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April 29, 2008 |
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R&G FINANCIAL: Board Suspends Preferred Stock Dividend Payments R&G Financial Corporation Board of Directors voted to suspend dividends on the company's preferred stock and defer interest payments on its trust preferred securities, as permitted by the terms of these securities. The Board believes that it is prudent to take this action while the company continues to explore strategic alternatives. As of March 31, 2008, the company's bank subsidiary, R-G Premier Bank of Puerto Rico, remained "well capitalized" within the meaning of the federal bank regulations. Headquartered in San Juan, Puerto Rico, R&G Financial Corp. (PNK: RGFC.PK) -- http://www.rgonline.com/ -- is a financial holding company with operations in Puerto Rico and the United States, providing banking, mortgage banking, investments, consumer finance and insurance through its wholly owned subsidiaries, R-G Premier Bank, R-G Crown Bank, R&G Mortgage Corporation, Puerto Rico's second largest mortgage banker, R-G Investments Corporation, the company's Puerto Rico broker- dealer, and R-G Insurance Corporation, its Puerto Rico insurance agency. At June 30, 2006, the company operated 37 bank branches in Puerto Rico, 35 bank branches in the Orlando, Tampa/St. Petersburg and Jacksonville, Florida and Augusta, Georgia markets, and 49 mortgage offices in Puerto Rico, including 37 facilities located within R-G Premier Bank's banking branches. * * * R&G Financial Corporation continues to carry Fitch's 'CCC' long- term issuer default rating which was assigned in September 2007. |
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