Doral Chairman Resigns

John A. Ward III has resigned as chairman of the board of Doral Financial Corp., San Juan, Puerto Rico, and Dennis G. Buchert, an independent director on the board, has been named non-executive chairman of Doral.Mr. Ward's decision "reflects the fact that he holds different views as to the best process to be followed by the company to meet its capital and liquidity needs and maximize shareholder value," Doral said. Mr. Ward's views on disclosure were reviewed by members of the board's audit committee, management, and outside counsel, and the audit panel's chairman has "satisfied himself" that disclosures have been appropriate, the company said. Mr. Buchert has 35 years of experience in the banking industry, including stints as chief executive officer of Credit Agricole Indosuez and president and CEO of IBJ Whitehall Bank & Trust Co., Doral reported. In September 2006, Doral announced an agreement with the SEC to pay a $25 million civil penalty in connection with a probe of its restatement of financial results for 2000-2004, which slashed $694.4 million from retained earnings. Doral can be found online at http://www.doralfinancial.com.