SAN JUAN, Puerto Rico (PNN) - February 27, 2015 - Based on Bloomberg data, Doral Bank is the 3rd largest (by assets) bank in Puerto Rico... or rather was. After a 58% collapse in the share price today, news broke after the close.

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

What happened is that the FDIC "fat-fingered" the failure release just before the market close, with the stock plunging as a result, then promptly retracted the release but the damage had already been done. After the close, the FDIC re-informed the public that the bank, which back in 2010 traded at $125, had indeed been liquidated.

For those trying to back into the level of Non-Performing Loans, here is the rule of thumb: Doral held $5.9 billion in assets at 12/31 over deposits of $4.1 billion implying at least $1.8 billion in asset impairment, and then the FDIC had to eat a $749MM in FDIC losses, so a total of $2.5 billion in non-performing assets which is over 40% of the total.  There are some other banks with NPLs verging on 40%.