SOURCE: Doral Financial Corporation

February 03, 2012 16:46 ET

Doral Regains Compliance With NYSE Listing Standards

SAN JUAN, PR--(Marketwire - Feb 3, 2012) - Doral Financial Corporation (NYSE: DRL) ("Doral Financial"), the holding company of Doral Bank, with operations in Puerto Rico and the U.S., today confirmed that it has regained compliance with the New York Stock Exchange, Inc.'s ("NYSE") continued listing standards.

On December 14, 2011, Doral Financial received notification from the NYSE that it was not in compliance with Section 802.01C of the NYSE Listed Company Manual, which requires an average closing price of not less than $1 per share over a consecutive 30-trading day period. Doral Financial received confirmation on February 2, 2012 from the NYSE that it was in compliance with the NYSE's listing standards.

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 Securities and Exchange Commission ("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") and Doral Money, Inc. ("Doral Money") 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.

Contact Information

  • 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