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EXHIBIT 99.1
DORAL FINANCIAL CORPORATION
FOR IMMEDIATE RELEASE
August 31, 2000
Contact:
Mario S. Levis Richard F. Bonini
Executive Vice President Senior Executive
and Treasurer Vice President
Tel: (787) 749-7108 Tel. (212) 329-3728
DORAL FINANCIAL CORPORATION
CLOSES SALE OF 2,000,000 SHARES OF PREFERRED STOCK
San Juan, Puerto Rico, August 31, 2000, Doral Financial Corporation
(Nasdaq: DORL), today announced that it had closed the sale pursuant to an
underwritten public offering of 2,000,000 shares of its 8.35% Noncumulative
Monthly Income Preferred Stock, Series B (including 260,000 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 $25.00 per share.
The Company, a financial holding company, is the leading mortgage banker in
Puerto Rico through Doral Mortgage Corporation and HF Mortgage Bankers; it is
the parent of Doral Bank, Puerto Rico's fastest growing commercial bank, Doral
Securities, a Puerto Rico based investment banking and brokerage firm and Doral
Bank, New York, a federal savings bank based in New York City.
