Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) On November 13, 2008, Santander BanCorp (the "Company") announced by press release that Mr. Carlos M. García has resigned as Senior Executive Vice President, Chief Operating Officer and member of the Board of Directors of the Company, and as President of Banco Santander Puerto Rico (the "Bank"). Mr. García's departure is related to his nomination as President and Chairman of the Board of Directors of the Government Development Bank for Puerto Rico ("GDB"), announced on November 13, 2008 by Puerto Rico's Governor-elect. His resignation will become effective upon the formal confirmation of his nomination by the Board of Directors of the GDB which is expected to occur in early January 2009.

(c) Mr. Juan Moreno, who is serving as the Chief Executive Officer and President of the Company and Chief Executive Officer of the Bank, will assume the position of President of the Bank, effective on the date of Mr. García's departure. Mr. Moreno has not been awarded any additional compensation for assuming this position as of the date of this report.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release dated November 13, 2008 issued by the Company.

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