THE FINANCIAL HOLDING COMPANY OF
WESTERNBANK PUERTO RICO
COMPLETES STOCK OFFERING
Mayagüez, Puerto Rico, November 1, 2002. W HOLDING COMPANY, INC. (NYSE: WHI), the financial holding company of WESTERNBANK PUERTO RICO, announced today the closing of the offering of 1,500,000 shares of its 6.875% Non-cumulative Monthly Income Preferred Stock, 2002 Series E ($25.00 Liquidation Preference Per Share) (the “Series E Preferred Stock”), at a per share price of $25.00, for an expected net capital infusion of $36.3 million before expenses. The Series E Preferred Stock is expected to be quoted on the Nasdaq National Market under the symbol “WBPRL”. In addition, the underwriters have been granted an option to purchase up to an additional 225,000 shares of preferred stock from the Company to cover over-allotments.
The shares were offered through a group of underwriters led by UBS Paine- Webber Incorporated of Puerto Rico, Inc., Brean Murray & Co., Inc., Popular Securities, Inc., Santander Securities Corporation and BBVA Capital Markets.
Westernbank Puerto Rico, the wholly-owned subsidiary of W HOLDING COMPANY, INC., is the third largest banking entity headquartered in Puerto Rico, in term of total assets operating throughout Puerto Rico through 50 full fledged branches, including 31 in the Southwestern region of Puerto Rico, 8 in the Northeastern region, and 11 in the San Juan Metropolitan area of Puerto Rico. W HOLDING COMPANY, INC. also owns Westernbank Insurance Corp., a general insurance agent placing property, casualty, life and disability insurance, whose results of operations and financial condition are reported on a consolidated basis.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. An offer to sell or the solicitation of an offer to buy stock may only be made by means of the prospectus supplement and accompanying prospectus, copies of which may be obtained from UBS Painewebber Incorporated of Puerto Rico, Inc., American International Plaza, #250 Muñoz Rivera Avenue, San Juan, Puerto Rico 00918.
For further information contact: Frank C. Stipes, Esq., Chief Executive Officer or Freddy Maldonado, Chief Financial Officer of the Company at (787) 834-8000: Internet: westernbank@wbpr.com or URL: http://www.wbpr.com