Capital Markets

R&G Financial to Be Delisted

The bank holding company, which still has not filed its 2005 annual report and certain quarterly reports for 2006, is also working on a restatement...
Stephen TaubFebruary 13, 2007

R&G Financial will be delisted from the New York Stock Exchange at the end of trading on February 21 for failure to make timely filings of its financial statements, the NYSE announced.

The bank holding company, chartered in Puerto Rico, anticipates that it will trade on the Pink Sheets.

R&G, which still has not filed its 2005 annual report and certain quarterly reports for 2006, is also working on a restatement covering 2002, 2003, and 2004. On Monday, the company disclosed that it won’t complete its 2005 report until after April 3; the exchange stated that this date would exceed the 12-month period available under NYSE rules.

In announcing that R&G would be delisted, the exchange asserted that the company is not a candidate for continued trading under “national interest” provisions but added that R&G can have that determination reviewed by a committee of the NYSE board of directors.

R&G also appointed Juan Agosto-Alicea as vice chairman of its board of directors, adding that he is expected to succeed Victor J. Galan as chairman on June 30. A CPA and a former managing partner of the San Juan office of Peat, Marwick and Mitchell, Agosto-Alicea has also served as president and chairman of the Government Development Bank for Puerto Rico and as the audit committee chairman of Oriental Financial Group.