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Doral to launch Internet bank

27 July 2007  |  3716 views  |  0 Source: Doral Financial Corporation

Doral Financial Corporation (DRL), a diversified financial services company, announced today that Doral Bank, FSB ("Doral Bank NY"), Doral Financial's wholly owned New York City-based thrift subsidiary, is in the final stages of launching its new Internet bank, Doral Bank Direct.

Doral Bank NY's new state-of-the-art Internet banking site, which is expected to go live on or about August 15, 2007, offers a full range of loans and FDIC insured deposit products.

Doral Financial also announced that Doral Bank NY today completed the previously announced sale of its 11 branches in New York City to New York Commercial Bank, the commercial bank subsidiary of New York Community Bancorp. The transaction resulted in a deposit premium to Doral Bank NY of approximately $9.8 million. Doral Bank NY has received the authorization from the Office of Thrift Supervision to distribute a $50 million cash dividend from Doral Bank NY to Doral Financial.

Glen R. Wakeman, Chief Executive Officer and President of Doral Financial, stated, "By retaining Doral Bank NY's federal charter, we are now able to capitalize on its strategic value to further move our business franchise into new growth opportunities, consistent with our strategy to become a community bank offering a wide array of products and services. With the well-regarded Doral brand, we are well-positioned to attract deposits, enhance our market presence in our target markets and build the institution."

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