THE FINANCIAL HOLDING COMPANY OF
WESTERNBANK PUERTO RICO
COMPLETES PREFERRED STOCK OFFERING
Mayagüez, Puerto Rico, December 21, 2004. W HOLDING COMPANY, INC. (NYSE: "WHI"), the financial holding company of WESTERBANK PUERTO RICO, announced today the completion of the sale of 2,675,500 shares of its 6.70% Noncumulative Monthly Income Preferred Stock, 2004 Series H ($50.00 Liquidation Preference Per Share) at a per share price of $50.00. The Series H Preferred Stock has been approved for quotation on the NASDAQ Stock Market under the symbol “WBPRJ”. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 401,300 shares of the Series H Preferred Stock from the Company to cover over-allotments.
The Series H Preferred Stock was offered through a group of underwriters led by UBS Financial Services Incorporated of Puerto Rico and Brean Murray & Co., Inc.
WESTERNBANK PUERTO RICO, a wholly-owned subsidiary of W HOLDING COMPANY, INC., is a Puerto Rico-chartered commercial bank operating through 52 branches located throughout Puerto Rico, primarily in the western and southwestern regions of the island and in the San Juan metropolitan area, and a website on the Internet. In addition to commercial, retail, residential real estate banking, and treasury and investment activities, WESTERNBANK PUERTO RICO operates four other divisions: Westernbank Business Credit, which specializes in commercial business loans secured principally by accounts receivable, inventory and equipment; Expresso of Westernbank, which specializes in small, unsecured consumer loans up to $15,000 and real estate collateralized consumer loans up to $150,000; Westernbank Trust Division, which offers a full array of trust services; and Westernbank International Division, whose activities consist of commercial banking and related services and treasury and investment activities outside of Puerto Rico.
This press release may contain some information that constitutes “forward-looking statements.” Such information can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “intend,” “continue,” or “believe” or the negatives or other variations of these terms or comparable terminology. Forward-looking statements with respect to future financial conditions, results of operations and businesses of the Company are always subject to various risk and market factors out of management’s control which could cause future results to differ materially from current management expectations or estimates and as such should be understood. Such factors include particularly, but are not limited; to the possibility of prolonged adverse economic conditions or that an adverse interest rate environment could develop.
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 Financial Services Incorporated of Puerto Rico, Inc., American International Plaza, #250 Muñoz Rivera Avenue, San Juan, Puerto Rico 00918.