Doral Financial preferred stockholders to elect two board directors

By Marisa Wong

Madison, Wis., May 27 - Doral Financial Corp. announced that it will hold a special preferred stockholders meeting on Aug. 3 for the election of two members to the company's board of directors.

Eligible to elect the directors are holders of record as of June 13 of the company's 7% non-cumulative monthly income preferred stock, series A; 8.35% non-cumulative monthly income preferred stock, series B; 7.25% non-cumulative monthly income preferred stock, series C; and 4.75% perpetual cumulative convertible preferred stock.

As previously disclosed in March 2009, Doral's board of directors had suspended the declaration and payment of all dividends on the non-cumulative preferreds and the cumulative preferreds, effective April 2009.

Since the company has not declared and paid dividends in full on the non-cumulative preferreds for 18 consecutive monthly periods or declared and paid dividends in full on the cumulative preferreds for consecutive periods equivalent to six fiscal quarters, the preferreds holders, acting as a single class, have the right to elect two directors to the board.

Nominations for the directors are due by the close of business on June 12.

The company said it will mail a notice of the special meeting to the preferred stockholders at a later date.

The bank holding company is based in San Juan, Puerto Rico.

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