W Holding Company, Inc. operates as the bank holding company for Westernbank Puerto Rico. Westernbank offers a range of business and consumer financial services, including banking, trust, and brokerage services. Westernbank Westernbank operates through a network of 48 bank branches (including 11 Expresso of Westernbank branches) located throughout Puerto Rico, including 25 in the western and Southwestern regions, 14 in the San Juan metropolitan area, 7 in the Northeastern region, and 2 in the eastern region, and a Web site on the Internet. As of December 31, 2008 Westernbank operated four other divisions: Westernbank International Division, which is an International Banking Entity (IBE), which offers commercial banking and related services, and treasury and investment activities outside of Puerto Rico; Westernbank Trust Division, which offers an array of trust services; Expresso of Westernbank, a division which specializes in small, unsecured consumer loans, and real estate collateralized consumer loans; and Westernbank International Trade Services, which specializes in international trade products and services. In 2008, Westernbank Business Credit Division, which specializes in commercial business loans secured principally by commercial real estate, accounts receivable, inventory and equipment, was integrated into the operations of the commercial loans department of Westernbank under the name of Asset-Based Lending Unit. Lending Activities The company originates fixed and adjustable rate residential mortgage loans secured by a first mortgage on the borrower’s real property, payable in monthly installments for terms ranging from ten to forty-five years. It also grants loans, mainly secured by first mortgages on one-to-four residential properties, to mortgage originators in Puerto Rico. The company originates primarily variable and adjustable rate commercial business and real estate loans. Its commercial real estate loan portfolio is comprised of loans to owner-occupied borrowers in which the real estate collateral is taken as a secondary source of repayment. The company also makes real estate construction loans subject to firm permanent financing commitments. It offers different types of consumer loans in order to provide a range of financial services to its customers. Within the different types of consumer loans offered by the company, there are various types of secured and unsecured consumer loans with varying amortization schedules. In addition, the company makes fixed-rate residential second mortgage consumer loans. The company offers the service of VISA and MasterCardcredit cards. As of December 31, 2008, there were approximately 20,544 outstanding accounts. Investment portfolio The company’s investment portfolio as of December 31, 2008, consisted principally of the U.S. Government and agencies obligations and mortgage-backed securities issued or guaranteed by FHLMC, FNMA, or GNMA. Deposits The company’s deposit products include savings deposits, time deposits, brokered deposits, individual retirement account deposits, and interest and non-interest bearing demand deposits. History W Holding Company, Inc. was founded in 1958.
w holding company inc (WHCI:OTC US)
19 West Mckinley Street
Mayaguez, PR 00681
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