R-G Mortgage Prez Resigns

R&G Financial Corp., San Juan, Puerto Rico, has announced the resignation of Ramon Prats as vice chairman and president, and as president of subsidiaries R-G Mortgage Corp. and R-G Premier Bank, in connection with an investigation by the company's audit committee.The probe relates to R&G Financial's need to restate its consolidated financial statements for 2002, 2003, and 2004. Mr. Prats will continue as an employee to facilitate the handover of his management responsibilities, the parent company said. Steven Velez, executive vice president of R-G Mortgage, has been named to replace Mr. Prats as president of R-G Mortgage, and Victor Galan Jr. has been promoted from senior vice president to EVP to replace Mr. Velez, R&G Financial reported. The company also announced the resignation of Mario Ruiz, who was EVP of Premier Bank and held various other posts, and the termination of Joseph R. Sandoval as EVP and chief financial officer of R&G Financial. R&G Financial can be found online at http://www.rgonline.com.