After a 58% collapse in the share price today, news broke after the close:

*PUERTO RICO'S DORAL BANK PLACED UNDER FDIC RECEIVERSHIP

*PUERTO RICO'S BANCO POPULAR AGREES TO BUY DORAL BANK OPERATIONS

Banco Popular will take the deposits (and 8 of Doral's 26 branches) and the FDIC, aka America's bad bank, eats the bad debt estimated to cost the Deposit Insurance Fund (DIF), as in the US taxpayer, some $748.9 million.

3rd largest (by assets) Puerto Rico-domiciled bank based on BBG data....

The writing could perhaps have been on the wall...