Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective on November 18, 2008, Mr. Calixto García-Vélez was deemed to have resigned as Executive Vice President and President of the Consumer Banking Division of Doral Financial Corporation (the "Company") and as President and Chief Executive Officer of Doral Bank Puerto Rico, a wholly-owned subsidiary of the Company ("Doral Bank PR") in accordance with Section 4(f) of the Employment Agreement between Mr. García-Vélez and the Company.
Mr. Glen Wakeman, President and Chief Executive Officer of the Company, was also appointed President and Chief Executive Officer of Doral Bank PR effective on November 18, 2008.

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