Summary of DORAL FINANCIAL CORP

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standa

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On November 8, 2012, Doral Financial Corporation (the "Company") was notified by the New York Stock Exchange, Inc. (the "NYSE") that the average per share closing price of its common stock during the 30 trading-day period ending October 31, 2012 was below the NYSE's continued listing standard relating to minimum average closing share price. Rule 802.01C of the NYSE's Listed Company Manual provides that the Company will be considered to be below compliance standards if the average closing price of the Company's common stock is less than $1.00 over a consecutive 30 trading-day period.

Under the applicable rules of the NYSE, the Company has 10 business days from receipt of the notice to inform the NYSE that it intends to cure the deficiency. The Company intends to notify the NYSE that it intends to cure the deficiency within the prescribed timeframe. The Company has six months from receipt of the notice to regain compliance with the NYSE's price condition and bring its share price and average share price back above $1.00 per share. The Company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the six-month cure period the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. The Company can also regain compliance if at the expiration of the six-month cure period both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the consecutive 30 trading-day period ending on the last trading day of the cure period are attained.

Subject to the NYSE's rules, during the cure period, shares of the Company's common stock will continue to be listed and will trade on the NYSE, subject to the Company's continued compliance with the NYSE's other applicable listing rules. Until the Company is able to cure this deficiency shares of the Company's common stock will trade under the symbol "DRL.BC" The Company is currently in compliance with all other NYSE listing rules.

If the Company effectuates a reverse stock split vote at its next annual meeting of stockholders to cure the condition, the condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above the level for at least the following 30 trading days.

As required under NYSE rules, the Company issued a press release on November 9, 2012, announcing that it had received the notice of non-compliance and that the Company intends to cure the deficiency within the prescribed timeframe. A copy of this press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K.