Frank Says:

“The results reflect the difficult economic environment in Puerto Rico during 2008, where continued economic deterioration was experienced during the island’s fourth year of economic contraction, called by some a tropical depression, that we feel is receding. In response to these critical challenges, we took and will continue to take all necessary measures, which have included, among others, deleveraging our balance sheet, reducing credit concentration, reducing nonperforming loans, increasing and improving regulatory capital ratios and adopting strategies to provide additional sources of liquidity,” said W Holding Co. President, Chairman & CEO Frank C. Stipes.