SOURCE: Doral Financial Corportion

October 15, 2013 09:40 ET

Foundation Thanks Doral Bank for Its Support of Scholarship Program

PANAMA CITY, FL--(Marketwired - Oct 15, 2013) - Doral Bank, a wholly-owned subsidiary of Doral Financial Corporation (NYSE: DRL), has been recognized by The Bay Education Foundation of Bay County, Fla. for Doral's s financial and volunteer support to assist Bay County middle school and high school students to be in a position to pursue a college education.

In a ceremony held at a Bay County (Fla.) School Board meeting, Beth Deluzain, the Foundation's executive director, announced, "Doral Bank changes lives. Doral's financial support of our scholarship program and the volunteer hours that bank employees contribute assist us in helping many students." Recently Doral contributed $7,500 to the Foundation's "Take Stock in Children" program, which awards college tuition scholarships to promising students from low-income households. Many will become the first students in the history of their families to earn a college degree.

"We are proud to be able to participate in the Bay Education Foundation," said Steve Bornhoft, Doral's Florida marketing director and a former Foundation board president. "The Foundation and its volunteers do far more than hand out checks and that's something we feel good about. Scholarship students work closely, beginning in the sixth grade, with Foundation mentors who prepare them to take full advantage of the opportunity to pursue college degrees."

Currently, 100 Bay County middle- and high-school students are in the Take Stock program. Fifty-four students are attending colleges and universities and 34 have earned post-secondary degrees or certifications. Doral employees assist with Foundation fund-raising events and serve as mentors and board members. 

Amanda Cobb was the program's first college graduate. She received a bachelor's degree in English literature from Flagler College in St. Augustine, Fla., and went on to earn her master's degree from the University of Central Florida. Today, she is teaching at Valencia State College while pursuing a doctorate.

"When I first met Amanda, she and her two siblings were living with their mother in a mobile home in rural Bay County," said Glenda Walters, who served Amanda as her Foundation mentor. "They were desperately poor and Amanda would not have had the chance to go to college without the Foundation's help."

"Take Stock scholarship students tend to find ways to give back to the community and Amanda is a perfect example of that," Bornhoft said. "These students demonstrate to others the possibilities that education brings to life and the entire community benefits."

To learn more about Doral's community initiatives, please visit

About Doral Bank

Doral Bank is a leading community bank, based in San Juan, Puerto Rico. Doral serves its customers in both Puerto Rico and the US mainland. On the US mainland, Doral has branches in Florida and New York as well as its national online bank, Doral Direct. Doral Bank is a member of the FDIC and a wholly owned subsidiary of Doral Financial Corporation (NYSE: DRL).