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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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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 22, 1997
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Doral Financial Corporation
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(Exact name of registrant as specified in Charter)
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Puerto Rico 0-17224 66-0312162
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(State or other jurisdiction (Commission File No.) (IRS Employer Identification No.)
of incorporation)
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1159 Franklin D. Roosevelt Avenue, San Juan, Puerto Rico 00920
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (787) 749-7100
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First Financial Caribbean Corporation
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
On September 22, 1997, First Financial Caribbean Corporation (the "Company")
issued a press release announcing that at a special shareholders' meeting held
that same day, the shareholders approved proposals to: (i) change the name of
the Company to Doral Financial Corporation and (ii) increase the number of
authorized shares of Common Stock of the Company from 20,000,000 to 50,000,000
shares. A copy of the press release is attached as Exhibit 99(a) to this
Current Report on Form 8-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA, FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99(a) Press Release dated September 22, 1997
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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 CORPORATION
By: /s/ Richard F. Bonini
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Richard F. Bonini
Senior Executive Vice President and
Chief Financial Officer
Date: September 23, 1997
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EXHIBIT INDEX
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EXHIBIT NUMBER DESCRIPTION PAGE
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99(a) Press Release dated September 22, 1997
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EXHIBIT 99(a)
[LOGO] [FIRST FINANCIAL CARIBBEAN CORPORATION LETTERHEAD]
DATE: September 22, 1997
FOR: First Financial Caribbean Corporation
CONTACT: Richard F. Bonini
Senior Executive Vice President
(787) 749-7108
(212) 508-0340
FIRST FINANCIAL CARIBBEAN CORPORATION,
NOW DORAL FINANCIAL CORPORATION
San Juan, Puerto Rico, September 22, 1997 -- First Financial Caribbean
Corporation (NASDAQ: FRCC), a Puerto Rico-based diversified financial services
institution with offices in Puerto Rico, Florida and New York has changed its
name to Doral Financial Corporation. The new NASDAQ ticker name is DORL.
The move was overwhelmingly approved at a special shareholders' meeting held
earlier today at company headquarters in San Juan. The name change is designed
to facilitate the Company's marketing efforts and expansion, both in Puerto
Rico and the rest of the US. All of the units of the Company will have logos
which designate them as Companies of Doral Financial.
"We are very pleased with the strong shareholder support of this decision,
which allows us to more easily communicate that we are a family of Companies
that offers diversified services," said Salomon Levis, chairman and CEO of
Doral Financial.
Doral Financial is the leading mortgage lender in Puerto Rico. The Company
offers mortgage banking services through its HF Mortgage Bankers, Doral
Mortgage Corporation and Centro Hipotecario subsidiaries; banking services
through its wholly-owned thrift institution, Doral Federal Savings Bank; and
retail investment brokerage through its wholly-owned NASD licensed
broker/dealer Doral Securities. Doral Financial operates 25 retail branches in
Puerto Rico, two in Florida and one business office in New York City.
Doral Federal recently received the approval from the Federal Reserve to
convert to commercial banking status and is now awaiting approval from Puerto
Rico's financial commissioner. The conversion is expected shortly.
At the special meeting, the Company's shareholders also approved a proposal to
increase the number of authorized shares of Common Stock from 20,000,000 to
50,000,000 shares.
