Doral Financial Corporation today received a communication with a purported “Board Resolution” that
a purported entity called Atlas Monetary International Trust plans to introduce at the upcoming
Doral Financial shareholder meeting to be held on July 17, 2007. The communication attached a
proposed “Joint Resolution of the Board of Directors of Atlas Monetary International Trust and
Doral Bank” that contemplates the purchase by Atlas Monetary International Trust of Doral Bank
Puerto Rico. The Company considers the purported proposal to be entirely frivolous and incapable
of action. The Company is filing this Form 8-K solely because it understands that there may be
news reports of Atlas’ purported proposal, and wants investors to be able to see the full text
The Company understands that of the names identified in the proposed joint resolution as members of
the board of trustees of Atlas Monetary International Trust, the “Irrevocable Trustee” is a
convicted felon for grand theft and fraudulently passing a check. In addition, the “Irrevocable Trustee” and certain affiliates
are defendants in a lawsuit for trademark infringement and false advertisement brought by Doral
Financial, Doral Bank PR and Doral FSB, regarding the unauthorized use by defendants of the “Doral
Bank” service mark. In July 2006, Doral obtained a preliminary injunction against the defendants.
If presented at the shareholders meeting, the proposed resolution will not be considered as it does
not comply with the advance notice provisions of the Company’s bylaws.
Copies of the transmittal letter and purported proposed resolution are included as exhibit 99.1 to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
Letter from and Board Resolution of Atlas Monetary