Item 2.02 Results of Operations and Financial Condition
On May 7, 2009, Doral Financial Corporation ("Doral Financial" or the "Company") issued a press release announcing the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2009, including its unaudited financial statements for the quarter ended March 31, 2009. A copy of the press release is attached hereto as Exhibit 99.1.
The information furnished pursuant to this Item 2.02 of this Current Report on Form 8-K, including the portions of its press release included in Exhibit 99.1 relating to its unaudited results of operations and financial condition for the quarter ended March 31, 2009, shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any of Doral Financial's filings under the Securities Act of 1933, as amended, unless otherwise expressly stated in such filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of certain Officers; Compensatory Arrangements of Certain Officers On May 12, 2009 Mr. Kevin Twomey resigned from the Board of Directors of the Company and the Board of Directors of Doral Bank. Mr. Twomey was also the chairperson of the Audit Committee. Given his resignation, Mr. Twomey will not stand for election as a member of the Board of Directors of the Company at the 2009 Annual Meeting of Shareholders to be held on May 13, 2009.
On May 12, 2009, Mr. Raymond Quinlan was designated as the new chairperson of the Audit Committee.
The Board of Directors of the Company has determined that Mr. Quinlan is an "audit committee financial expert" for purposes of the rules of the Securities and Exchange Commission (the "SEC") adopted pursuant to the Sarbanes-Oxley Act of 2002. For a brief listing of the relevant experience of Mr. Quinlan, please refer to the section titled "Proposal 1-Election of Directors and Related Matters-Election of Directors" of the Company's Proxy Statement for the 2009 Annual Meeting of Shareholders that was filed with the SEC on April 9, 2009. Item 8.01 Other Events
On May 7, 2009, the Board of Directors of Doral Financial announced the commencement of an offer to exchange a stated amount of its shares of common stock and a cash payment in exchange for a limited number of its shares of outstanding preferred stock. The offer to exchange commenced on May 7, 2009 and expires on June 8, 2009. Each of the four series of outstanding preferred stock of Doral Financial are eligible to participate in the exchange offer, subject to all the terms and conditions set forth in the Tender Offer Statement that was filed by the Company with the SEC on May 7, 2009, as amended by Amendment No. 1 to the Tender Offer Statement that was filed by the Company with the SEC on May 8, 2009.
A copy of the press release that includes the announcement as the commencement by Doral Financial of the offer to exchange is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press release dated May 7, 2009.

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