Doral Financial Announces Results of Preferred Exchange Offers

SAN JUAN, PR–(Marketwire – March 23, 2010) – Doral Financial Corporation (NYSE: DRL)
(“Doral” or the “Company”), the holding company of Doral Bank, today
announced the results of its offers to exchange shares of Doral common
stock for outstanding shares of Doral’s preferred stock. The offers expired
on March 19, 2010. The Company announced that 58,634 shares of its 4.75%
Perpetual Cumulative Convertible Preferred Stock, 316,661 shares of its
7.00% Noncumulative Monthly Income Preferred Stock, Series A, 450,967
shares of its 8.35% Noncumulative Monthly Income Preferred Stock, Series B,
and 863,197 shares of its 7.25% Noncumulative Monthly Income Preferred
Stock, Series C, were validly tendered and not withdrawn. Overall, $63.3
million liquidation amount of the Company’s preferred shares was exchanged,
which represents 15.3% of the aggregate liquidation amount of its preferred
shares. The transaction will result in the iss