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September 11, 2006 Monday
SECTION: MARKETS; Pg. 23 Vol. 171 No. 174
LENGTH: 211 words
HEADLINE: In Brief: Countrywide Exec Named Doral Treasurer
BYLINE: Matthias Rieker
Doral Financial Corp. said Friday that it has hired an executive from
Countrywide Financial Corp., Marangal I. Domingo, as its treasurer
Mr. Domingo, 45, is to join Doral this month. He has been an executive
vice president for finance and strategy for Countrywide's banking subsidiary.
Mr. Domingo worked for seven years at Washington Mutual Inc., including a
stint as its treasurer until February 2003. He left the Seattle thrift company
in January 2004 to join Downey Financial Corp., where he was its chief
executive for six months.
Doral ran into problems in early 2005 over its accounting for
interest-only securities and certain loan transactions, and had to restate
years of earnings. Earlier this year it entered into a cease-and-desist order
with its regulators. Its problems caused an avalanche of issues at many Puerto
Rican banking companies.
Doral has since replaced most of its senior executives, some of them
In Brief: Countrywide Exec Named Doral Treasurer American Banker September 11, 2006 Monday
twice. Mr. Domingo is replacing Julio R. Micheo, who became treasurer in
August 2005 after the departure of Mario S. Levis.
Two weeks ago Doral announced it had hired Calixto Garcia-Velez, the
president of Citigroup's Citibank West FSA, to head consumer and commercial
lending and its main bank subsidiary.
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