-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MIpKGbWq3dBDIgGLJjsnDOBkWXcYgbSsXFV0Y3TYfjWLz5scgAhda0Sy/1s7FuKy JiDL4ORpPIE4E0wzTJEflQ== 0000950144-08-007168.txt : 20080918 0000950144-08-007168.hdr.sgml : 20080918 20080918161811 ACCESSION NUMBER: 0000950144-08-007168 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080912 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080918 DATE AS OF CHANGE: 20080918 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DORAL FINANCIAL CORP CENTRAL INDEX KEY: 0000840889 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL BANKS, NEC [6029] IRS NUMBER: 660312162 STATE OF INCORPORATION: PR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31579 FILM NUMBER: 081078594 BUSINESS ADDRESS: STREET 1: 1451 FRANKLIN D ROOSEVELT AVENUE CITY: SAN JUAN STATE: PR ZIP: 00920-2717 BUSINESS PHONE: 787-474-6700 MAIL ADDRESS: STREET 1: 1451 FRANKLIN D ROOSEVELT AVE STREET 2: AVENUE F D ROOSEVELT 1159 CITY: SAN JUAN STATE: PR ZIP: 00920-2717 FORMER COMPANY: FORMER CONFORMED NAME: FIRST FINANCIAL CARIBBEAN CORP DATE OF NAME CHANGE: 19920703 8-K 1 g15110e8vk.htm DORAL FINANCIAL CORP. DORAL FINANCIAL CORP.
Page 1 of 3
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): September 12, 2008
DORAL FINANCIAL CORP
 
(Exact name of registrant as specified in its charter)
         
Puerto Rico   0-17224   66-031262
         
(State or other jurisdiction
of incorporation) 		  (Commission
File Number) 		  (I.R.S. Employer
Identification No.)
     
1451 FRANKLIN D ROOSEVELT AVENUE,
SAN JUAN, Puerto Rico 		   
00920-2717
     
(Address of principal executive offices)   (Zip Code)
     
Registrant’s telephone number, including area code:   787-474-6700
Not Applicable
 
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Page 2 of 3
Item 5.02   Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 12, 2008, Frank W. Baier resigned from the Board of Directors of Doral Financial Corporation (the “Company”). His resignation was related to his decision to agree to serve as Special Assistant to the newly appointed Chief Executive Officer of Washington Mutual Inc.
Item 8.01   Other Events
On September 17, 2008, the Company announced that the Federal Deposit Insurance Corporation (the “FDIC”) had terminated the Order to Cease and Desist (the “Order”) issued to its principal subsidiary, Doral Bank. The Order was put in place on February 19, 2008 and related to Bank Secrecy Act (“BSA”) compliance in regards to Doral Bank’s BSA/Anti-Money Laundering Compliance Program.
Item 9.01   Financial Statements and Exhibits
(c)   Exhibits
     
   99.1 Press release dated September 17, 2008

 

 

Page 3 of 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  DORAL FINANCIAL CORP
 		  
September 18, 2008  By:   /s/Enrique Ubarri-Barragano    
    Name:   Enrique Ubarri-Barragano   
    Title:   Executive Vice President and General Counsel   
 

 

EX-99.1 2 g15110exv99w1.htm EX-99.1 PRESS RELEASE EX-99.1 PRESS RELEASE
Exhibit 99.1

(DORAL LOGO)
     
 
   For Immediate Release
 
   September 17, 2008
Doral Financial Announces that the FDIC Lifted the C&D Order with
Doral Bank, Puerto Rico on BSA
September 17, 2008 —Doral Financial Corporation (NYSE: DRL), a diversified financial services company, today announced that the Federal Deposit Insurance Corporation (FDIC) terminated the Order to Cease and Desist with its principal subsidiary, Doral Bank. The Order was put in place on February 19, 2008 for Bank Secrecy Act (BSA) compliance in regards to the BSA/Anti Money Laundering Compliance Program.
“We are pleased with our progress towards becoming a fully compliant company. As we move forward, the release of this Order is an important milestone that helps the execution of our business plan to grow the franchise. There is more work to be completed and it continues to be a key area of focus,” said Glen R. Wakeman, President and Chief Executive Officer.
The regulatory findings that resulted in the Order were based on a review conducted for the period ended December 31, 2006 and were related to violations that had initially occurred in 2005, prior to the Company’s change in management, recapitalization and replacement of the Board of Directors.
As previously reported on February 19, 2008, the Order included a provision to conduct a Look Back Review for the time period beginning April 1, 2006 through March 13, 2007. A Look Back Review is an analysis of certain transactions for a designated period of time for compliance with BSA/Anti Money Laundering requirements. This process is ongoing. In order to address the remaining requirements of the Look Back Review, the bank and the FDIC agreed to a Memorandum of Understanding that covers the remaining portion of the Look Back Review.
Forward Looking Statements
This press release contains forward-looking statements. In addition, Doral Financial may make forward-looking statements in its press releases or in other public or shareholder communications and its senior management may make forward-looking statements orally to analysts, investors, the media and others. These “forward-looking statements” are identified by the use of words or phrases such as “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project” or similar expressions.
Doral Financial cautions readers not to place undue reliance on any of these forward-looking statements since they speak only as of the date made and represent Doral Financial’s expectations of future conditions or results and are not guarantees of future performance. Forward-looking statements involve inherent risks and uncertainties. A number


 

of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following:
  •   the relative strength or weakness of the Puerto Rico and the United States economies;
 
  •   changes in interest rates and the potential impact of such changes in interest rates on Doral Financial’s net interest income;
 
  •   the performance of U.S. capital markets;
 
  •   the fiscal and monetary policy of the federal government and its agencies;
 
  •   the relative strength or weakness of the real estate markets and of the consumer or commercial credit sectors and its impact in the credit quality of Doral Financial’s loans and            other assets;
 
  •   Doral Financial’s ability to derive sufficient income to realize the benefit of its deferred tax assets;
 
  •   potential adverse development from ongoing enforcement actions by bank regulatory agencies;
 
  •   risks arising from material weaknesses in Doral Financial’s internal control over financial reporting; and
 
  •   developments in the regulatory and legal environment for financial services companies in Puerto Rico and the United States.
Doral Financial does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of those statements.
Investors should carefully consider these factors and the risk factors outlined under Item 1A, Risk Factors, in Doral Financial’s 2006 Annual Report on Form 10-K.

CONTACT:
Lucienne Gigante
vp, public relations
787-474-6298

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