SAN JUAN, Puerto Rico, July 28 /PRNewswire-FirstCall/ -- R&G Financial Corporation (the "Company"), a Puerto Rico bank holding company, announced today that a final settlement hearing has been set in the United States District Court for the Southern District of New York for approval of the Company's proposed settlements of the shareholder class action and shareholder derivative litigation filed against the Company in 2005. The Company previously announced the class action and derivative settlements on March 3, 2008. The settlement hearing will take place on September 16, 2008 at 3:00 p.m. at the United States District Court for the Southern District of New York, 500 Pearl Street, Courtroom 14C, New York, New York. Persons interested in receiving a copy by mail of the Notice of Proposed Settlement of Stockholder Derivative Action and Settlement Hearing issued by the Company may contact the settlement administrator at: In re R&G Financial Corporation Derivative Litigation c/o Heffler, Radetich & Saitta LLP P.O. Box 1200 Philadelphia, PA 19105-1200. Telephone: 215-665-1191 R&G Financial Corporation, currently in its 36th year of operation, is a bank holding company with operations in Puerto Rico, providing banking, mortgage banking, consumer finance and insurance through its wholly owned subsidiaries, R-G Premier Bank of Puerto Rico, R&G Mortgage Corporation, and R-G Insurance Corporation, its Puerto Rico insurance agency. The Company operates 36 bank branches and 44 mortgage offices, including 36 mortgage facilities located within its banking branches. DATASOURCE: R&G Financial Corporation CONTACT: Rolando Rodriguez, CEO, +1-787-474-7272, or Renissa Gutierrez, Marketing & Public Relations Vice President, +1-787-474-5031, or +1-787-548-9671, both of R&G Financial Corporation Web site: http://www.rgonline.com/

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