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<TITLE>DORAL FINANCIAL CORPORATION</TITLE>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As
filed with the Securities and Exchange Commission on July 22, 2008.</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 3pt"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B>FORM S-8</B>
</DIV>

<DIV align="center" style="font-size: 14pt">&nbsp;<BR>
<B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></DIV>

<DIV align="center" style="font-size: 14pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 20pt; margin-top: 10pt"><B>DORAL FINANCIAL CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 8pt">
<B>(Exact name of registrant as specified in its charter)</B></DIV>

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    <TD align="center" valign="top"><B>Puerto Rico</B><BR>
<DIV align="center" style="font-size: 8pt">(State or other jurisdiction of<BR>
incorporation or organization)</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>66-0573723</B><BR>
<DIV align="center" style="font-size: 8pt">(I.R.S. Employer<BR>
Identification Number)</DIV></TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 3pt">1451 Franklin D. Roosevelt Avenue<BR>
San Juan, Puerto Rico 00920-2717<BR>
(787)&nbsp;474-6700</DIV>
<DIV align="center" style="font-size: 8pt; margin-top: 1pt">
<B>(Address, including zip code, and telephone number, including area code, of principal
executive offices)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 2pt"><B>Doral Financial Corporation 2008 Stock Incentive Plan</B><BR>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 2pt">(Full Title of the Plan)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 2pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><B>Glen R. Wakeman<BR>
Chief Executive Officer and President<BR>
Doral Financial Corporation<BR>
1451 Franklin D. Roosevelt Avenue<BR>
San Juan, Puerto Rico 00920-2717<BR>
(787)&nbsp;474-6700</B>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 1pt">(Name and address, including zip code, and telephone number, including area code, of agent for service)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 4pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 4pt"><B>Enrique R. Ubarri<BR>
Executive Vice President and General Counsel<BR>
Doral Financial Corporation<BR>
1451 Franklin D. Roosevelt Avenue<BR>
San Juan, Puerto Rico 00920-2717<BR>
(787)&nbsp;474-6380</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 9pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the
Exchange Act.</DIV>

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    <TD width="21%">&nbsp;</TD>
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    <TD align="center" valign="top">Large accelerated filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer
<FONT face="Wingdings">&#111;</FONT><BR>
(Do not check if a smaller reporting company)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Smaller reporting company <FONT face="Wingdings">&#111;</FONT></TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

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    <TD width="49%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>offering price per</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>aggregate offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of securities to be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registered(1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>share(2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>price(2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registration fee</B></TD>
    <TD width="1%">&nbsp;</TD>
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<TD valign="top" align="left" style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px"><B>Common
Stock, par value $0.01 per share</B></DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">6,750,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$11.45</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$77,287,500</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$3,038</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition to the shares set forth in the table, pursuant to Rule 416(a) under the
Securities Act of 1933, as amended (the &#145;&#145;Securities Act&#146;&#146;), the number of shares registered
includes an indeterminable number of shares of common stock issuable
under the Doral
Financial Corporation 2008 Stock Incentive Plan (the &#147;Plan&#148;) as this amount may be adjusted as
a result of stock splits, stock dividends and antidilution provisions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule 457(c) and Rule 457(h) under the Securities Act, the proposed maximum
offering price per share, the proposed maximum aggregate offering price and the amount of
registration fee have been computed on the basis of the average high and low prices per share
of the common stock reported on the New York Stock Exchange on July 16, 2008.</TD>
</TR>

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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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<TR><TD colspan="9"><A HREF="#000">EXPLANATORY NOTE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART I INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">PART II  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemption from Registration Claimed.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertakings.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">POWER OF ATTORNEY</A></TD></TR>
<TR><TD colspan="9"><A HREF="g14269exv5w1.htm">EX-5.1 OPINION OF ENRIQUE R. UBARRI</A></TD></TR>
<TR><TD colspan="9"><A HREF="g14269exv23w1.htm">EX-23.1 CONSENT OF PRICEWATERHOUSECOOPERS LLP</A></TD></TR>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



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<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doral Financial Corporation (the &#147;Company&#148;) has prepared this Registration Statement in
accordance with the requirements of Form S-8 under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;), to register in the aggregate 6,750,000 shares of its Common Stock, par value
$0.01 per share, pursuant to the Doral Financial Corporation 2008 Stock Incentive Plan (the
&#147;Plan&#148;). The Plan was approved by the Company&#146;s stockholders on May&nbsp;7, 2008 at the Company&#146;s
Annual Meeting of Stockholders.
</DIV>
<!-- link1 "PART I INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART
I</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in this Part&nbsp;I will be delivered to the
participants in the Plan covered by this Registration Statement as required by Rule&nbsp;428(b)(1) under
the Securities Act. Such documents are not required to be filed with the Securities and Exchange
Commission (the &#147;Commission&#148;) as part of this Registration Statement.
</DIV>
<!-- link1 "PART II  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART
II</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 "Item&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the Commission by the Company pursuant to the Securities
Act and the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), are hereby
incorporated by reference in this Registration Statement (other than any portion of such documents
that is furnished rather than filed):
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2007 filed on
March&nbsp;20, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Quarterly Report on Form 10-Q for the fiscal period ended March&nbsp;31, 2008 filed
on May&nbsp;13, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Reports on Form 8-K filed on February&nbsp;22, 2008, March&nbsp;20, 2008, April
14, 2008, May&nbsp;13, 2008, June&nbsp;27, 2008 and July&nbsp;15, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Company&#146;s common stock in the Company&#146;s Registration
Statement on Form 8-A (Registration No.&nbsp;001-31579) filed with the SEC under Section
12(b) of the Exchange Act on December&nbsp;27, 2002, including any amendment or report filed
for the purpose of updating such description.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents that the Company subsequently files pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of
a post-effective amendment to this Registration Statement indicating that all securities offered
have been sold or which deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference into this Registration Statement and to be a part hereof from the date of
filing of such documents.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement contained herein or in any other subsequently filed document which also
is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any
such statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.
</DIV>
<!-- link2 "Item&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Securities." -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests of Named Experts and Counsel." -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity of the shares of common stock of the Company to be issued in connection with this Registration
Statement will be passed upon for the Company by Enrique R. Ubarri, whose legal opinion with
respect to the securities registered hereunder is filed as Exhibit&nbsp;5 hereto, is Executive Vice
President, General Counsel and Corporate Secretary of the Company, is eligible to participate in
the Plan and other benefit plans established by the Company and has
an indirect interest in common stock of the Company through a limited
partnership that holds shares of common stock of the Company.
</DIV>
<!-- link2 "Item&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;1.02(B)(6) of the Puerto Rico General Corporation Act (the &#147;PR GCA&#148;) provides that a
corporation may include in its certificate of incorporation a provision eliminating or limiting the
personal liability of members of its board of directors or governing body for breach of a
director&#146;s fiduciary duty of care. However, no such provision may eliminate or limit the liability
of a director for breaching his duty of loyalty, failing to act in good faith, engaging in
intentional misconduct or knowingly violating a law, paying a dividend or approving a stock
repurchase which was illegal, or obtaining an improper personal benefit. A provision of this type
has no effect on the availability or equitable remedies, such as injunction or rescission, for
breach of fiduciary duty. Article&nbsp;Seventh of the Company&#146;s Restated Certificate of Incorporation
contains such a provision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;4.09 of the PR GCA authorizes Puerto Rico corporations to indemnify their officers and
directors against liabilities arising out of pending or threatened actions, suits or proceedings to
which they are or may be made parties by reason of being directors or officers. Such rights of
indemnification are not exclusive of any other rights to which such officers or directors may be
entitled under any by-law, agreement, vote of stockholders or otherwise. The Restated Certificate
of Incorporation of the Company provides that the Company shall indemnify its directors, officers
and employees to the fullest extent permitted by law. The Company also maintains directors&#146; and
officers&#146; liability insurance on behalf of its directors and officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1 of Article&nbsp;IX of the Company&#146;s By-laws (the &#147;By-laws&#148;) provides that the Company
shall indemnify any person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the Company) by reason
of the fact that he is or was a director, officer, employee or agent of the Company or is or was
serving at the request of the Company as a director, officer, employer or agent of another
corporation or enterprise, against expenses (including attorneys&#146; fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by him in connection with such action,
suit or proceeding if he acted in good faith and in a manner he reasonably believed to be
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in or not opposed to the best interests of the Company, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his conduct was unlawful.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2 of Article&nbsp;IX of the By-laws provides that the Company shall indemnify any person
who was or is a party or is threatened to be made a party to any threatened, pending or completed
action or suit by or in the right of the Company to procure a judgment in its favor by reason of
the fact that such person acted in any of the capacities set forth above, against expenses
(including attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by him in connection with the defense or settlement of such action or suit if
he acted under similar standards set forth in the preceding paragraph, except that no
indemnification may be made in respect of any claim, issue or matter as to which such person shall
have been adjudged to be liable to the Company unless and only to the extent that the court in
which such action or suit was brought shall determine that despite the adjudication of liability,
such person is fairly and reasonably entitled to be indemnified for such expenses which the court
shall deem proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3 of Article&nbsp;IX of the By-laws provides that to the extent a director or officer of
the Company has been successful on the merits or otherwise in the defense of any action, suit or
proceeding referred to in Sections&nbsp;1 and 2 of Article&nbsp;IX of the By-laws or in the defense of any
claim, issue, or matter therein, he shall be indemnified against expenses (including attorneys&#146;
fees) actually and reasonably incurred by him in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5 of Article&nbsp;IX of the By-laws provides that the Company shall pay expenses incurred
in defending a civil or criminal action, suit or proceeding in advance of the final disposition of
such action, suit or proceeding. The Company must make such advanced payments if it receives an
undertaking by or on behalf of any person covered by Section&nbsp;1 of Article&nbsp;IX of the By-laws to
repay such amounts, if it is ultimately determined that he is not entitled to be indemnified by the
Company as authorized in Article&nbsp;IX of the By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6 and 7 of Article&nbsp;IX of the By-laws provide that indemnification provided for by
Sections&nbsp;1 and 2 of Article&nbsp;IX of the By-laws shall not be deemed exclusive of any other rights to
which the indemnified party may be entitled; and that the Company may purchase and maintain
insurance on behalf of a director or officer of the Company against any liability asserted against
him or incurred by him in any such capacity or arising out of his status as such whether or not the
Company would have the power to indemnify him against such liabilities under such Sections&nbsp;1 and 2
of Article&nbsp;IX of the By-laws.
</DIV>
<!-- link2 "Item&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemption from Registration Claimed." -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits." -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the list of exhibits, see the Exhibit&nbsp;Index to this Registration Statement, which is
incorporated in this item by reference.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertakings." -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertakings.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;&nbsp;The undersigned registrant hereby undertakes:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act of 1933.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
if, in the aggregate, the changes in volume and price represent no more than 20%
change in the maximum aggregate offering price set forth in the &#147;Calculation of
Registration Fee&#148; table in the effective registration statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>provided, however</I>, that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(A) Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration
statement is on Form&nbsp;S&#151;8, and the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the
Commission by the registrant pursuant to section 13 or section 15(d) of the Securities
Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the
registration statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(B) paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the registration
statement is on Form S-3 or Form F-3, and the information required to be included in a
post-effective amendment by those paragraphs is contained in reports filed with or furnished
to the Commission by the registrant pursuant to Section&nbsp;13 or Section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration statement, or is
contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the
registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>provided further, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is for an offering of asset-backed securities on Form S-1 or Form S-3,
and the information required to be included in a post-effective amendment is provided pursuant
to Item 1100(c) of Regulation&nbsp;AB.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant to Section
13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in this registration
statement shall be deemed to be a new registration statement relating to the securities offered
herein, and the offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(h)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act, and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of San Juan, Commonwealth of
Puerto Rico on July&nbsp;22, 2008.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>DORAL FINANCIAL CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                                  /s/ Marangal I. Domingo
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Marangal I. Domingo&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and<BR>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<!-- link1 "POWER OF ATTORNEY" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that the undersigned directors and officers of the Registrant,
which is filing a Registration Statement on Form S-8 with the Securities and Exchange Commission,
Washington, D.C. 20549 under the provisions of the Securities Act of 1933 hereby constitute and
appoint Glen R. Wakeman, Marangal I. Domingo and Enrique R. Ubarri, and each of them, the
individual&#146;s true and lawful attorneys-in-fact and agents, with full power of substitution and
resubstitution, for the person and in his or her name, place and stead, in any and all capacities,
to sign such registration statement and any or all amendments, including post-effective amendments
to the registration statement, and all other documents in connection therewith to be filed with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of
them, full power and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that said attorneys-in-fact as agents or
any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed below by the following persons in the capacities
indicated on July&nbsp;22, 2008.
</DIV>
<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Title</B></TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Glen R. Wakeman
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Glen R. Wakeman</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chief Executive Officer, President and Director<BR>(principal executive officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Marangal I. Domingo
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Marangal I. Domingo</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan=3 valign="top">
Executive Vice President and Chief Financial Officer<BR>
(principal financial officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Laura Vazquez
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Laura Vazquez</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Controller and Principal Accounting Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
<TD>&nbsp;</TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Title</B></TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Dennis G. Buchert
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Dennis G. Buchert</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Frank W. Baier
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Frank W. Baier</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ James E. Gilleran
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
James E. Gilleran</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ David E. King
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
David E. King</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Howard M. Levkowitz
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Howard M. Levkowitz</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Michael J. O&#146;Hanlon
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Michael J. O&#146;Hanlon</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Raymond J. Quinlan
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Raymond J. Quinlan</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Ramesh Shah
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Ramesh Shah</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Gerard L. Smith
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Gerard L. Smith</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Kevin M. Twomey
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Kevin M. Twomey</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Exhibit&nbsp;Index</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

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<TR valign="bottom" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1&nbsp;&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certificate of Incorporation of Doral Financial Corporation, as currently in
effect, (incorporated by reference to Exhibit&nbsp;3.1(j) of Doral Financial
Corporation&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2007).</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2&nbsp;&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bylaws of Doral Financial Corporation, as amended on August&nbsp;2, 2007
(incorporated by reference to Exhibit&nbsp;3.1 of Doral Financial Corporation&#146;s
Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2007).</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3&nbsp;&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Common Stock Certificate (incorporated by reference to Exhibit&nbsp;4.1 of Doral
Financial Corporation&#146;s Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2007).</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4&nbsp;&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Doral Financial Corporation 2008 Stock Incentive Plan (incorporated by
reference to Annex A to the Doral Financial Corporation&#146;s definitive Proxy
Statement filed with the SEC on April&nbsp;11, 2008).</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.5&nbsp;&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Securityholders and Registration Rights Agreement, dated as of July&nbsp;19,
2007, between Doral Financial Corporation and Doral Holding Delaware, LLC
(incorporated by reference to Exhibit&nbsp;10.1 to the Current Report on Form&nbsp;8-K
filed with the SEC on July&nbsp;26, 2007).</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Enrique R. Ubarri with respect to legality of securities being
registered hereunder.</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of PricewaterhouseCoopers LLP.</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Enrique R. Ubarri (reference is made to Exhibit&nbsp;5 filed herewith).</DIV></TD>
</TR>

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    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of Attorney (included in the signature pages to this Registration
Statement).</DIV></TD>
</TR>
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    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
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DORAL FINANCIAL CORPORATION
Table of Contents
As
filed with the Securities and Exchange Commission on July 22, 2008.
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
DORAL FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Puerto Rico
(State or other jurisdiction of
incorporation or organization)
66-0573723
(I.R.S. Employer
Identification Number)
1451 Franklin D. Roosevelt Avenue
San Juan, Puerto Rico 00920-2717
(787) 474-6700
(Address, including zip code, and telephone number, including area code, of principal
executive offices)
Doral Financial Corporation 2008 Stock Incentive Plan
(Full Title of the Plan)
Glen R. Wakeman
Chief Executive Officer and President
Doral Financial Corporation
1451 Franklin D. Roosevelt Avenue
San Juan, Puerto Rico 00920-2717
(787) 474-6700
(Name and address, including zip code, and telephone number, including area code, of agent for service)
Enrique R. Ubarri
Executive Vice President and General Counsel
Doral Financial Corporation
1451 Franklin D. Roosevelt Avenue
San Juan, Puerto Rico 00920-2717
(787) 474-6380
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large
accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the
Exchange Act.
Large accelerated filer
o
Accelerated filer
þ
Non-accelerated filer
o
(Do not check if a smaller reporting company)
Smaller reporting company
o
CALCULATION OF REGISTRATION FEE
Proposed maximum
Proposed maximum
Amount to be
offering price per
aggregate offering
Amount of
Title of securities to be registered
registered(1)
share(2)
price(2)
registration fee
Common
Stock, par value $0.01 per share
6,750,000
$11.45
$77,287,500
$3,038
(1)
In addition to the shares set forth in the table, pursuant to Rule 416(a) under the
Securities Act of 1933, as amended (the ''Securities Act''), the number of shares registered
includes an indeterminable number of shares of common stock issuable
under the Doral
Financial Corporation 2008 Stock Incentive Plan (the "Plan") as this amount may be adjusted as
a result of stock splits, stock dividends and antidilution provisions.
(2)
Pursuant to Rule 457(c) and Rule 457(h) under the Securities Act, the proposed maximum
offering price per share, the proposed maximum aggregate offering price and the amount of
registration fee have been computed on the basis of the average high and low prices per share
of the common stock reported on the New York Stock Exchange on July 16, 2008.
TABLE OF CONTENTS
EXPLANATORY NOTE
PART I INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
PART II  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.     Incorporation of Documents by Reference.
Item 4.     Description of Securities.
Item 5.     Interests of Named Experts and Counsel.
Item 6.     Indemnification of Directors and Officers.
Item 7.     Exemption from Registration Claimed.
Item 8.     Exhibits.
Item 9.     Undertakings.
SIGNATURES
POWER OF ATTORNEY
EX-5.1 OPINION OF ENRIQUE R. UBARRI
EX-23.1 CONSENT OF PRICEWATERHOUSECOOPERS LLP
Table of Contents
EXPLANATORY NOTE
Doral Financial Corporation (the "Company") has prepared this Registration Statement in
accordance with the requirements of Form S-8 under the Securities Act of 1933, as amended (the
"Securities Act"), to register in the aggregate 6,750,000 shares of its Common Stock, par value
$0.01 per share, pursuant to the Doral Financial Corporation 2008 Stock Incentive Plan (the
"Plan"). The Plan was approved by the Company's stockholders on May 7, 2008 at the Company's
Annual Meeting of Stockholders.
PART
I
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
The documents containing the information specified in this Part I will be delivered to the
participants in the Plan covered by this Registration Statement as required by Rule 428(b)(1) under
the Securities Act. Such documents are not required to be filed with the Securities and Exchange
Commission (the "Commission") as part of this Registration Statement.
PART
II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.     Incorporation of Documents by Reference.
The following documents filed with the Commission by the Company pursuant to the Securities
Act and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are hereby
incorporated by reference in this Registration Statement (other than any portion of such documents
that is furnished rather than filed):
(a)
Annual Report on Form 10-K for the fiscal year ended December 31, 2007 filed on
March 20, 2008;
(b)
Quarterly Report on Form 10-Q for the fiscal period ended March 31, 2008 filed
on May 13, 2008;
(c)
Current Reports on Form 8-K filed on February 22, 2008, March 20, 2008, April
14, 2008, May 13, 2008, June 27, 2008 and July 15, 2008;
(d)
The description of the Company's common stock in the Company's Registration
Statement on Form 8-A (Registration No. 001-31579) filed with the SEC under Section
12(b) of the Exchange Act on December 27, 2002, including any amendment or report filed
for the purpose of updating such description.
All documents that the Company subsequently files pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of
a post-effective amendment to this Registration Statement indicating that all securities offered
have been sold or which deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference into this Registration Statement and to be a part hereof from the date of
filing of such documents.
1
Table of Contents
Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement contained herein or in any other subsequently filed document which also
is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any
such statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.
Item 4.     Description of Securities.
Not applicable.
Item 5.     Interests of Named Experts and Counsel.
The
validity of the shares of common stock of the Company to be issued in connection with this Registration
Statement will be passed upon for the Company by Enrique R. Ubarri, whose legal opinion with
respect to the securities registered hereunder is filed as Exhibit 5 hereto, is Executive Vice
President, General Counsel and Corporate Secretary of the Company, is eligible to participate in
the Plan and other benefit plans established by the Company and has
an indirect interest in common stock of the Company through a limited
partnership that holds shares of common stock of the Company.
Item 6.     Indemnification of Directors and Officers.
Article 1.02(B)(6) of the Puerto Rico General Corporation Act (the "PR GCA") provides that a
corporation may include in its certificate of incorporation a provision eliminating or limiting the
personal liability of members of its board of directors or governing body for breach of a
director's fiduciary duty of care. However, no such provision may eliminate or limit the liability
of a director for breaching his duty of loyalty, failing to act in good faith, engaging in
intentional misconduct or knowingly violating a law, paying a dividend or approving a stock
repurchase which was illegal, or obtaining an improper personal benefit. A provision of this type
has no effect on the availability or equitable remedies, such as injunction or rescission, for
breach of fiduciary duty. Article Seventh of the Company's Restated Certificate of Incorporation
contains such a provision.
Article 4.09 of the PR GCA authorizes Puerto Rico corporations to indemnify their officers and
directors against liabilities arising out of pending or threatened actions, suits or proceedings to
which they are or may be made parties by reason of being directors or officers. Such rights of
indemnification are not exclusive of any other rights to which such officers or directors may be
entitled under any by-law, agreement, vote of stockholders or otherwise. The Restated Certificate
of Incorporation of the Company provides that the Company shall indemnify its directors, officers
and employees to the fullest extent permitted by law. The Company also maintains directors' and
officers' liability insurance on behalf of its directors and officers.
Section 1 of Article IX of the Company's By-laws (the "By-laws") provides that the Company
shall indemnify any person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the Company) by reason
of the fact that he is or was a director, officer, employee or agent of the Company or is or was
serving at the request of the Company as a director, officer, employer or agent of another
corporation or enterprise, against expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by him in connection with such action,
suit or proceeding if he acted in good faith and in a manner he reasonably believed to be
2
Table of Contents
in or not opposed to the best interests of the Company, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his conduct was unlawful.
Section 2 of Article IX of the By-laws provides that the Company shall indemnify any person
who was or is a party or is threatened to be made a party to any threatened, pending or completed
action or suit by or in the right of the Company to procure a judgment in its favor by reason of
the fact that such person acted in any of the capacities set forth above, against expenses
(including attorneys' fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by him in connection with the defense or settlement of such action or suit if
he acted under similar standards set forth in the preceding paragraph, except that no
indemnification may be made in respect of any claim, issue or matter as to which such person shall
have been adjudged to be liable to the Company unless and only to the extent that the court in
which such action or suit was brought shall determine that despite the adjudication of liability,
such person is fairly and reasonably entitled to be indemnified for such expenses which the court
shall deem proper.
Section 3 of Article IX of the By-laws provides that to the extent a director or officer of
the Company has been successful on the merits or otherwise in the defense of any action, suit or
proceeding referred to in Sections 1 and 2 of Article IX of the By-laws or in the defense of any
claim, issue, or matter therein, he shall be indemnified against expenses (including attorneys'
fees) actually and reasonably incurred by him in connection therewith.
Section 5 of Article IX of the By-laws provides that the Company shall pay expenses incurred
in defending a civil or criminal action, suit or proceeding in advance of the final disposition of
such action, suit or proceeding. The Company must make such advanced payments if it receives an
undertaking by or on behalf of any person covered by Section 1 of Article IX of the By-laws to
repay such amounts, if it is ultimately determined that he is not entitled to be indemnified by the
Company as authorized in Article IX of the By-laws.
Section 6 and 7 of Article IX of the By-laws provide that indemnification provided for by
Sections 1 and 2 of Article IX of the By-laws shall not be deemed exclusive of any other rights to
which the indemnified party may be entitled; and that the Company may purchase and maintain
insurance on behalf of a director or officer of the Company against any liability asserted against
him or incurred by him in any such capacity or arising out of his status as such whether or not the
Company would have the power to indemnify him against such liabilities under such Sections 1 and 2
of Article IX of the By-laws.
Item 7.     Exemption from Registration Claimed.
Not applicable.
Item 8.     Exhibits.
For the list of exhibits, see the Exhibit Index to this Registration Statement, which is
incorporated in this item by reference.
3
Table of Contents
Item 9.     Undertakings.
(a)  The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities
Act of 1933.
(ii)
To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
if, in the aggregate, the changes in volume and price represent no more than 20%
change in the maximum aggregate offering price set forth in the "Calculation of
Registration Fee" table in the effective registration statement.
(iii)
To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
provided, however
, that:
(A) Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration
statement is on Form S—8, and the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the
Commission by the registrant pursuant to section 13 or section 15(d) of the Securities
Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the
registration statement; and
(B) paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the registration
statement is on Form S-3 or Form F-3, and the information required to be included in a
post-effective amendment by those paragraphs is contained in reports filed with or furnished
to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration statement, or is
contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the
registration statement;
provided further, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is for an offering of asset-backed securities on Form S-1 or Form S-3,
and the information required to be included in a post-effective amendment is provided pursuant
to Item 1100(c) of Regulation AB.
(2) That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
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(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section
13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in this registration
statement shall be deemed to be a new registration statement relating to the securities offered
herein, and the offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(h) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act, and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of San Juan, Commonwealth of
Puerto Rico on July 22, 2008.
DORAL FINANCIAL CORPORATION
By:
/s/ Marangal I. Domingo
Name:
Marangal I. Domingo
Title:
Executive Vice President and
Chief Financial Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned directors and officers of the Registrant,
which is filing a Registration Statement on Form S-8 with the Securities and Exchange Commission,
Washington, D.C. 20549 under the provisions of the Securities Act of 1933 hereby constitute and
appoint Glen R. Wakeman, Marangal I. Domingo and Enrique R. Ubarri, and each of them, the
individual's true and lawful attorneys-in-fact and agents, with full power of substitution and
resubstitution, for the person and in his or her name, place and stead, in any and all capacities,
to sign such registration statement and any or all amendments, including post-effective amendments
to the registration statement, and all other documents in connection therewith to be filed with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of
them, full power and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that said attorneys-in-fact as agents or
any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed below by the following persons in the capacities
indicated on July 22, 2008.
Signature
Title
/s/ Glen R. Wakeman
Glen R. Wakeman
Chief Executive Officer, President and Director
(principal executive officer)
/s/ Marangal I. Domingo
Marangal I. Domingo
Executive Vice President and Chief Financial Officer
(principal financial officer)
/s/ Laura Vazquez
Laura Vazquez
Controller and Principal Accounting Officer
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Signature
Title
/s/ Dennis G. Buchert
Dennis G. Buchert
Director
/s/ Frank W. Baier
Frank W. Baier
Director
/s/ James E. Gilleran
James E. Gilleran
Director
/s/ David E. King
David E. King
Director
/s/ Howard M. Levkowitz
Howard M. Levkowitz
Director
/s/ Michael J. O'Hanlon
Michael J. O'Hanlon
Director
/s/ Raymond J. Quinlan
Raymond J. Quinlan
Director
/s/ Ramesh Shah
Ramesh Shah
Director
/s/ Gerard L. Smith
Gerard L. Smith
Director
/s/ Kevin M. Twomey
Kevin M. Twomey
Director
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Exhibit Index
Exhibit Number
Description
4.1
Certificate of Incorporation of Doral Financial Corporation, as currently in
effect, (incorporated by reference to Exhibit 3.1(j) of Doral Financial
Corporation's Annual Report on Form 10-K for the year ended December 31,
2007).
4.2
Bylaws of Doral Financial Corporation, as amended on August 2, 2007
(incorporated by reference to Exhibit 3.1 of Doral Financial Corporation's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2007).
4.3
Common Stock Certificate (incorporated by reference to Exhibit 4.1 of Doral
Financial Corporation's Annual Report on Form 10-K for the year ended
December 31, 2007).
4.4
Doral Financial Corporation 2008 Stock Incentive Plan (incorporated by
reference to Annex A to the Doral Financial Corporation's definitive Proxy
Statement filed with the SEC on April 11, 2008).
4.5
Securityholders and Registration Rights Agreement, dated as of July 19,
2007, between Doral Financial Corporation and Doral Holding Delaware, LLC
(incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K
filed with the SEC on July 26, 2007).
5.1*
Opinion of Enrique R. Ubarri with respect to legality of securities being
registered hereunder.
23.1*
Consent of PricewaterhouseCoopers LLP.
23.2*
Consent of Enrique R. Ubarri (reference is made to Exhibit 5 filed herewith).
24.1*
Power of Attorney (included in the signature pages to this Registration
Statement).
*
Filed herewith.