THE FINANCIAL HOLDING COMPANY OF
WESTERNBANK PUERTO RICO
ANNOUNCES RESIGNATION OF CHIEF FINANCIAL OFFICER

Mayagüez, Puerto Rico, June 13, 2006. W Holding Company, Inc. (NYSE: "WHI") announced that effective today Mr. Ricardo Hernández has resigned from his position as Chief Financial Officer of W Holding Company, Inc. (the "Company") and of its subsidiaries. The Board of Directors is currently conducting a search for Mr. Hernández’s successor. Effective June 14, 2006, Mr. Norberto Rivera, Vice President and Corporate Comptroller, has been appointed to the additional position of Chief Accounting Officer.

Mr. Hernández has confirmed the Company that he does not have any disagreement with the Company or its management that has led to his resignation. Mr. Hernández has resigned because he wants to spend more time with his family, including his first newborn child, as well as to pursue certain personal interests that he has postponed for many years.