W Holding Company, Inc., the Financial Holding Company of Westernbank Puerto Rico, Notified by NYSE of Non-Compliance with a Con
April 08 2008 - 2:12PM
PR Newswire (US)
MAYAGUEZ, Puerto Rico, April 8, 2008 /PRNewswire-FirstCall/ -- W
Holding Company, Inc. (NYSE:WHI), the financial holding company for
Westernbank Puerto Rico, today announced that it has been notified
by the NYSE that the Company is not in compliance with NYSE Listed
Company Manual Section 802.01E because the Company has not timely
filed its Annual Report on Form 10-K for the year ended December
31, 2007 (the "2007 Form 10-K"). Accordingly, the Company is
subject to the procedures specified in Section 802.01E, which
provides, among other things, that the NYSE will monitor the
Company and the filing status of the 2007 Form 10-K on an ongoing
basis for up to a six-month period from the date the 2007 Form 10-K
was due to be filed (including the applicable extension period),
during which time the Company's common stock will continue to be
listed. If the Company has not filed the 2007 Form 10-K within six
months of such date, the NYSE may grant up to an additional six-
month trading period to file the 2007 Form 10-K based on an
evaluation of the Company's specific circumstances, or may commence
suspension and delisting procedures against the Company. The letter
also notes that regardless of these procedures, the NYSE may
commence delisting proceedings at any time during any period that
is available to complete the filing, if circumstances warrant. The
Company was not able to timely file the 2007 Form 10-K because the
Company has not completed its previously announced restatement of
the financial statements of the Company for the year ended December
31, 2006 and for the quarters ended September 30, 2006 and March
31, 2007 for the correction of an error to recognize the impact of
adjustments resulting from the Inyx, Inc. loan impairment over such
periods. The Company is currently working expeditiously to conclude
the restatement. At this time, the Company is not able to predict
when it will complete the restatement and file the 2007 Form 10-K.
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 or ; or visit
http://www.wholding.com/. DATASOURCE: W Holding Company, Inc.
CONTACT: Vixson Baez, W Holding Company, +1-787-834-8000, ext.
5535, , Web site: http://www.wholding.com/
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