THE FINANCIAL HOLDING COMPANY OF
WESTERNBANK PUERTO RICO
Highly Seasoned Banking Executive
Joins Westernbank as Treasurer and Chief Investment Officer
Mayagüez, Puerto Rico, November 29, 2006. W HOLDING COMPANY, INC. (NYSE: "WHI") today announced the appointment of Ramón A. Rosado-Linera as Treasurer and Chief Investment Officer of Westernbank. The latter is a full-service banking subsidiary of WHI, a financial holding company based in Puerto Rico.
“As Treasurer and CIO, Ramón will oversee Westernbank’s investment portfolio and treasury activities,” said José M. Biaggi, Westernbank’s President and CEO. Key among his assigned duties will be structuring and coordinating the sales of derivative products to the Bank’s clients.
“With close to 20 years of experience in the treasury arena with several multinational banks, Ramón brings a wealth of practical and theoretical knowledge in portfolio and market risk management as well as a proven ability to add value to our commercial lending activities.”
The appointment, added Biaggi, is “another clear example of the continuation of what we have labeled the Evolution of the Banking Revolution, a concept that captures everything we’re doing to take Westernbank to the next level. That includes strengthening our management team with the best talent available in the face of the ambitious goals we have set for the bank.”
For his part, Rosado added, “I am thrilled at the opportunity to join Westernbank at such an important time in its history and look forward to the challenges and opportunities that lie ahead.”
Mr. Rosado-Linera (43) holds a Bachelor of Science degree in Finance from Georgetown University and a Masters in Business Administration, with an emphasis in International Business, from The George Washington University. He also holds a Juris Doctor degree from the University of Puerto Rico and is a licensed attorney.
Forward Looking Statements
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. For a discussion of these and other risks and uncertainties, please refer to Item 1A of the Company’s Annual Report on Form 10-K for the most recently completed fiscal year. Except as required by applicable securities laws, the Company does not intend, and specifically disclaims any obligation, to update forward-looking statements.
About the Company
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 56 full-fledged branches, including 33 in the southwestern region of Puerto Rico, 7 in the northeastern region, 14 in the San Juan Metropolitan area of Puerto Rico and 2 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.