Item 404(a) of Regulation S-K was included in the Company’s proxy statement filed with the Securities and Exchange Commission, and is incorporated by reference herein.

     In connection with his appointment, Mr. Maldonado’s annual base salary has been set at $500,000.

     A copy of the related press release is attached as Exhibit 99.1 hereto.

Item 8.01 — Other Events.

     The Company also announced that Ms. Mayra Hansen, former director of the Federal Deposit Insurance Corporation’s Puerto Rico office, had joined the Company as Senior Vice President and Chief Risk Officer (SVP/CRO). Ms. Hansen will be involved and supervising the Company’s loan review, credit risk and compliance functions, among other responsibilities.

     The Company also announced today that the Board of Directors has unanimously approved a reverse split of the Company’s common stock at a specific ratio to be determined by the Board in its discretion within the range of not less than 1-for-10 and not more than 1-for-50, and recommended that the reverse split be presented to the Company’s shareholders for approval. If approved by the Company’s shareholders, the Board may choose to effect the reverse split at any time prior to December 31, 2008. The purpose of the reverse split is to increase the per share market price of the Company’s common stock, so as to bring the Company into compliance with the continued listing requirements of the New York Stock Exchange, Inc.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press release dated August 13, 2008

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 13, 2008