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

SAN JUAN, Puerto Rico--(Business Wire)--
Doral Financial Corporation (NYSE: DRL), a diversified financial
services company, announced that it had declared the regular monthly
cash dividends 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") for the months of
July, August and September. The monthly dividend for the Series A, B
and C preferred stock is $0.2917, $0.173958, $0.151042 per share,
respectively and payable on July 31, 2008, September 1, 2008 and
September 30, 2008. In the case of Series A Preferred Stock, the
dividend is payable holders of record as of close of business on July
29, August 28, and September 26, 2008, with respect to the July,
August and September monthly dividends respectively. In the case of
the Series B and Series C Preferred Stock, the dividend is payable to
holders of record as of close of business on July 15, August 15 and
September 15, 2008, with respect to the July, August and September
monthly dividends respectively.

Doral Financial Corporation also declared the quarterly dividend
on the Company's 4.75% Perpetual Cumulative Convertible Preferred
Stock, in the amount of $2.96875 per share. The dividend is payable on
September 15, 2008 to holders of record as of the close of business on
September 1, 2008.

Doral Financial Corporation
Investor Relations:
Roberto Reyna, 787-474-5498

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