Doral Financial Corporation Declares Cash Dividend on Three Series of Preferred Stock

Business Wire, May 2, 2007

SAN JUAN, Puerto Rico -- Doral Financial Corporation (NYSE: DRL), a diversified financial services company, today announced that, on April 30, 2007, it paid the regular monthly cash dividend on the Company's 7% Noncumulative Monthly Income Preferred Stock, Series A (the "Series A Preferred Stock"), 8.35% Noncumulative Monthly Income Preferred Stock, Series B (the "Series B Preferred Stock") and 7.25% Noncumulative Monthly Income Preferred Stock, Series C (the "Series C Preferred Stock"), in the amount of $0.2917, $0.173958, $0.151042 per share, respectively. The dividend on each of the series was paid to the record holders as of the close of business on April 26, 2007 in the case of the Series A Preferred Stock, and to the record holders as of the close of business on April 15, 2007 in the case of Series B and Series C Preferred Stock.

Doral also announced that the quarterly dividend on the Company's 4.75% perpetual cumulative convertible preferred stock, in the amount of $2.96875 per share, which was approved by the Board of Directors on April 30, 2007, will be paid on June 15, 2007 to holders of record as of the close of business on June 1, 2007.