Doral Financial Corporation Receives Continued Listing Standard Notice From the NYSE
SAN JUAN, PR -- (Marketwire) -- 11/09/12 -- Doral Financial Corporation (NYSE: DRL) ( "Doral Financial"), the holding company of Doral Bank, with operations in Puerto Rico and the U.S., announced today that on November 8, 2012, it received notice from the New York Stock Exchange, Inc. ("NYSE") that Doral Financial is no longer in compliance with the NYSE's continued listing standards because the average per share closing price of Doral Financial's common stock for the consecutive 30 trading-day period ending on October 31, 2012 has fallen below the NYSE's share price requirements. The NYSE requires the average closing share price of a listed company's common stock to be at least $1.00 per share over any consecutive 30 trading-day period.
Subject to the NYSE's rules, Doral Financial has six months from the date of its receipt of the NYSE notice to regain compliance with the minimum share price rule. Doral Financial can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the six-month cure period Doral Financial's shares of common stock have a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the consecutive 30 trading-day period ending on the last trading day of that month. Doral Financial can also regain compliance if at the expiration of the six-month cure period both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the consecutive 30 trading-day period ending on the last trading day of the cure period are attained.
Doral Financial expects to notify the NYSE that it will take steps to cure this deficiency within the prescribed timeframe. Until then, Doral Financial's shares of common stock will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards and other rights of the NYSE to delist the common stock. Doral Financial is currently in compliance with all other NYSE continued listing standards. The NYSE notification does not affect Doral Financial's business operations or its Securities and Exchange Commission ("SEC") reporting requirements.
This press release contains forward-looking statements within the meaning of, and subject to the protections of, the Private Securities Litigation Reform Act of 1995. In addition, Doral Financial Corporation may make forward-looking statements in other press releases, filings with the SEC 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 may relate to Doral Financial Corporation's financial condition, results of operations, plans, objectives, future performance and business, including, but not limited to, statements with respect to the adequacy of the allowance for loan and lease losses, market risk and the impact of interest rate changes, capital markets conditions, capital adequacy and liquidity, and the effect of legal proceedings, regulatory matters and new accounting standards and guidance on Doral Financial Corporation's financial condition and results of operations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts, but instead represent Doral Financial Corporation's current expectations regarding future events. Such forward-looking statements may be generally 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," "believe," "expect," "predict," "forecast," "anticipate," "target," "goal," and similar expressions and future or conditional verbs such as "would," "should," "could," "might," "can," or "may" or similar expressions.
Doral Financial Corporation 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 Corporation's current expectations of future conditions or results and are not guarantees of future performance. Doral Financial Corporation does not undertake and specifically disclaims any obligations to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of those statements.
Forward-looking statements are, by their nature, subject to risks and uncertainties and changes in circumstances, many of which are beyond Doral Financial Corporation's control. Risk factors and uncertainties that could cause Doral Financial Corporation's actual results to differ materially from those described in forward-looking statements can be found in Doral Financial Corporation's Annual Report on Form 10-K for the year ended December 31, 2011 which is available on Doral Financial Corporation's website at www.doralfinancial.com, as updated from time to time in Doral Financial Corporation's periodic and other reports filed with the SEC.
Doral Financial Corporation is a bank holding company engaged in banking, mortgage banking and insurance agency activities through its wholly-owned subsidiaries Doral Bank ("Doral Bank"), with operations in the mainland U.S. (New York metropolitan area and northwest region of Florida) and Puerto Rico, Doral Insurance Agency, Inc. ("Doral Insurance Agency"), and Doral Properties, Inc. ("Doral Properties"). Doral Bank in turn operates three wholly-owned subsidiaries: Doral Mortgage LLC ("Doral Mortgage"), engaged in residential mortgage lending in Puerto Rico, Doral Money, Inc. ("Doral Money"), engaged in commercial and middle market lending primarily in the New York metropolitan area, and CB, LLC, an entity formed to dispose of a real estate project of which Doral Bank took possession during 2005. Doral Money consolidates two variable interest entities created for the purpose of entering into a collateralized loan arrangement with a third party.
Doral Financial Corporation's common shares trade on the New York Stock Exchange under the symbol DRL. Additional information about Doral Financial Corporation may be found on the Company's website at www.doralfinancial.com.