<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Amendment No. 5
Doral Financial Corporation
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(NAME OF ISSUER)
Common Stock, $1.00 Par Value
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(TITLE OF CLASS OF SECURITIES)
25811P100
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(CUSIP NUMBER)
Salomon Levis, F.D. Roosevelt Avenue 1159, Puerto Nuevo, Puerto Rico 00920
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(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
July 13, 1998
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(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box [ ].
Check the following box if a fee is being paid with the statement [ ].
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1: and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
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CUSIP No. 25811P100 Page 2 of 9 Pages
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<TABLE>
<S> <C> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Salomon Levis
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ]
(b)[X]
See Item 6 and Schedule A
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
No shares are being purchased currently
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
568,684
NUMBER OF --------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 568,684
-------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
--
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
568,684
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
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14 TYPE OF REPORTING PERSON*
IN
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</TABLE>
* SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE> 3
CUSIP No. 25811P100 Page 3 of 9 Pages
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<TABLE>
<S> <C> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David Levis
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ]
(b)[X]
See Item 6 and Schedule A
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
No shares are being purchased currently
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
455,012
NUMBER OF --------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 455,012
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
455,012
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1%
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14 TYPE OF REPORTING PERSON*
IN
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</TABLE>
* SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE> 4
CUSIP No. 25811P100 Page 4 of 9 Pages
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<TABLE>
<S> <C> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mario S. Levis
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ]
(b)[X]
See Item 6 and Schedule A
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
632,312
NUMBER OF --------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 900
EACH --------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 632,312
-------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
900
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
633,212
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.6%
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14 TYPE OF REPORTING PERSON*
IN
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</TABLE>
* SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE> 5
CUSIP No. 25811P100 Page 5 of 9 Pages
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<TABLE>
<S> <C> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Zoila Levis
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)[ ]
(b)[X]
See Item 6 and Schedule A
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
384,544
NUMBER OF --------------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 384,544
-------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
384,544
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
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14 TYPE OF REPORTING PERSON*
IN
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</TABLE>
* SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE> 6
Page 6 of 9 pages
SCHEDULE 13D ITEMS
The original filing to which this Amendment No. 5 relates was dated
October 5, 1995 and was amended by an Amendment No. 1 dated December 15, 1995
("Amendment No. 1"), Amendment No. 2 dated September 3, 1996 ("Amendment No.2")
and Amendment No. 3 ("Amendment No. 3") dated September 9, 1997 and Amendment
No. 4 ("Amendment No. 4") dated March 2, 1998.
ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the Common Stock, $1.00 par value (the
"Common Stock"), of Doral Financial Corporation, formerly First Financial
Caribbean Corporation (the "Company"), a Puerto Rico corporation, having its
principal executive offices at 1159 Franklin D. Roosevelt Avenue, Puerto Nuevo,
Puerto Rico 00920 and is being filed by the persons identified in Item 2 below.
ITEM 2. IDENTIFY AND BACKGROUND
See Schedule A attached hereto.
None of the persons filing this Schedule 13D has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors)
during the past 5 years or was a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violations with respect to such
laws. All individuals are citizens of the United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The amount of Funds used by Zoila Levis, and Mario S. Levis to purchase
the shares of Common Stock reflected in the table under Item 5 below was
$210,863 and $183,800 respectively. Zoila Levis financed the purchase of the
shares acquired by her by borrowing funds under a master repurchase agreement
with Doral Securities pursuant to which she pledged unrelated debt securities to
secure the borrowing. Mario S. Levis financed the purchase of shares acquired
by him with personal funds.
<PAGE> 7
Page 7 of 9 pages
ITEM 4. PURPOSE OF TRANSACTION
The purpose of this Amendment No. 5 is to reflect the transfer by
Salomon Levis of 517,876 shares of Common Stock to his former spouse, Nancy
Hernandez, pursuant to a divorce settlement. As a result of the divorce, this
Schedule, as amended, also omits from the shares shown as beneficially owned by
Salomon Levis, the 50,808 shares owned directly by his former spouse. This
Amendment No. 5 also includes information on various purchases of Common Stock
made by Zoila Levis and Mario S. Levis since the date of the filing of Amendment
No. 4. The shares of Common Stock described in Item 5 purchased by Zoila Levis
and Mario S. Levis were purchased for personal investment in order to increase
their investment in the Company.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) See Schedule A hereto and cover pages for each individual filing
this Schedule. All share information contained in this Amendment No. 5,
including this Item 5, has been adjusted to reflect a two-for-one stock split
effective May 20, 1998.
(b) The spouse of Mario S. Levis owns 900 shares of the Company's
Common Stock which have been included in the total amount of shares owned by
such persons. The inclusion of such shares of Common Stock in this Schedule 13D
shall not be construed as an admission by Mario S. Levis that he is the
beneficial owner of such shares for purposes of Section 13(d) of the Securities
Exchange Act of 1934.
Furthermore, the filing of this Schedule 13D by each of the reporting
persons shall not be construed as an admission that the shares of any such
person are beneficially owned by any of the other individuals reporting
hereunder for purposes of Section 13(d) of the Securities Exchange Act of 1934.
Except for the shares of Common Stock owned by their spouses, each of the
persons filing this Schedule has the sole power to vote or direct the vote and
the sole power to dispose or direct the disposition of all shares of Common
Stock owned by him or her, subject to the community property laws of the
Commonwealth of Puerto Rico.
Since none of the individuals filing this Schedule individually own 5%
of the outstanding shares of the Company's Common Stock, the persons filing
this Schedule disclaim that the provision of Section 13(d) of the Securities
Exchange Act of 1934 and the Rules and Regulations promulgated by the
Securities and Exchange Commission thereunder are applicable to their
respective holdings of the Company's Common Stock.
(c)(i) On May 20, 1998, Salomon Levis entered into a divorce
agreement with his former spouse whereby they agreed to a divorce and property
settlement. Pursuant to the terms of the Agreement, between July 13 and July
15, 1998, Mr. Levis transferred 456,224 shares of Common Stock to Ms. Hernandez
and has agreed to transfer 61,652 additional shares of Common Stock to Ms.
Hernandez.
In addition to the 517,876 shares transferred pursuant to the terms
of the divorce settlement, this Amendment No. 5 omits the 50,808 shares of
Common Stock owned by Ms. Hernandez prior to her divorce from Mr. Levis that
were previously included in the Schedule 13D.
(ii) Since the date of the filing of Amendment No. 4, Zoila Levis
and Mario S. Levis entered into various purchase transactions described below.
<TABLE>
<CAPTION>
Purchases by Zoila Levis:
Number of
Date Shares Price Nature of Transaction
- ---- --------- ----- ---------------------
<S> <C> <C> <C>
4-24-98 5,600 $17 3/8 Open Market Purchase
4-27-98 2,000 $17 1/4 Open Market Purchase
4-29-98 1,000 $16 7/8 Open Market Purchase
6-4-98 10,000 $15 1/2 Open Market Purchase
6-4-98 2,000 $15 5/8 Open Market Purchase
6-4-98 1,000 $15 7/16 Open Market Purchase
</TABLE>
<TABLE>
<CAPTION>
Purchases by Mario S. Levis:
Number of
Date Shares Price Nature of Transaction
- ---- --------- ----- ---------------------
<S> <C> <C> <C>
4-24-98 2,000 $17 7/8 Open Market Purchase
4-24-98 2,000 $17 15/16 Open Market Purchase
4-27-98 2,000 $17 3/16 Open Market Purchase
4-29-98 1,000 $17 3/8 Open Market Purchase
5-21-98 300 $16 5/8 Open Market Purchase
by spouse
5-26-98 1,000 $15 11/16 Open Market Purchase
6-4-98 1,000 $15 3/4 Open Market Purchase
6-4-98 1,500 $16 Open Market Purchase
</TABLE>
<PAGE> 8
Page 8 of 9 pages
ITEM 6. CONTRACT, ARRANGEMENT OR UNDERSTANDING WITH RESPECT TO SECURITIES OF
THE ISSUER
None other than an informal understanding that the persons
listed in Schedule A attached hereto will consult with each other regarding
the disposition and voting of the shares of the Company's Common Stock owned by
each of them. Furthermore, the persons listed in Schedule A may acquire
additional shares of the Company's Common Stock.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
None
Each of the undersigned hereby certifies after reasonable inquiry, that
to the best of his/her knowledge and belief, the information set forth in this
statement is true, complete and correct.
Date: July 22, 1998
/s/ Salomon Levis
---------------------------------------
Salomon Levis
/s/ David Levis
---------------------------------------
David Levis
/s/ Zoila Levis
---------------------------------------
Zoila Levis
/s/ Mario S. Levis
---------------------------------------
Mario S. Levis
<PAGE> 9
Page 9 of 9 Pages
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Schedule A
Doral Financial Corporation
Amendment No. 5 to Schedule 13D
Item 2. Identity and Background and
Item 5. Interest in Securities of the Issuer
<TABLE>
<CAPTION>
(4)
(Item 5)
--------------------------------------
(3)
Present Principal occupation or
employment and the name,
principal business and address
of any corporation or other Total number of
(1) (2) organization in which such shares of Common Percentage of
Name Business Address employment is conducted. Stock owned on the Class of Common
(Item 2(a) and (5) (Item 2(b)) (Item 2(c)) date hereof(1) Stock (1)
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<S> <C> <C> <C> <C>
1. Salomon Levis 1159 F.D. Roosevelt Ave. Chairman of the Board and Chief
Puerto Nuevo, Puerto Rico 00920 Executive Officer of the Company, 568,684 1.4%
a corporation engaged principally
in the origination, servicing,
purchase and sale of mortgages on
single-family houses, and the
issuance and sale of various
mortgage-backed securities.
2. David Levis 1159 F.D. Roosevelt Ave. Private investor and 455,012 1.1%
Puerto Nuevo, Puerto Rico 00920 Director Emeritus of the Company
3. Zoila Levis 1159 F.D. Roosevelt Ave. President of the Company 384,544 1.0%
Puerto Nuevo, Puerto Rico 00920
4. Mario S. Levis 1159 F.D. Roosevelt Ave. Executive Vice President and
Puerto Nuevo, Puerto Rico 00920 Treasurer of the Company 633,212 1.6%
--------- ----
Total 2,041,452 5.1%
</TABLE>
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(1) Based on 40,428,920 shares of Common Stock of the Company outstanding
as of June 30, 1998.
