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Doral Financial Corporation
Type Public (NYSE: DRL)
Founded San Juan, Puerto Rico; 1972
Headquarters San Juan, Puerto Rico
Key people Glen R. Wakeman, President & CEO
Industry Banking and Finance
Products Checking Accounts
Insurance
Consumer Finance
Mortgage
Revenue US$ 1.02 billion (2005)[1]
Net income US$ 207.88 million (2005)[1]
Employees 2,598 (2005)[1]
Website http://www.doralbank.com

Doral Financial Corporation (NYSE: DRL), headquartered in San Juan, Puerto Rico, is the holding company of Doral Bank, a $10 billion-asset financial institution with 40 branches strategically located throughout Puerto Rico. Doral Bank serves approximately 450,000 customers by providing a full array of financial services in the areas of consumer banking, mortgage, Internet banking, commercial lending and insurance.

Glen R. Wakeman is the Company’s president and chief executive officer, and a member of the Board of Directors, while also serving as president of Doral Bank. Since first being named president and chief operating officer of Doral in May of 2006, Wakeman has been steadfast in successfully resolving several compliance and governance issues at the financial institution, including an SEC claim, an FDIC Cease and Desist Order, and a class-action lawsuit as a result of the Company’s share-price collapse. In July of 2007, at the brink of bankruptcy, Wakeman led Doral’s successful recapitalization, helping the Company avoid bankruptcy, and thus, saving thousands of jobs. Doral’s recapitalization is a historic one, since it’s the first U.S. bank to be recapitalized through the use of private-equity funding.

In February of 2008, Doral launched its new corporate image as part of the Company’s transformation strategy into a full-fledged community bank. Doral’s transformation process builds on the bank’s existing assets, including its reputation for providing excellent customer service, its loyal customer base, the strength of its brand, and the talent of its employees. The comprehensive image launch featured a new logo, slogan, color scheme, signage, branch look, and uniforms for Doral employees. The logo was transformed into a more modern design, using the Doral name in lower-case letters and written in a vibrant blue that is complemented by a colorful palette. Doral’s new slogan “eres parte d”, meaning, “being part of”, refers to both Doral being part of the community it serves, as well its employees, customers and communities being part of Doral. The advertising campaign’s look and feel was best described as energetic, refreshing, and innovative, setting Doral apart from its competitors within the banking industry.

A Renewed Focus on Community

Following its successful re-branding and corporate transformation, Doral took its first steps toward becoming the community bank it set out to be. The launch of "Ruta Pink", a historic community initiative that promotes the early detection of breast cancer, was Doral’s first major community program and the first of its kind in Puerto Rico. Ruta Pink’s mobile transport visited 10 Doral Bank branches throughout the Island and provided free mammograms to women 35 years of age and older who do not have the benefits of health care coverage. In conjunction with Susan G. Komen For The Cure Puerto Rico, Ruta Pink provided over 1,000 free mammograms from November to June, as well as numerous educational seminars about the importance of early breast cancer detection, among other issues pertinent to women’s health.


Doral’s second community initiative of 2008, "domingos dMuseo" (Sundays at the Museum), provided communities throughout Puerto Rico the opportunity to visit the Puerto Rico Museum of Art free of charge every Sunday in September. Each Sunday featured a specific theme and a full slate of activities created by the Museum’s Department of Education, including storytellers, art workshops, interactive games, and scavenger hunts. Over 10,000 people took advantage of this never-before-seen community program in Puerto Rico.

Contents

Stats

  • Ranked the 701st and 1,502nd Largest Company In The World by Forbes, by total Assets and Profits, respectively (2006).[1]
  • Has over $19.2 billion in assets (2005).[1]
  • Approx. 2,598 employees.
  • Symbol: DRL (NYSE)

Subsidiaries

  • Doral Bank Puerto Rico
  • Doral Bank FSB
  • Doral Mortgage Corporation

Competitors (in Puerto Rico)

References

  1. ^ a b c d e Doral Financial Corporate Information by Forbes.com

External links

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