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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): February 22, 1999
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Doral Financial Corporation
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(Exact name of registrant as specified in this charter)
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Puerto Rico 0-17224 66-0312162
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(State or other jurisdiction of (Commission File No.) (IRS Employer Identification No.)
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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ITEM 5. OTHER EVENTS
On February 22, 1999, Doral Financial Corporation (the "Company") closed
the sale of 1,495,000 shares of its 7% Noncumulative Monthly Income Preferred
Stock, Series A (including 195,000 shares sold pursuant to an over-allotment
option to the underwriters) through a group of underwriters led by PaineWebber
Incorporated of Puerto Rico and Popular Securities, Inc. at a price to the
public of $50.00 per share. The Company received proceeds of approximately $72.4
million from the offering, before deducting expenses of the offering.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA, FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
3.1(d) Certificate of Designation creating 7%
Noncumulative Monthly Income Preferred Stock,
Series A (incorporated by reference from Exhibit
3.4 to the Company's Registration Statement on
Form 8-A filed with the SEC on February 17, 1999).
99 Press Release dated February 22, 1999
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant had duly caused this report to be signed on its behalf of the
undersigned thereunto duly authorized.
DORAL FINANCIAL CORPORATION
By: /s/ Mario S. Levis
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Mario S. Levis
Executive Vice President
and Treasurer
Date: February 22, 1999
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EXHIBIT 99
DORAL FINANCIAL
CORPORATION
FOR: Doral Financial Corporation
CONTACT: Richard F. Bonini
Senior Executive Vice President
and Secretary
New York: (212) 508-0340
Mario S. Levis
Executive Vice President
and Treasurer
San Juan: (212) 749-7108
February 22, 1999
FOR IMMEDIATE RELEASE
DORAL FINANCIAL CORPORATION
CLOSES SALE OF 1,495,000 SHARES OF PREFERRED STOCK
San Juan, Puerto Rico, (February 22, 1999) Doral Financial Corporation
(NASDAQ:DORL) today announced that it had closed the sale of 1,495,000 shares of
its 7A Noncumulative Monthly Income Preferred Stock, Series A (including 195,000
shares sold pursuant to an over-allotment option to the underwriters) through a
group of underwriters led by PaineWebber Incorporated of Puerto Rico and Popular
Securities, Inc. at a price to the public of $50.00 per share.
Founded in 1972 Doral Financial Corporation is a bank holding company and a
diversified consumer finance company. Through HF Mortgage Bankers Division,
Doral Mortgage Corporation and Centro Hipotecario, Doral Financial is the
leading mortgage banker in Puerto Rico. The Company has forty-one retail
offices, (Twenty-six mortgage offices in Puerto Rico, one mortgage office in
Florida, one mortgage office in New York, one mortgage office in Chicago, eleven
bank branches in Puerto Rico, and one broker-dealer office in Puerto Rico) and
engages in the origination, sale, and servicing of mortgage loans, as well as
commercial banking through Doral Bank, a Puerto Rico commercial bank and
broker-dealer services through Doral Securities, Inc.
