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Mr. Maldonado had resigned from the Chief Financial Officer position in July 2005 and began a transition period of retiring completely from the Company and the Bank. In August 2008, Mr. Maldonado, at the petition of the Board of Directors, placed his retirement and transition on hold in order to reassume the positions of Senior Executive Vice President and Chief Financial Officer of the Company and the Bank, specifically to oversee completion of the restatement process and filing of the Annual Report on Form 10-K for the year ended December 31, 2007. The Board is in agreement with Mr. Maldonado that the bulk of the task he agreed to undertake in August 2008 has been accomplished.
The Board of Directors has appointed Mr. Lidio V. Soriano, 39, the new Chief Financial Officer of the Company and the Bank, effective upon Mr. Maldonado's retirement, subject to receipt of regulatory approval. Since October 20, 2008, Mr. Soriano has served as Senior Vice President and Senior Financial Officer of the Company. From October 2007 to the date of his employment with the Company, Mr. Soriano served as Executive Vice President and Head of Retail and Mortgage Banking of Oriental Financial Group, Inc. Prior to his employment with Oriental, Mr. Soriano served as Chief Financial Officer of Doral Financial Corporation.
Mr. Maldonado expressed: "The timing is right to facilitate a transition to a Chief Financial Officer that the Company and the Bank expect to be retained for the long term."
Mr. Maldonado further stated: "My decision comes at the right time as we are near to the filing of the Form 10-K for 2007, representing a significant step in the Company's efforts to return to timely financial reporting. With Mr. Soriano's appointment as Chief Financial Officer, I know that I am leaving the Company in good hands."
Mr. Frank C. Stipes, Chairman, President and Chief Executive Officer of the Company, stated: "Mr. Maldonado ("Freddy") has been a key top executive of the Company and Bank for almost two decades; his commitment, service, and accomplishments are and always have been invaluable. Freddy has been and is an excellent professional, as well as an extraordinary person whom I admire, respect, and whose friendship I highly value. While we respect his decision to retire, we will miss his company, input, leadership and vision. There aren't sufficient words to express our appreciation for Freddy's involvement with the Company.
"The Board of Directors, as well as all fellow employees, will miss him and wish him the very best in his well-deserved retirement and whatever his new endeavors may be."
Commenting on Mr. Soriano's appointment, Mr. Stipes continued saying: "Mr. Soriano is a seasoned executive, very knowledgeable, with broad experience and strong track record. We feel extremely confident that he will excel in the position and be an excellent Chief Financial Officer for many years to come."
Forward Looking Statements
This press release may contain some information that constitutes "forward-looking statements." Such information can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "estimate," "intend," "continue," or "believe," or the negatives or other variations of these terms or comparable terminology. Forward-looking statements with respect to future financial conditions, results of operations and businesses of the Company are always subject to various risk and market factors out of management's control which could cause future results to differ materially from current management expectations or estimates and as such should be understood. Such factors include particularly, but are not limited to, the possibility of prolonged adverse economic conditions or that an adverse interest rate environment could develop. For a discussion of these and other risks and uncertainties, please refer to Item 1A of the Company's Annual Report on Form 10-K for the most recently completed fiscal year. Except as required by applicable securities laws, the Company does not intend, and specifically disclaims any obligation, to update forward-looking statements.
About the Company
Westernbank Puerto Rico, a wholly owned subsidiary of W Holding Company, Inc., is the second-largest commercial bank in Puerto Rico, based on total assets, operating through 48 full-fledged branches, including 25 in the southwestern region of Puerto Rico, 7 in the northeastern region, 14 in the San Juan Metropolitan area, and 2 in the eastern region of Puerto Rico, and a fully functional banking site on the Internet. Westernbank is the largest lender and employer in the southwestern region of Puerto Rico, the second largest minority held institution in the entire United States, and the largest commercial lender in the Island of Puerto Rico.
You may contact Mr. Vixson Baez with appropriate questions regarding this press release at (787) 834-8000 ext. 5535, or via email at vixson.baez@wbpr.com or westernbank@wbpr.com; or visit http://www.wholding.com.
SOURCE W Holding Company, Inc.
http://www.wbpr.com
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