THE FINANCIAL HOLDING COMPANY OF
WESTERNBANK PUERTO RICO
COMPLETES PREFERRED STOCK OFFERING
Mayagüez, Puerto Rico, May 30, 2003. W HOLDING COMPANY, INC. (NYSE: "WHI"), the financial holding company of WESTERBANK PUERTO RICO, announced today the completion of the sale of 3,680,000 shares of its 6.70% Noncumulative Monthly Income Preferred Stock, 2003 Series F ($25.00 Liquidation Preference Per Share) at a per share price of $25.00, for an expected gross capital infusion of $92.0 million. The Series F Preferred Stock is not convertible into Company common stock, nor does it have voting rights. The Series F Preferred Stock is expected to be quoted on the Nasdaq Stock Market under the symbol “WBPRZ”. In addition, the underwriters have been granted an option to purchase up to an additional 552,000 shares of preferred stock from the Company to cover over-allotments.
The Series F Preferred Stock was offered through a group of underwriters led by UBS PaineWebber Incorporated of Puerto Rico, BBVA Capital Markets, Brean Murray & Co., Inc., Popular Securities, R-G Investments Corporation and Santander Securities.
Westernbank Puerto Rico, the wholly-owned subsidiary of W HOLDING COMPANY, INC., is the third largest banking entity headquartered in Puerto Rico, in terms of total assets, operating throughout Puerto Rico through 51 full fledged bank branches, including 33 in the Southwestern region of Puerto Rico, 7 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 does not constitute an offer to sell nor 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.