SAN JUAN, PR, Dec 16, 2011 (MARKETWIRE via COMTEX) —
Doral Financial Corporation
/quotes/zigman/478783/quotes/nls/drl DRL
+18.99%
(“Doral Financial”), the
holding company of Doral Bank, with operations in Puerto Rico and the
U.S., announced today that on December 14, 2011, it received notice
from the New York Stock Exchange, Inc. (“NYSE”) that Doral Financial
is no longer in compliance with the NYSE’s continued listing
standards because the average per share closing price of Doral
Financial’s common stock for the 30 trading period ending on December
12, 2011 has fallen below the NYSE’s share price requirements. The
NYSE requires the average closing share price of a listed company’s
common stock to be at least $1.00 per share over any consecutive 30
trading-day period.
Subject to the NYSE’s rules, Doral Financial has six months from the
date of its receipt of the NYSE notice to regain compliance with the
minimum share price rule. Doral Financial can regain compliance at
any time during the six-month cure period if on the last trading day
of any calendar month during the six-month cure period Doral
Financial’s shares of common stock have a closing share price of at
least $1.00 and an average closing share price of at least $1.00 over
the 30 trading-day period ending on the last trading day of that
month or on the last day of the cure period.
Doral Financial will notify the NYSE the steps it will take to cure
this deficiency within the prescribed timeframe. Until then, Doral
Financial’s shares of common stock will continue to be listed and
traded on the NYSE, subject to compliance with other NYSE continued
listing standards. Doral Financial is currently in compliance with
all other NYSE continued listing standards. The NYSE notification
does not affect Doral Financial’s business operations or its
Securities and Exchange Commission (“SEC”) reporting requirements.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the
meaning of, and subject to the protections of, the Private Securities
Litigation Reform Act of 1995. In addition, Doral Financial
Corporation may make forward-looking statements in other press
releases, filings with the SEC 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 may relate to Doral Financial
Corporation’s financial condition, results of operations, plans,
objectives, future performance and business, including, but not
limited to, statements with respect to the adequacy of the allowance
for loan and lease losses, market risk and the impact of interest
rate changes, capital markets conditions, capital adequacy and
liquidity, and the effect of legal proceedings, regulatory matters
and new accounting standards and guidance on Doral Financial
Corporation’s financial condition and results of operations.
Forward-looking statements can be identified by the fact that they do
not relate strictly to historical or current facts, but instead
represent Doral Financial Corporation’s current expectations
regarding future events. Such forward-looking statements may be
generally 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,”
“believe,” “expect,” “predict,” “forecast,” “anticipate,” “target,”
“goal,” and similar expressions and future or conditional verbs such
as “would,” “should,” “could,” “might,” “can,” or “may” or similar
expressions.
Doral Financial Corporation 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 Corporation’s
current expectations of future conditions or results and are not
guarantees of future performance. Doral Financial Corporation does
not undertake and specifically disclaims any obligations to update
any forward-looking statements to reflect occurrences or
unanticipated events or circumstances after the date of those
statements.
Forward-looking statements are, by their nature, subject to risks and
uncertainties and changes in circumstances, many of which are beyond
Doral Financial Corporation’s control. Risk factors and uncertainties
that could cause Doral Financial Corporation’s actual results to
differ materially from those described in forward-looking statements
can be found in Doral Financial Corporation’s Annual Report on Form
10-K for the year ended December 31, 2010 which is available on Doral
Financial Corporation’s website at
www.doralfinancial.com , as updated
from time to time in Doral Financial Corporation’s periodic and other
reports filed with the SEC.
Institutional Background
Doral Financial Corporation is a bank holding company engaged in
banking, mortgage banking and insurance agency activities through its
wholly-owned subsidiaries, Doral Bank (“Doral Bank PR”), Doral
Insurance Agency, Inc., and Doral Properties, Inc. Doral Bank PR
operates in Puerto Rico, the New York metropolitan area and the
northwest region of Florida. Doral Bank PR also operates Doral
Mortgage LLC (“Doral Mortgage”), Doral Money, Inc. (“Doral Money”),
three wholly-owned subsidiaries, that engage in commercial and middle
market lending primarily in the New York metropolitan area, and CB,
LLC, an entity formed to dispose of a real estate project of which
Doral Bank PR took possession during 2005. Doral Money consolidates
two variable interest entities created for the purpose of entering
into a collateralized loan arrangement with a third party. Effective
on October 1, 2011, Doral Bank, FSB was merged with and into Doral
Bank PR.
Doral Financial Corporation’s common stock trades on the New York
Stock Exchange under the symbol DRL. Additional information about
Doral Financial Corporation may be found on Doral Financial
Corporation’s website at
www.doralfinancial.com .
For more information contact:
Investor Relations:
Christopher Poulton
EVP
Email Contact
212-329-3794
Media:
Lucienne Gigante
SVP Public Relations Community
Email Contact
787-474-6298
SOURCE: Doral Financial Corporation
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