Doral Financial Corporation (Doral Financial) is a bank holding company. Doral Financial is engaged in retail banking activities in Puerto Rico and the United States through its banking subsidiary. Doral Financial has three wholly owned subsidiaries, which are Doral Bank (Doral Bank), Doral Insurance Agency, Inc. (Doral Insurance Agency) and Doral Properties, Inc. (Doral Properties). Doral Bank has three wholly owned subsidiaries in operation, Doral Mortgage, LLC (Doral Mortgage), Doral Money, Inc. (Doral Money), principally engaged in commercial lending in the New York metropolitan area, and CB, LLC, an entity incorporated to dispose of a real estate project. As of December 31, 2011, the Company operated in four segments: Puerto Rico, United States, Liquidating Operations and Treasury. Effective October 1, 2011, the Company completed an internal reorganization by merging its two depository institution subsidiaries, Doral Bank, FSB and Doral Bank.