W Holding Company, Inc., the Financial Holding Company of Westernbank Puerto Rico, Completes Preferred Stock Offering

W Holding Company, Inc., the Financial Holding Company of
Westernbank Puerto Rico, Completes Preferred Stock Offering 


MAYAGUEZ, Puerto Rico, Dec. 21  /PRNewswire-FirstCall/ -- W Holding Company,
Inc. (NYSE: "WHI"), the financial holding company of Westernbank Puerto Rico,
announced today the completion of the sale of 2,675,500 shares of its 6.70%
Noncumulative Monthly Income Preferred Stock, 2004 Series H ($50.00 Liquidation
Preference Per Share) at a per share price of $50.00. The Series H Preferred
Stock has been approved for quotation on the Nasdaq Stock Market under the
symbol "WBPRJ". In addition, the underwriters have been granted a 30-day option
to purchase up to an additional 401,300 shares of the Series H Preferred Stock
from the Company to cover over-allotments.

The Series H Preferred Stock was offered through a group of underwriters led by
UBS Financial Services Incorporated of Puerto Rico and Brean Murray & Co., Inc.

Westernbank Puerto Rico, a wholly owned subsidiary of W Holding Company, Inc.,
is a Puerto Rico-chartered commercial bank operating through 52 branches
located throughout Puerto Rico, primarily in the western and southwestern
regions of the island and in the San Juan metropolitan area, and a website on
the Internet. In addition to commercial, retail, residential real estate
banking, and treasury and investment activities, Westernbank Puerto Rico
operates four other divisions: Westernbank Business Credit, which specializes
in commercial business loans secured principally by accounts receivable,
inventory and equipment; Expresso of Westernbank, which specializes in small,
unsecured consumer loans up to $15,000 and real estate collateralized consumer
loans up to $150,000; Westernbank Trust Division, which offers a full array of
trust services; and Westernbank International Division, whose activities
consist of commercial banking and related services and treasury and investment
activities outside of Puerto Rico.

This press release may contain some information that constitutes "forward-
looking statements." Such information can be identified by the use of forward-
looking terminology such as "may," "will," "should," "expect," "anticipate,"
"estimate," "intend," "continue," or "believe" or the negatives or other
variations of these terms or comparable terminology. Forward-looking statements
with respect to future financial conditions, results of operations and
businesses of the Company are always subject to various risk and market factors
out of management's control which could cause future results to differ
materially from current management expectations or estimates and, as such,
should be understood. Such factors include particularly, but are not limited
to, the possibility of prolonged adverse economic conditions or that an adverse
interest rate environment could develop.

This press release does not constitute an offer to sell nor the solicitation of
an offer to buy nor shall there be any sale of stock in any state in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. An offer to sell or
the solicitation of an offer to buy stock may only be made by means of the
prospectus supplement and accompanying prospectus, copies of which may be
obtained from UBS Financial Services Incorporated of Puerto Rico, Inc.,
American International Plaza, #250 Munoz Rivera Avenue, San Juan, Puerto Rico
00918.

For further information contact: Messrs. Ricardo Hernandez, Norberto Rivera,
Eric Santiago or Vixson Baez, the Company's Vice President Corporate
Comptroller, the Bank's Comptroller, Financial Analyst and Senior Analyst,
respectively, at [phone]; Internet: http://www.wholding.com/ 

DATASOURCE: W Holding Company, Inc.



CONTACT:  Ricardo Hernandez, Norberto Rivera, Eric Santiago or Vixson

Baez, the Company's Vice President Corporate Comptroller, the Bank's

Comptroller, Financial Analyst and Senior Analyst, respectively, at +1-787-

834-8000



Web site:  http://www.wholding.com/ 

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