W HOLDING COMPANY, INC.
AND IT’S MAIN SUBSIDIARY, WESTERNBANK PUERTO RICO,
ANNOUNCED TODAY THE “EVOLUTION OF ITS BANKING REVOLUTION”,
WHICH INCLUDES A REPOSITIONING OF EXECUTIVE POSITIONS,
NEW APPOINTMENTS AND A NEW GOAL:
A GROWTH IN ASSETS TO $30 BILLION IN 3 TO 4 YEARS
Mayagüez, Puerto Rico, July 12, 2005. W HOLDING COMPANY, INC. (NYSE: "WHI"), the financial holding company of WESTERNBANK PUERTO RICO, and Mr. Frank C, Stipes, Esq., W. Holding Co. Inc.’s CEO and Chairman of its Board of Directors announced today a new phase in the growth of the financial institution, calling it an integral part of a new set of corporate objectives aimed at doubling total assets to $30 billion in the next three to four years via organic growth, as it has done in the past. “I firmly believe that in order to turn plans into results, it’s necessary to transform them into concrete actions”, Stipes opined.
The concrete actions taken for the forthcoming corporate growth phase include a reinforcement, realignment and empowerment of the executive team, which is the news being released today. This, in turn, will allow Stipes to concentrate on strategic corporate planning, as well as on development, diversification and new market opportunities.
As chief corporate strategist and as part of the broader growth plan, Stipes announced the appointment of José M. Biaggi, Esq., as Chief Executive Officer and President of Westernbank, the banking subsidiary of WHI. Additionally, he will be a member of the board of Westernbank.
Biaggi, age 37, graduated with honors from Columbia University in New York, subsequently obtaining a law degree also with high honors from the University of Puerto Rico’s Law School. Additionally, he obtained a degree in banking and commercial transactions, again from Columbia University.
Since 1993, Biaggi has been practicing law and in that capacity has been Westernbank’s outside legal counsel 12 years, thus acquiring a depth of knowledge about the bank, its culture, vision and employees.
As part of both the strategy and evolution being announced, WHI has created a corporate communications and investor-relations office led by Carmen T. Casellas, who is a well known financial reporter. She will be the spokesperson for the entire WHI conglomerate in charge of relations with investors and the media, said Stipes. Her offices will be on the fifth floor of Westernbank World Plaza in San Juan.
The internal realignment includes the following:
Freddy Maldonado, formerly Chief Financial Officer, has been named President of WHI and Chief Investment Officer. He will also serve on the board of WHI.
Ricardo Hernández, formerly Corporate Comptroller, is now Chief Financial Officer of the entire WHI conglomerate.
Norberto Rivera, formerly Westernbank’s Comptroller, is now the Comptroller for WHI and its subsidiaries.
Vixson Báez, is promoted to Assistant Vice President and Assistant to the Chief Financial Officer.
Erik Santiago is promoted to Assistant Vice President and Assistant to the Corporate Comptroller.
Ricardo Cortina, First Vice President for Commercial Credit, takes on added responsibilities as Chief Lending Officer (“CLO”) for Puerto Rico’s southwest region and Chief Commercial Lender for all of the Island. He’s reputed to be the youngest person in such a position in Puerto Rico.
William Vidal, Esq., First Vice President for the Northeastern region of Puerto Rico, assumes now added responsibilities as Chief Lending Officer (“CLO”) for the Island’s northeast, which is the region with the speediest rate of growth.
María Elena Muñiz has been promoted to Vice President in charge of Commercial Credit Administration for Puerto Rico.
In the Island’s Southern region, Yolanda Vicens has been appointed Vice President of Credit Originations and Administration.
In the Island’s Northern region, Nelly Soto has, in turn, been named to the position of Vice President and Chief Administrative Officer for Commercial Credit.
According to Stipes, “Our strength and our results are the product and result of our commitment to give what is best from us, today, tomorrow and always. Therefore, our new historic objective of the $30 billion asset mark, can be measured, besides in dollars, in terms of excellence, overall quality and profitability. Here we go!”, he emphasized.
It is also relevant to recall that when December 2000 came to an end, WHI’s total assets were $4.26 billion, and at the end of March 2005 they had reached $15.02 billion, for an increase of 252.5%.
It is also relevant that Westernbank is the dominant bank in Puerto Rico’s southwest, and that since it entered the San Juan metro area in 1999, it has achieved an annual yearly growth of 60%, being the fastest-growing bank in that region.
Additionally, the financial institution has the best efficiency ratio in the Island and one of the best worldwide. Its financial statements show a very high asset quality, leading to very low ratios of non-performing loans.
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.
WESTERNBANK PUERTO RICO, a wholly-owned subsidiary of W HOLDING COMPANY, INC., is the second largest commercial bank in Puerto Rico, based on total assets, operating throughout 53 full fledged branches, including 33 in the southwestern region of Puerto Rico, 7 in the northeastern region, 12 at the San Juan Metropolitan area of Puerto Rico and one in the Eastern region of Puerto Rico, and a fully functional banking site on the Internet. 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.