Press Release
Approval of Application by Doral GP Ltd, New York, New York
July 16, 2007

NEW YORK—The Federal Reserve Bank of New York Friday approved the application by Doral GP Ltd., Doral Holdings, L.P. and Doral Holdings Delaware, LLC, all of New York, New York, (the “Applicants”) for prior approval of the Board, pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 (“BHCA”), as amended, to become bank holding companies through the acquisition of up to 95 percent of the outstanding shares of Doral Financial Corporation (“Doral”) and thereby acquire Doral’s wholly-owned bank subsidiary Doral Bank, both of San Juan, Puerto Rico. This Reserve Bank has also approved the notices made pursuant to Sections 4(c)(8), 4(c)(13) and 4(j) of the BHCA to engage in certain nonbanking activities by virtue of acquisition of Doral’s wholly-owned federal savings bank, Doral Bank FSB, New York, New York, and Doral's Puerto Rican nonbanking subsidiaries. The proposal cannot be completed for five days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System