THE FINANCIAL HOLDING COMPANY OF
WESTERNBANK PUERTO RICO
INCREASES THE CASH DIVIDEND PAYMENT

Mayagüez, Puerto Rico, November 20, 2003. W HOLDING COMPANY, INC. (NYSE: "WHI"), the financial holding company of WESTERNBANK PUERTO RICO, announced today that the Company’s Board of Directors, as a consequence of the recently announced three-for-two (3 x 2) stock split and the special common stock distribution of $35.5 million in the form of a special two percent (2%) stock dividend, approved an increase in the cash dividend payment for the last month of year 2003 in order to avoid a cash dividend payment at a fractional dividend rate. WHI pays monthly dividends to its common stockholders, being one of the few, if not the only publicly traded Company that does so, in the New York Stock Exchange.

The new cash dividend payment rate for the last month of year 2003, will be $0.0151 equivalent to $0.023103 before taking into consideration the recently announced three-for-two (3 X 2) stock split and the two percent (2%) stock dividend or an increase of 2.70% from the $0.0225 monthly cash dividend payment rate originally established, which now results in a year-to-date increase of 26.02% over the year before. The cash dividend payment at the new rate will be paid on January 15, 2004, to stockholders of record as of December 31, 2003.

W HOLDING COMPANY, INC. is among the three largest public financial holding companies headquartered in Puerto Rico, based on total assets. WESTERNBANK PUERTO RICO operates throughout Puerto Rico through 51 full fledged branches, including 33 in the Southwestern region of Puerto Rico, 7 in the Northeastern region, and 11 at 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.