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W Holding Company, Inc. the Bank Holding Company of Westernbank Puerto Rico Notified by NYSE of Non-Compliance with a Continued Listing Standard

2008-07-24 15:15:00

W Holding Company, Inc. the Bank Holding Company of Westernbank Puerto Rico Notified by NYSE of Non-Compliance with a Continued Listing Standard

    MAYAGUEZ, Puerto Rico, July 24 /EMWNews/ -- W Holding Company, Inc.

(NYSE: WHI), the bank holding company for Westernbank Puerto Rico (the

"Company"), today announced that it has been notified by the New York Stock

Exchange, Inc. ("NYSE") that the Company is not in compliance with NYSE

Listed Company Manual Section 802.01C because the average closing price of

the Company's common stock has been less than $1.00 for 30 consecutive

trading days. Accordingly, the Company is subject to the procedures

specified in Section 802.01C, which provides, among other things, that the

Company must bring its share price and average share price back above $1.00

within six months following receipt of notification of non-compliance. If

at the expiration of the six-month cure period, the Company's share price

and average share price over the preceding 30 trading days do not exceed

$1.00, the NYSE will commence suspension and delisting proceedings.

    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 through 56 full-fledged branches (including 20

Expresso of Westernbank branches), including 33 in the southwestern region

of Puerto Rico, 7 in the northeastern region, 14 in the San Juan

Metropolitan area 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.

    You may contact Mr. Vixson Baez with appropriate questions regarding

this press release at (787) 834-8000 ext. 5535, or via email at

[email protected] or [email protected]; or visit

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