Doral Announces Internet Bank Launch
-- Finalizes Closing of Sale of New York Branch Network --
SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Doral Financial Corporation (DRL), a diversified financial services company, announced today that Doral Bank, FSB (“Doral Bank NY”), Doral Financial’s wholly owned New York City-based thrift subsidiary, is in the final stages of launching its new Internet bank, Doral Bank Direct, at www.doralbankdirect.com.
Doral Bank NY’s new state-of-the-art Internet banking site, which is expected to go live on or about August 15, 2007, offers a full range of loans and FDIC insured deposit products.
Doral Financial also announced that Doral Bank NY today completed the previously announced sale of its 11 branches in New York City to New York Commercial Bank, the commercial bank subsidiary of New York Community Bancorp. The transaction resulted in a deposit premium to Doral Bank NY of approximately $9.8 million. Doral Bank NY has received the authorization from the Office of Thrift Supervision to distribute a $50 million cash dividend from Doral Bank NY to Doral Financial.
Glen R. Wakeman, Chief Executive Officer and President of Doral Financial, stated, “By retaining Doral Bank NY’s federal charter, we are now able to capitalize on its strategic value to further move our business franchise into new growth opportunities, consistent with our strategy to become a community bank offering a wide array of products and services. With the well-regarded Doral brand, we are well-positioned to attract deposits, enhance our market presence in our target markets and build the institution.”
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 Company 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 for the year ended December 31, 2006 and quarterly report on Form 10-Q for the first quarter of 2007, which are available at the SEC’s web site at http://www.sec.gov.