corporation, Hato Rey, Puerto Rico.
According to standard procedure, the proposal cannot be completed for 15 days.
The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.