Regulators close 3 troubled banks in Puerto Rico

SAN JUAN, Puerto Rico

Financial regulators have closed three banks in Puerto Rico that struggled to stay afloat during the U.S. territory's grinding, four-year recession.

Healthier lenders are taking over the assets of the three failed institutions in the Caribbean island's largest bank consolidation in more than 20 years.

The failed banks -- R-G Premier Bank, Eurobank and Westernbank -- together held roughly $20 billion. That is about one-fifth of the bank assets in Puerto Rico.

Their assets were assumed by Scotiabank, Oriental Bank and Trust, and Banco Popular on Friday.