W Holding Company, Inc.

Type	Public (NYSE: WHI)
Founded	Mayagüez, Puerto Rico, (March 1, 1958)
Headquarters	Mayagüez, Puerto Rico
Key people	Frank C. Stipes, Chairman & CEO
Industry	Finance and Insurance
Products	Banking Checking Accounts Insurance Stock Brokerage Investment Bank Asset-Based Lending Consumer finance
Revenue	US$ 831.1 million (2005)[1]
Net income	US$ 163.1 million (2005)[1]
Employees	1,311 (2005)[1]
Website	www.w-holding.com

The Westernbank logo. Its trademark El Banco del Pueblo is Spanish for The People’s Bank.

W Holding Company, Inc. is a financial holding corporation located in Mayagüez, Puerto Rico which offers a full range of financial services through its wholly-owned subsidiaries, the largest being Westernbank Puerto Rico (more commonly known as Westernbank). Westernbank is a business and consumer financial services company offering banking, trust and brokerage services, and is the second largest bank in Puerto Rico after Banco Popular. Image File history File links WHC_Logo. ... A public company is a company owned by the public rather than by a relatively few individuals. ... New York Stock Exchange (June 2003) The New York Stock Exchange (NYSE) , also nicknamed the Big Board, is the largest stock exchange in the world in dollar volume and second largest by number of companies listed. ... Flag Seal Nickname: La Sultana del Oeste, La Ciudad de las Aguas Puras, El Pueblo del Mangó People from Mayagüez, Puerto Rico are called: Mayagüezanos Location Location of Mayagüez, Puerto Rico within Puerto Rico Coordinates , Government Founded 1760 Mayor José Guillermo Rodríguez Rodríguez Political party... March 1 is the 60th day of the year in the Gregorian calendar (61st in leap years). ... 1958 (MCMLVIII) was a common year starting on Wednesday of the Gregorian calendar. ... Finance and Insurance is an industry group that mainly handles the transfer of paper and money, financial assets. These include: Accounting, Asset Management, Electronic Communications Networks, Financial Services Regulatory Agencies, Investment Banking Investment Firms, Investment Funds, Lending, Outsourced Financial Products & Services Marketing, Securities Brokers & Traders, Stock Exchanges, Trade Facilitation, and... For other uses, see Bank (disambiguation). ... Includes demand deposits, ATS, NOW, and other checkable deposits. ... The examples and perspective in this article or section may not represent a worldwide view. ... A stock broker or stockbroker or stock brokerage is someone or a firm who performs transactions in financial instruments on a stock market as an agent of his/her/its clients who are unable or unwilling to trade for themselves. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... In the simplest meaning, asset-based lending, refers to any kind of lending secured by an asset. ... Consumer Finance is a term used in large banks for divisions of that bank which consist of stores or offices which primarily sub prime lending and indirect lending (for example running the payments financing program of a local furniture store). ... Revenue is a U.S. business term for the amount of money that a company earns from its activities in a given period, mostly from sales of products and/or services to customers. ... Image File history File links Green_Arrow_Up. ... ISO 4217 Code USD User(s) the United States, the British Virgin Islands, East Timor, Ecuador, El Salvador, the Marshall Islands, Micronesia, Palau, Panama, Turks and Caicos Islands, and the insular areas of the United States Inflation 3. ... Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ... Image File history File links Green_Arrow_Up. ... Employment is a contract between two parties, one being the employer and the other being the employee. ... Website - Wikipedia, the free encyclopedia /**/ @import /skins-1. ... Image File history File links Westernbank. ... Image File history File links Westernbank. ... Flag Seal Nickname: La Sultana del Oeste, La Ciudad de las Aguas Puras, El Pueblo del Mangó People from Mayagüez, Puerto Rico are called: Mayagüezanos Location Location of Mayagüez, Puerto Rico within Puerto Rico Coordinates , Government Founded 1760 Mayor José Guillermo Rodríguez Rodríguez Political party... Popular, Inc. ...

History

Westernbank was founded on March 1, 1958 under the name Western Federal Savings and Loan Association of Puerto Rico in the western town of Mayagüez by Miguel A. García Méndez, a local statesman, businessman and experienced banker. With initial deposits reaching $250,000, the bank grew at a rapid rate, quadrupling its deposits and assets in less than 9 months. By the early 1960s, Westernbank had expanded to the western and southwestern region of the island, with bank branches in the towns of Aguadilla, San Germán and Cabo Rojo. March 1 is the 60th day of the year in the Gregorian calendar (61st in leap years). ... 1958 (MCMLVIII) was a common year starting on Wednesday of the Gregorian calendar. ... Deposit may refer to: Finance A deposit is a specific sum of money taken and held on account, by a bank as a service provided for its clients. ... In business and accounting an asset is anything owned which can produce future economic benefit, whether in possession or by right to take possession, by a person or a group acting together, e. ... The 1960s decade refers to the years from 1960 to 1969, inclusive. ... Nickname: El Nuevo Jardín del Atlántico People from Aguadilla, Puerto Rico are called: Aguadillanos Official website: Location Location of Aguadilla, Puerto Rico within Puerto Rico Government Mayor Carlos Méndez Martínez Political party PNP Senatorial district Representative district Geographical characteristics Area Total 94. ... San Germán is the name of a city in south-west Puerto Rico, near Mayagüez and Cabo Rojo. ... // City nickname: El Pueblo de Cofresí Location Location within the nation of Puerto Rico Government Country Puerto Rico Mayor Santos Padilla Ferrer (PNP) Physical characteristics Area      Land      Water 182. ...

Between 1978 and 1981, when the United States and Puerto Rican economies were suffering from high inflation rates, local banks were facing losses due to an increasing number in bankruptcies and unemployment rates, and some were forced to either close, merge, or sell portions of their assets. In order to counter these economic conditions, Westernbank applied conservative policies and banking practices which included tightening its credit lending criteria, assuming stricter loan to value ratios, favoring collateralized loans, and restructuring its assets and liabilities. In 1988, facing an impending recession in the US and Puerto Rico, Westernbank began applying the same conservative measures in order to reduce inherent risks and to protect the bank’s capital position. During the following years, between 1989 and 1990, private and public savings banks on the island, with the exception of Westernbank, faced losses, restated their financial statements, and saw significant decreases in their stock prices. 1978 (MCMLXXVIII) was a common year starting on Sunday. ... 1981 (MCMLXXXI) was a common year starting on Thursday of the Gregorian calendar. ... The examples and perspective in this article or section may not represent a worldwide view. ... This page deals with the combination of two companies into one. ... Loan to Value is an expression of the loan amount as a percentage of the total appraised value of a piece of real estate. ... In the simplest meaning, asset-based lending, refers to any kind of lending secured by an asset. ... 1988 (MCMLXXXVIII) was a leap year starting on Friday of the Gregorian calendar. ... A recession is usually defined in macroeconomics as a fall of a countrys real Gross Domestic Product in two or more successive quarters of a year. ... 1989 (MCMLXXXIX) was a common year starting on Sunday of the Gregorian calendar. ... This article is about the year. ... Financial statements (or financial reports) are a record of a business financial flows and levels. ... See stock (disambiguation) for other meanings of the term stock In financial terminology, stock is the capital raised by a corporation, through the issuance and sale of shares. ...

Westernbank lending policies and practices focused mainly on mortgage residential loans rather than commercial and construction loans because, although commercial and construction loans offer a much higher rate of return, mortgage loans offer a much smaller risk of default. However, in 1994, after a revision of state bank laws, the company decided to diversify its loan portfolio and services by changing its charter to become a full-service commercial bank. This allowed the bank to experience significant increases in customers, bank branches, loans (which now included commercial and construction loans), and ultimately revenue, doubling its financial size every two and a half years without the need of consolidations or mergers during the 1990s. A mortgage is a method of using property (real or personal) as security for the payment of a debt. ... 1994 (MCMXCIV) was a common year starting on Saturday of the Gregorian calendar, and was designated as the International Year of the Family and the International Year of the Sport and the Olympic Ideal by United Nations. ... Consolidation is the act of merging many things into one. ... See also 1990s, the band The 1990s decade refers to the years from 1990 to 1999, inclusive, sometimes informally including popular culture from the very late 1980s and from 2000 and beyond. ...

W Holding Company

In 1999, Westernbank was reorganized to improve its services and to better represent its future plans and strategy. This reorganization created the current parent company, W Holding, and converted its main divisions, such as Westernbank, into wholly owned subsidiaries. In July 2000, the company was officially converted into a financial holding company under the Bank Holding Company Act which allowed it to engage in all financial related activities, including those which have stricter regulatory standards than banking such as insurance and market securities. 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... Look up July in Wiktionary, the free dictionary. ... This article is about the year 2000. ...

In 2001, W Holding created Westernbank Insurance Corp., a general insurance agent. This move diversified the company’s services while at the same time improving its investment portfolio, given that it could now place property, casualty, life and disability insurance while generating commission income. Currently, most of the agency’s volume is derived from two areas: mortgage insurance on residential mortgage loans and credit life insurance for borrowers of personal loans, both of which are awarded by its sister company Westernbank. 2001: A Space Odyssey. ...

In early 2002, W Holding acquired a 23 story building previously known as the Ponce Bank headquarters, in the San Juan Hato Rey financial district, more commonly known as the "Golden Mile District" (La Milla de Oro in Spanish). After renovations and improvements were made to its facilities, the building was renamed the "Westernbank World Plaza", and now hosts the company’s San Juan metropolitan area headquarters, its Westernbank Business Credit and Expresso divisions’ main offices, and several other non-related tenants. For album titles with the same name, see 2002 (album). ... Hato Rey is an area of San Juan, Puerto Rico. ... Popular, Inc. ...

Present

Its main headquarters are located at 19 West McKinley Street in Mayagüez, Puerto Rico, the town of the company’s founding. Its main subsidiary, Westernbank, currently operates 55 bank branches, all insured by the FDIC. It recently opened two new bank branches in the Miramar and Old San Juan sections of the island’s capital, which feature a new information system that allows bank representatives to perform certain banking transactions with customers at informal places, such as the lobby area, the waiting area, and even in the customer waiting line for the teller counters. The Federal Deposit Insurance Corporation (FDIC) was created by the Glass-Steagall Act of 1933. ... Main article: San Juan, Puerto Rico Map of Old San Juan. ...

Recognitions

• Ranked the 1,674th Largest Company In The World by Forbes (2005).
• Ranked among the 20 best publicly-held performing companies for the benefit of their stockholders and investors, also known as the "TOP GUN" companies, by the Wall Street Journal (2004)^[2]. W Holding was the only financial company in such TOP GUNS listing.
• As part of the TOP GUNS listing of the Wall Street Journal, the company was included in the strongest of all categories for having 10 years of consecutive and accumulated benefits of its stockholders (2004)^[2].
• Ranked as the "No. 1 Mid-Sized Bank" in the entire United States on Return On Equity (ROE) by U.S. Banker Magazine two years in a row (1997 and 1998).
• Westernbank is the only bank in Puerto Rico since the industry’s inception in the 1850s, and one of a few in the United States, who has been profitable every single year since its founding.
• Ranked 21st among the "Top 50 stocks of the 1990s" by Money Magazine.
• Rated "One of America’s Fastest Growing Companies" by Equities Magazine.
• Ranked 1st as "Best in Technology" among all banks in the United States by Microbanker Publication.
• Included in NASDAQ’s "1,000 Honor Roll" and "Top 100 Company Honor Roll".
• Ranked 7th and 10th among the "100 Best Banks in the United States" by U.S. Banker Magazine in 2003 and 2002, respectively.

Forbes Building on Fifth Avenue in New York City Forbes is a publishing and media company. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... The Wall Street Journal is an influential international daily newspaper published in New York City, New York with an average daily circulation of 1,800,607 (2002). ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... Return on common Equity (ROE, Return on average common equity) - earnings before extraordinary items, less preferred-share dividends, divided by average common shareholders equity. ... The current version of the article or section reads like an advertisement. ... 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ... 1998 (MCMXCVIII) was a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ... // Events and Trends Technology Production of steel revolutionised by invention of the Bessemer process Benjamin Silliman fractionates petroleum by distillation for the first time First transatlantic telegraph cable laid First safety elevator installed by Elisha Otis Science Charles Darwin publishes The Origin of Species, putting forward the theory of evolution... See also 1990s, the band The 1990s decade refers to the years from 1990 to 1999, inclusive, sometimes informally including popular culture from the very late 1980s and from 2000 and beyond. ... Cover of Money magazine Money is a Time Warner financial magazine. ... NASDAQ in Times Square, New York City. ... The current version of the article or section reads like an advertisement. ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... For album titles with the same name, see 2002 (album). ...

Stats

• Has over $16 billion in assets (2006).
• Approx. 1,311 employees.
• Has consistently maintained one of the lowest delinquency ratios on its loan portfolios among all banks in Puerto Rico.
• One of the fastest-growing commercial bank in Puerto Rico, increasing both total assets and loans at an average annual growth rate of over 26% for the last five fiscal years.
• Symbol: WHI (NYSE)

2006 (MMVI) is a common year starting on Sunday of the Gregorian calendar. ... New York Stock Exchange (June 2003) The New York Stock Exchange (NYSE) is one of the largest stock exchanges in the world. ...

Subsidiaries

• Westernbank Puerto Rico – main subsidiary. It is the second largest bank in Puerto Rico offering business and consumer financial services, including banking, trust and brokerage services.
• Westernbank International Division – an International Banking Entity under the Puerto Rico International Banking Regulatory Act; provides services to commercial and corporate customers, mainly related to treasury (investment), loans, and securities activities.
• Westernbank Insurance Corp. – a general insurance agent providing property, casualty, life and disability insurance.
• Westernbank Business Credit – Provides commercial business loans secured principally by real estate, accounts receivable, inventory and equipment.
• Westernbank Trust Division – provides trust services for individual, corporate and trust company clients.
• Expresso of Westernbank (Westernbank Express) – manages 19 branches across Puerto Rico and specializes in small, unsecured consumer loans up to $15,000 and real estate collateralized consumer loans up to $150,000.
• Westernbank World Plaza, Inc. – a real estate holding company mainly consisting of the 23 story office building located in Hato Rey, Puerto Rico. A portion of the building’s floor space is rented to non-related parties.
• SRG Net, Inc. – a electronic funds transfer network.

This article or section does not cite its references or sources. ... A trust company has been referred to as a near-bank; while technically it differs from a bank in mandate and services offered, it also provides banking services such as chequing accounts, savings and loans, investments and credit cards. ...

Competitors (in Puerto Rico)

• Banco Bilbao Vizcaya Argentaria
• Banco Popular de Puerto Rico
• Banco Santander Central Hispano
• Citibank
• Doral Bank
• Eurobank
• FirstBank
• Oriental Financial Group, Inc.
• RG Premier Bank
• Scotiabank

// Overview Banco Bilbao Vizcaya Argentaria (BBVA) is a multinational Basque banking group. ... This article is about a Puerto Rican bank. ... Banco Santander Central Hispano is the largest bank in Spain and is part of the Santander Group which has large scale operations in the continents of Europe and South America. ... Citibank was founded in 1812 as the City Bank of New York. ... Doral Financial Corporation is a financial holding company located in San Juan, Puerto Rico which offers a full range of financial services in Puerto Rico and the New York City metropolitan area through its wholly-owned subsidiaries. ... First BanCorp is a financial holding company with more than $17 billion in assets offering a full range of financial services through its operations in Puerto Rico, British Virgin Islands and in the State of Florida, United States. ... Oriental Financial Group, Inc. ... R & G Financial Corporation, more commonly known as RG Financial or R-G Financial, is a financial holding company located in San Juan, Puerto Rico which offers a full range of financial services in Puerto Rico and the State of Florida through its wholly-owned subsidiaries. ... Scotiabank (TSX: BNS NYSE: BNS), formally known as The Bank of Nova Scotia, is one of Canadas Big Five banks. ...

External links

W Holding Company, Inc.

• Official Site
• Quarterly and Annual Financial Reports

Subsidairies

• Westernbank Official Site