Peter Schiff Hopes to Save, Sell His Troubled Puerto Rico Bank

Economist and celebrity investor Peter Schiff said he still hopes to sell his troubled Puerto Rican bank after local regulators shut down the firm last week amid allegations that it failed to meet capitalization requirements and missed key deadlines.

A Texas-based financial institution remains interested in purchasing Euro Pacific International Bank Inc. -- if he can convince local regulators to lift their provisional cease-and-desist order, Schiff said.

Euro Pacific submitted a plan in November for Houston-based Emergent Technology & Payments to acquire all the shares of the bank, which is wholly owned by Schiff, according to the Puerto Rico Office ...