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                                                                     EXHIBIT 4.4


                           TRUST PREFERRED SECURITIES

                               GUARANTEE AGREEMENT

                            R&G FINANCIAL CORPORATION

                          Dated as of November 30, 2004

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                                TABLE OF CONTENTS

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ARTICLE I   DEFINITIONS AND INTERPRETATION

Section 1.1      Definitions and Interpretation..............................................................   1

ARTICLE II   TRUST INDENTURE ACT

Section 2.1      Trust Indenture Act; Application............................................................   5
Section 2.2      Lists of Holders of Trust Preferred Securities..............................................   5
Section 2.3      Reports by the Trust Preferred Securities Guarantee Trustee.................................   5
Section 2.4      Periodic Reports to Trust Preferred Securities Guarantee Trustee............................   5
Section 2.5      Evidence of Compliance with Conditions Precedent............................................   6
Section 2.6      Guarantee Events of Default; Waiver.........................................................   6
Section 2.7      Guarantee Event of Default; Notice..........................................................   6
Section 2.8      Conflicting Interests.......................................................................   6

ARTICLE III   POWERS, DUTIES AND RIGHTS OF TRUST PREFERRED
                   SECURITIES GUARANTEE TRUSTEE

Section 3.1      Powers and Duties of the Trust Preferred Securities Guarantee Trustee.......................   7
Section 3.2      Certain Rights of Trust Preferred Securities Guarantee Trustee..............................   8
Section 3.3      Not Responsible for Recitals or Issuance of Trust Preferred
                 Securities Guarantee........................................................................  10

ARTICLE IV   TRUST PREFERRED SECURITIES GUARANTEE TRUSTEE

Section 4.1      Trust Preferred Securities Guarantee Trustee; Eligibility...................................  11
Section 4.2      Appointment, Removal and Resignation of Trust Preferred Securities
                 Guarantee Trustee.......................................................................... . 11

ARTICLE V   GUARANTEE

Section 5.1      Guarantee...................................................................................  12
Section 5.2      Waiver of Notice and Demand.................................................................  12
Section 5.3      Obligations Not Affected....................................................................  12
Section 5.4      Rights of Holders...........................................................................  13
Section 5.5      Guarantee of Payment........................................................................  14
Section 5.6      Subrogation.................................................................................  14
Section 5.7      Independent Obligations.....................................................................  14

ARTICLE VI   LIMITATION OF TRANSACTIONS; SUBORDINATION

Section 6.1      Limitation of Transactions..................................................................  14
Section 6.2      Ranking.....................................................................................  15
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ARTICLE VII   TERMINATION

Section 7.1      Termination.................................................................................  15

ARTICLE VIII   INDEMNIFICATION

Section 8.1      Exculpation.................................................................................  16
Section 8.2      Indemnification.............................................................................  16

ARTICLE IX   MISCELLANEOUS

Section 9.1      Successors and Assigns......................................................................  16
Section 9.2      Amendments..................................................................................  17
Section 9.3      Notices.....................................................................................  17
Section 9.4      Benefit.....................................................................................  18
Section 9.5      Governing Law...............................................................................  18
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                 TRUST PREFERRED SECURITIES GUARANTEE AGREEMENT

      This Trust Preferred Securities Guarantee Agreement (the "Trust Preferred
Securities Guarantee"), dated as of November 30, 2004, is executed and delivered
by R&G Financial Corporation, a Puerto Rico corporation (the "Guarantor"), and
Wilmington Trust Company, a Delaware banking corporation, as trustee, for the
benefit of the Holders (as defined herein) from time to time of the Trust
Preferred Securities (as defined herein) of R&G Capital Trust VI, a Delaware
statutory trust (the "Issuer").

      WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of November 30, 2004, among the trustees of the Issuer
named therein, the Guarantor, as sponsor, and the Holders from time to time of
undivided beneficial interests in the assets of the Issuer, the Issuer is
issuing on the date hereof, 5,000,000 trust preferred securities, having an
aggregate liquidation amount of $125,000,000, such trust preferred securities
being designated the 6.62% Cumulative Trust Preferred Securities (collectively
the "Trust Preferred Securities"); and

      WHEREAS, as incentive for the Holders to purchase the Trust Preferred
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth in this Trust Preferred Securities Guarantee, to pay to the
Holders the Guarantee Payments (as defined herein) and to make certain other
payments on the terms and conditions set forth herein; and

      WHEREAS, the Guarantor is executing and delivering a guarantee agreement
(the "Common Securities Guarantee"), with substantially identical terms to this
Trust Preferred Securities Guarantee, for the benefit of the holders of the
Common Securities (as defined herein), except that if an Event of Default (as
defined in the Declaration) has occurred and is continuing, the rights of
holders of the Common Securities to receive Guarantee Payments under the Common
Securities Guarantee are subordinated, to the extent and in the manner set forth
in the Common Securities Guarantee, to the rights of holders of Trust Preferred
Securities to receive Guarantee Payments under this Trust Preferred Securities
Guarantee;

      NOW, THEREFORE, in consideration of the purchase by each Holder, which
purchase the Guarantor hereby acknowledges shall benefit the Guarantor, the
Guarantor executes and delivers this Trust Preferred Securities Guarantee for
the benefit of the Holders.

                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATION

SECTION 1.1 DEFINITIONS AND INTERPRETATION

      In this Trust Preferred Securities Guarantee, unless the context otherwise
requires:

      (a) capitalized terms used in this Trust Preferred Securities Guarantee
but not defined in the preamble above have the respective meanings assigned to
them in this Section 1.1;

      (b) a term defined in the Declaration as at the date of execution of this
Trust Preferred Securities Guarantee have the same meaning when used in this
Trust Preferred Securities Guarantee unless otherwise defined in this Trust
Preferred Securities Guarantee;

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      (c) a term defined anywhere in this Trust Preferred Securities Guarantee
has the same meaning throughout;

      (d) all references to "the Trust Preferred Securities Guarantee" or "this
Trust Preferred Securities Guarantee" are to this Trust Preferred Securities
Guarantee as modified, supplemented or amended from time to time;

      (e) all references in this Trust Preferred Securities Guarantee to
Articles and Sections are to Articles and Sections of this Trust Preferred
Securities Guarantee, unless otherwise specified;

      (f) a term defined in the Trust Indenture Act has the same meaning when
used in this Trust Preferred Securities Guarantee, unless otherwise defined in
this Trust Preferred Securities Guarantee or unless the context otherwise
requires; and

      (g) a reference to the singular includes the plural and vice versa.

      "Affiliate" has the same meaning as given to that term in Rule 405 under
the Securities Act of 1933, as amended, or any successor rule thereunder.

      "Business Day" means any day other than a Saturday or a Sunday, or a day
on which banking institutions in the cities of New York, New York, Wilmington,
Delaware or San Juan, Puerto Rico are authorized or required by law or executive
order to close.

      "Common Securities" means the securities representing common undivided
beneficial interests in the assets of the Issuer.

      "Corporate Trust Office" means the office of the Trust Preferred
Securities Guarantee Trustee at which the corporate trust business of the Trust
Preferred Securities Guarantee Trustee shall, at any particular time, be
principally administered, which office at the date of execution of this Trust
Preferred Securities Guarantee is located at Rodney Square North, 1100 North
Market Street, Wilmington, Delaware 19890, Attn: Corporate Trust Administration.

      "Covered Person" means any Holder or beneficial owner of Trust Preferred
Securities.

      "Debentures" means the series of subordinated deferrable interest
debentures of the Guarantor designated the 6.62% Junior Subordinated Deferrable
Interest Debentures due December 12, 2034 held by the Property Trustee (as
defined in the Declaration) of the Issuer.

      "Guarantee Event of Default" means a default by the Guarantor on any of
its payment or other obligations under this Trust Preferred Securities
Guarantee; provided, however, that except with respect to a default in payment
of any Guarantee Payment, the Guarantor shall have received notice of default
and shall not have cured such default within 60 days after receipt of such
notice.

      "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Trust Preferred Securities, to the
extent not paid or made by the Issuer: (i) any accumulated and unpaid
Distributions (as defined in the Declaration) that are required to be paid on
such Trust Preferred Securities to the extent the Issuer has funds on hand
legally

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available therefor at such time; (ii) the redemption price, including all
accumulated and unpaid Distributions to the date of redemption (the "Redemption
Price") to the extent the Issuer has funds on hand legally available therefor at
such time, with respect to any Trust Preferred Securities called for redemption
by the Issuer; and (iii) upon a voluntary or involuntary dissolution or winding
up of the Issuer (other than in connection with the distribution of Debentures
to the Holders in exchange for Trust Preferred Securities as provided in the
Declaration), the lesser of (a) the aggregate of the liquidation amount and all
accumulated and unpaid Distributions on the Trust Preferred Securities to the
date of payment, to the extent the Issuer has funds on hand legally available
therefor, and (b) the amount of assets of the Issuer remaining available for
distribution to Holders in liquidation of the Issuer after satisfaction of
liabilities to creditors (in either case, the "Liquidation Distribution"). If an
Event of Default has occurred and is continuing, no Guarantee Payments under the
Common Securities Guarantee with respect to the Common Securities or any
guarantee payment under any Other Common Securities Guarantees shall be made
until the Holders shall be paid in full the Guarantee Payments to which they are
entitled under this Trust Preferred Securities Guarantee.

      "Holder" shall mean any holder, as registered on the books and records of
the Issuer, of any Trust Preferred Securities; provided, however, that, in
determining whether the holders of the requisite percentage of Trust Preferred
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor or any Affiliate of the Guarantor.

      "Indemnified Person" means the Trust Preferred Securities Guarantee
Trustee, any Affiliate of the Trust Preferred Securities Guarantee Trustee, or
any officers, directors, shareholders, members, partners, employees,
representatives, nominees, custodians or agents of the Trust Preferred
Securities Guarantee Trustee.

      "Indenture" means the Indenture dated as of November 30, 2004, between the
Guarantor (the "Debenture Issuer") and Wilmington Trust Company, as trustee (the
"Indenture Trustee"), pursuant to which the Debentures are to be issued to the
Property Trustee of the Issuer.

      "Indenture Event of Default" shall mean any event specified in Section
5.01 of the Indenture.

      "Majority in liquidation amount of the Trust Preferred Securities" means,
except as provided by the Declaration, the terms of the Preferred Securities or
by the Trust Indenture Act, a vote by Holder(s) of more than 50% of the
aggregate liquidation amount of all Trust Preferred Securities. In determining
whether the Holders of the requisite amount of Trust Preferred Securities have
voted, Trust Preferred Securities which are owned by the Guarantor or any
Affiliate of the Guarantor or any other obligor on the Trust Preferred
Securities shall be disregarded for the purpose of any such determination.

      "Officers' Certificate" means, with respect to the Guarantor, a
certificate signed by any two of the following: the Chairman, a Vice Chairman,
the Chief Executive Officer, the President, a Vice President, the Comptroller,
the Secretary or an Assistant Secretary of the Guarantor. Any Officers'
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Trust Preferred Securities Guarantee (other than pursuant
to Section 314(d)(4) of the Trust Indenture Act) shall include:

      (a) a statement that each officer signing the Officers' Certificate has
read the covenant or condition and the definitions relating thereto;

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      (b)a statement that each such officer has made such examination or
investigation as, in such officer's opinion, is necessary to enable such officer
to express an informed opinion as to whether or not such covenant or condition
has been complied with; and

      (c) a statement as to whether, in the opinion of each such officer, such
condition or covenant has been complied with.

      "Other Common Securities Guarantees" shall have the same meaning as "Other
Guarantees" as defined in the Common Securities Guarantee.

      "Other Debentures" means all junior subordinated debentures issued by the
Guarantor from time to time and sold to trusts to be established by the
Guarantor, in each case similar to the Issuer.

      "Other Guarantees" means all guarantees issued or to be issued by the
Guarantor with respect to trust preferred securities similar to the Trust
Preferred Securities issued by other trusts established or to be established by
the Guarantor, in each case similar to the Issuer.

      "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

      "Responsible Officer" means, with respect to the Trust Preferred
Securities Guarantee Trustee, any officer within the Corporate Trust Office of
the Trust Preferred Securities Guarantee Trustee with direct responsibility for
the administration of this Trust Preferred Securities Guarantee and also means,
with respect to a particular corporate trust matter, any other officer to whom
such matter is referred because of that officer's knowledge of and familiarity
with the particular subject.

      "Successor Trust Preferred Securities Guarantee Trustee" means a successor
Trust Preferred Securities Guarantee Trustee possessing the qualifications to
act as Trust Preferred Securities Guarantee Trustee under Section 4.1.

      "Trust Preferred Securities Guarantee Trustee" means Wilmington Trust
Company, a Delaware banking corporation, until a Successor Trust Preferred
Securities Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Trust Preferred Securities Guarantee
and thereafter means each such Successor Trust Preferred Securities Guarantee
Trustee.

      "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended
from time to time, or any successor legislation.

      "Trust Securities" means the Common Securities and the Trust Preferred
Securities, collectively.

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                                   ARTICLE II
                               TRUST INDENTURE ACT

SECTION 2.1 TRUST INDENTURE ACT; APPLICATION

      (a) This Trust Preferred Securities Guarantee is subject to the provisions
of the Trust Indenture Act that are required to be part of this Trust Preferred
Securities Guarantee and shall, to the extent applicable, be governed by such
provisions; and

      (b) if and to the extent that any provision of this Trust Preferred
Securities Guarantee limits, qualifies or conflicts with the duties imposed by
Section 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties
shall control.

SECTION 2.2 LISTS OF HOLDERS OF TRUST PREFERRED SECURITIES

      (a) The Guarantor shall provide the Trust Preferred Securities Guarantee
Trustee (unless the Trust Preferred Securities Guarantee Trustee is otherwise
the registrar of the Trust Preferred Securities) with a list, in such form as
the Trust Preferred Securities Guarantee Trustee may reasonably require, of the
names and addresses of the Holders of the Trust Preferred Securities ("List of
Holders") as of such date, (i) within 14 days after each record date for payment
of Distributions, as defined in the Declaration, and (ii) at any other time
within 30 days of receipt by the Guarantor of a written request for a List of
Holders as of a date no more than 14 days before such List of Holders is given
to the Trust Preferred Securities Guarantee Trustee, provided, that the
Guarantor shall not be obligated to provide such List of Holders at any time the
List of Holders does not differ from the most recent List of Holders given to
the Trust Preferred Securities Guarantee Trustee by the Guarantor. The Trust
Preferred Securities Guarantee Trustee shall preserve, in as current a form as
is reasonably practicable, all information contained in a List of Holders given
to it, provided that it may destroy any List of Holders previously given to it
on receipt of a new List of Holders.

      (b) The Trust Preferred Securities Guarantee Trustee shall comply with its
obligations under Sections 311(a), 311(b) and Section 312(b) of the Trust
Indenture Act.

SECTION 2.3 REPORTS BY THE TRUST PREFERRED SECURITIES GUARANTEE TRUSTEE

      On or before July 31 of each year, commencing July 31, 2005, the Trust
Preferred Securities Guarantee Trustee shall provide to the Holders such reports
as are required by Section 313 of the Trust Indenture Act, if any, in the form
and in the manner provided by Section 313 of the Trust Indenture Act. The Trust
Preferred Securities Guarantee Trustee shall also comply with the other
requirements of Section 313 of the Trust Indenture Act.

SECTION 2.4 PERIODIC REPORTS TO TRUST PREFERRED SECURITIES GUARANTEE TRUSTEE

      The Guarantor shall provide to the Trust Preferred Securities Guarantee
Trustee such documents, reports and information as required by Section 314 of
the Trust Indenture Act (if any) and the compliance certificate required by
Section 314 of the Trust Indenture Act in the form, in the

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manner and at the times required by Section 314 of the Trust Indenture Act,
provided that such compliance certificate shall be delivered on or before 120
days after the end of each fiscal year of the Guarantor.

SECTION 2.5 EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT

      The Guarantor shall provide to the Trust Preferred Securities Guarantee
Trustee such evidence of compliance with any conditions precedent, if any,
provided for in this Trust Preferred Securities Guarantee that relate to any of
the matters set forth in Section 314(c) of the Trust Indenture Act. Any
certificate or opinion required to be given by an officer pursuant to Section
314(c)(1) may be given in the form of an Officers' Certificate.

SECTION 2.6 GUARANTEE EVENTS OF DEFAULT; WAIVER

      The Holders of a Majority in liquidation amount of Trust Preferred
Securities may, by vote or by written consent, on behalf of all Holders, waive
any past Guarantee Event of Default and its consequences. Upon such waiver, any
such Guarantee Event of Default shall cease to exist, and any Guarantee Event of
Default arising therefrom shall be deemed to have been cured, for every purpose
of this Trust Preferred Securities Guarantee, but no such waiver shall extend to
any subsequent or other default or Guarantee Event of Default or impair any
right consequent thereon.

SECTION 2.7 GUARANTEE EVENT OF DEFAULT; NOTICE

      (a) The Trust Preferred Securities Guarantee Trustee shall, within 90 days
after the occurrence of a Guarantee Event of Default, mail by first class
postage prepaid, to all Holders, notices of all Guarantee Events of Default
actually known to a Responsible Officer, unless such defaults have been cured
before the giving of such notice; provided, that, except in the case of a
Guarantee Event of Default in the timing or payment of any Guarantee Payment,
the Trust Preferred Securities Guarantee Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive
committee, or a trust committee of directors and/or a Responsible Officer of the
Trust Preferred Securities Guarantee Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders.

      (b)The Trust Preferred Securities Guarantee Trustee shall not be deemed to
have knowledge of any Guarantee Event of Default unless the Trust Preferred
Securities Guarantee Trustee shall have received written notice from the
Guarantor, or a Responsible Officer charged with the administration of this
Trust Preferred Securities Guarantee shall have obtained actual knowledge, of
such Guarantee Event of Default.

SECTION 2.8 CONFLICTING INTERESTS

      The Declaration shall be deemed to be specifically described in this Trust
Preferred Securities Guarantee for the purposes of clause (i) of the first
proviso contained in Section 310(b) of the Trust Indenture Act.

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                                   ARTICLE III

                          POWERS, DUTIES AND RIGHTS OF

                  TRUST PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 3.1 POWERS AND DUTIES OF THE TRUST PREFERRED SECURITIES GUARANTEE
            TRUSTEE

      (a) This Trust Preferred Securities Guarantee shall be held by the Trust
Preferred Securities Guarantee Trustee for the benefit of the Holders, and the
Trust Preferred Securities Guarantee Trustee shall not transfer this Trust
Preferred Securities Guarantee to any Person except a Holder exercising his, her
or its rights pursuant to Section 5.4(b) or to a Successor Trust Preferred
Securities Guarantee Trustee on acceptance by such Successor Trust Preferred
Securities Guarantee Trustee of its appointment to act as Successor Trust
Preferred Securities Guarantee Trustee. The right, title and interest of the
Trust Preferred Securities Guarantee Trustee shall automatically vest in any
Successor Trust Preferred Securities Guarantee Trustee, and such vesting and
succession of title shall be effective whether or not conveyancing documents
have been executed and delivered pursuant to the appointment of such Successor
Trust Preferred Securities Guarantee Trustee.

      (b) If a Guarantee Event of Default actually known to a Responsible
Officer has occurred and is continuing, the Trust Preferred Securities Guarantee
Trustee shall enforce this Trust Preferred Securities Guarantee for the benefit
of the Holders.

      (c) The Trust Preferred Securities Guarantee Trustee, before the
occurrence of any Guarantee Event of Default and after the curing of all
Guarantee Events of Default that may have occurred, shall undertake to perform
only such duties as are specifically set forth in this Trust Preferred
Securities Guarantee, and no implied covenants shall be read into this Trust
Preferred Securities Guarantee against the Trust Preferred Securities Guarantee
Trustee. In case a Guarantee Event of Default has occurred (that has not been
cured or waived pursuant to Section 2.6) and is actually known to a Responsible
Officer, the Trust Preferred Securities Guarantee Trustee shall exercise such of
the rights and powers vested in it by this Trust Preferred Securities Guarantee,
and use the same degree of care and skill in its exercise thereof, as a prudent
person would exercise or use under the circumstances in the conduct of his or
her own affairs.

      (d) No provision of this Trust Preferred Securities Guarantee shall be
construed to relieve the Trust Preferred Securities Guarantee Trustee from
liability for its own negligent action, its own negligent failure to act, or its
own willful misconduct, except that:

            (i) prior to the occurrence of any Guarantee Event of Default and
            after the curing or waiving of all such Guarantee Events of Default
            that may have occurred:

                  (A) the duties and obligations of the Trust Preferred
            Securities Guarantee Trustee shall be determined solely by the
            express provisions of this Trust Preferred Securities Guarantee, and
            the Trust Preferred Securities Guarantee Trustee shall not be liable
            except for the performance of such duties and obligations as are
            specifically set forth in this Trust Preferred Securities Guarantee,
            and no implied covenants or obligations shall be read into this
            Trust Preferred Securities Guarantee against the Trust Preferred
            Securities Guarantee Trustee; and

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                  (B) in the absence of bad faith on the part of the Trust
            Preferred Securities Guarantee Trustee, the Trust Preferred
            Securities Guarantee Trustee may conclusively rely, as to the truth
            of the statements and the correctness of the opinions expressed
            therein, upon any certificates or opinions furnished to the Trust
            Preferred Securities Guarantee Trustee and conforming to the
            requirements of this Trust Preferred Securities Guarantee; but in
            the case of any such certificates or opinions that by any provision
            hereof are specifically required to be furnished to the Trust
            Preferred Securities Guarantee Trustee, the Trust Preferred
            Securities Guarantee Trustee shall be under a duty to examine the
            same to determine whether or not they conform to the requirements of
            this Trust Preferred Securities Guarantee (but need not confirm or
            investigate the accuracy of mathematical calculations or other facts
            stated therein);

            (ii) the Trust Preferred Securities Guarantee Trustee shall not be
            liable for any error of judgment made in good faith by a Responsible
            Officer, unless it shall be proved that the Trust Preferred
            Securities Guarantee Trustee was negligent in ascertaining the
            pertinent facts upon which such judgment was made;

            (iii) the Trust Preferred Securities Guarantee Trustee shall not be
            liable with respect to any action taken or omitted to be taken by it
            in good faith in accordance with the direction of the Holders of a
            Majority in liquidation amount of the Trust Preferred Securities
            relating to the time, method and place of conducting any proceeding
            for any remedy available to the Trust Preferred Securities Guarantee
            Trustee, or exercising any trust or power conferred upon the Trust
            Preferred Securities Guarantee Trustee under this Trust Preferred
            Securities Guarantee; and

            (iv) no provision of this Trust Preferred Securities Guarantee shall
            require the Trust Preferred Securities Guarantee Trustee to expend
            or risk its own funds or otherwise incur personal financial
            liability in the performance of any of its duties or in the exercise
            of any of its rights or powers, if the Trust Preferred Securities
            Guarantee Trustee shall have reasonable grounds for believing that
            the repayment of such funds or liability is not reasonably assured
            to it under the terms of this Trust Preferred Securities Guarantee
            or indemnity, reasonably satisfactory to the Trust Preferred
            Securities Guarantee Trustee, against such risk or liability is not
            reasonably assured to it.

SECTION 3.2 CERTAIN RIGHTS OF TRUST PREFERRED SECURITIES GUARANTEE TRUSTEE

      (a) Subject to the provisions of Section 3.1:

            (i) The Trust Preferred Securities Guarantee Trustee may
            conclusively rely, and shall be fully protected in acting or
            refraining from acting, upon any resolution, certificate, statement,
            instrument, opinion, report, notice, request, direction, consent,
            order, bond, debenture, note, other evidence of indebtedness or
            other paper or document believed by it to be genuine and to have
            been signed, sent or presented by the proper party or parties.

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            (ii) Any direction or act of the Guarantor contemplated by this
            Trust Preferred Securities Guarantee may be sufficiently evidenced
            by an Officers' Certificate.

            (iii) Whenever, in the administration of this Trust Preferred
            Securities Guarantee, the Trust Preferred Securities Guarantee
            Trustee shall deem it desirable that a matter be proved or
            established before taking, suffering or omitting any action
            hereunder, the Trust Preferred Securities Guarantee Trustee (unless
            other evidence is herein specifically prescribed) may, in the
            absence of bad faith on its part, request and conclusively rely upon
            an Officers' Certificate which, upon receipt of such request, shall
            be promptly delivered by the Guarantor.

            (iv) The Trust Preferred Securities Guarantee Trustee shall have no
            duty to see to any recording, filing or registration of any
            instrument (or any rerecording, refiling or registration thereof).

            (v) The Trust Preferred Securities Guarantee Trustee may consult
            with counsel of its selection, and the advice or opinion of such
            counsel with respect to legal matters shall be full and complete
            authorization and protection in respect of any action taken,
            suffered or omitted by it hereunder in good faith and in accordance
            with such advice or opinion. Such counsel may be counsel to the
            Guarantor or any of its Affiliates and may include any of its
            employees. The Trust Preferred Securities Guarantee Trustee shall
            have the right at any time to seek instructions concerning the
            administration of this Trust Preferred Securities Guarantee from any
            court of competent jurisdiction.

            (vi) The Trust Preferred Securities Guarantee Trustee shall be under
            no obligation to exercise any of the rights or powers vested in it
            by this Trust Preferred Securities Guarantee at the request or
            direction of any Holder, unless such Holder shall have provided to
            the Trust Preferred Securities Guarantee Trustee such security and
            indemnity, reasonably satisfactory to the Trust Preferred Securities
            Guarantee Trustee, against the costs, expenses (including attorneys'
            fees and expenses and the expenses of the Trust Preferred Securities
            Guarantee Trustee's agents, nominees or custodians) and liabilities
            that might be incurred by it in complying with such request or
            direction, including such reasonable advances as may be requested by
            the Trust Preferred Securities Guarantee Trustee; provided that,
            nothing contained in this Section 3.2(a)(vi) shall be taken to
            relieve the Trust Preferred Securities Guarantee Trustee, upon the
            occurrence of a Guarantee Event of Default, of its obligation to
            exercise the rights and powers vested in it by this Trust Preferred
            Securities Guarantee.

            (vii) The Trust Preferred Securities Guarantee Trustee shall not be
            bound to make any investigation into the facts or matters stated in
            any resolution, certificate, statement, instrument, opinion, report,
            notice, request, direction, consent, order, bond, debenture, note,
            other evidence of indebtedness or other paper or document, but the
            Trust Preferred Securities Guarantee Trustee, in its discretion, may
            make such further inquiry or investigation into such facts or
            matters as it may see fit.

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            (viii) The Trust Preferred Securities Guarantee Trustee may execute
            any of the trusts or powers hereunder or perform any duties
            hereunder either directly or by or through agents, nominees,
            custodians or attorneys, and the Trust Preferred Securities
            Guarantee Trustee shall not be responsible for any misconduct or
            negligence on the part of any agent, custodian, nominee or attorney
            appointed with due care by it hereunder.

            (ix) Any action taken by the Trust Preferred Securities Guarantee
            Trustee or its agents hereunder shall bind the Holders, and the
            signature of the Trust Preferred Securities Guarantee Trustee or its
            agents alone shall be sufficient and effective to perform any such
            action. No third party shall be required to inquire as to the
            authority of the Trust Preferred Securities Guarantee Trustee to so
            act or as to its compliance with any of the terms and provisions of
            this Trust Preferred Securities Guarantee, both of which shall be
            conclusively evidenced by the Trust Preferred Securities Guarantee
            Trustee's or its agent's taking such action.

            (x) Whenever in the administration of this Trust Preferred
            Securities Guarantee the Trust Preferred Securities Guarantee
            Trustee shall deem it desirable to receive instructions with respect
            to enforcing any remedy or right or taking any other action
            hereunder, the Trust Preferred Securities Guarantee Trustee (i) may
            request instructions from the Holders of a Majority in liquidation
            amount of the Trust Preferred Securities, (ii) may refrain from
            enforcing such remedy or right or taking such other action until
            such instructions are received and (iii) shall be protected in
            conclusively relying on or acting in accordance with such
            instructions.

            (xi) The Trust Preferred Securities Guarantee Trustee shall not be
            liable for any action taken, suffered, or omitted to be taken by it
            in good faith, without negligence, and reasonably believed by it to
            be authorized or within the discretion or rights or powers conferred
            upon it by this Trust Preferred Securities Guarantee.

      (b) No provision of this Trust Preferred Securities Guarantee shall be
deemed to impose any duty or obligation on the Trust Preferred Securities
Guarantee Trustee to perform any act or acts or exercise any right, power, duty
or obligation conferred or imposed on it in any jurisdiction in which it shall
be illegal, or in which the Trust Preferred Securities Guarantee Trustee shall
be unqualified or incompetent in accordance with applicable law, to perform any
such act or acts or to exercise any such right, power, duty or obligation. No
permissive power or authority available to the Trust Preferred Securities
Guarantee Trustee shall be construed to be a duty.

SECTION 3.3. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF TRUST PREFERRED
             SECURITIES GUARANTEE

      The recitals contained in this Trust Preferred Securities Guarantee shall
be taken as the statements of the Guarantor, and the Trust Preferred Securities
Guarantee Trustee does not assume any responsibility for their correctness. The
Trust Preferred Securities Guarantee Trustee makes no representation as to the
validity or sufficiency of this Trust Preferred Securities Guarantee.

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<PAGE>

                                   ARTICLE IV

                  TRUST PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 4.1 TRUST PREFERRED SECURITIES GUARANTEE TRUSTEE; ELIGIBILITY

      (a) There shall at all times be a Trust Preferred Securities Guarantee
Trustee which shall:

            (i) not be an Affiliate of the Guarantor; and

            (ii) be a corporation organized and doing business under the laws of
            the United States of America or any State or Territory thereof or of
            the District of Columbia, or a corporation or Person permitted by
            the Securities and Exchange Commission to act as an institutional
            trustee under the Trust Indenture Act, authorized under such laws to
            exercise corporate trust powers, having a combined capital and
            surplus of at least 50 million U.S. dollars ($50,000,000), and
            subject to supervision or examination by Federal, State, Territorial
            or District of Columbia authority. If such corporation publishes
            reports of condition at least annually, pursuant to law or to the
            requirements of the supervising or examining authority referred to
            above, then, for the purposes of this Section 4.1(a)(ii), the
            combined capital and surplus of such corporation shall be deemed to
            be its combined capital and surplus as set forth in its most recent
            report of condition so published.

      (b) If at any time the Trust Preferred Securities Guarantee Trustee shall
cease to be eligible to so act under Section 4.1(a), the Trust Preferred
Securities Guarantee Trustee shall immediately resign in the manner and with the
effect set out in Section 4.2(c).

      (c) If the Trust Preferred Securities Guarantee Trustee has or shall
acquire any "conflicting interest" within the meaning of Section 310(b) of the
Trust Indenture Act, the Trust Preferred Securities Guarantee Trustee and
Guarantor shall in all respects comply with the provisions of Section 310(b) of
the Trust Indenture Act.

SECTION 4.2 APPOINTMENT, REMOVAL AND RESIGNATION OF TRUST PREFERRED SECURITIES
            GUARANTEE TRUSTEE

      (a) Subject to Section 4.2(b), the Trust Preferred Securities Guarantee
Trustee may be appointed or removed without cause at any time by the Guarantor
except during a Guarantee Event of Default.

      (b) The Trust Preferred Securities Guarantee Trustee shall not be removed
in accordance with Section 4.2(a) until a Successor Trust Preferred Securities
Guarantee Trustee has been appointed and has accepted such appointment by
written instrument executed by such Successor Trust Preferred Securities
Guarantee Trustee and delivered to the Guarantor.

      (c) The Trust Preferred Securities Guarantee Trustee shall hold office
until a Successor Trust Preferred Securities Guarantee Trustee shall have been
appointed or until its removal or resignation. The Trust Preferred Securities
Guarantee Trustee may resign from office (without need for prior or subsequent
accounting) by an instrument in writing executed by the Trust Preferred
Securities Guarantee Trustee and delivered to the Guarantor, which resignation
shall not take effect

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<PAGE>

until a Successor Trust Preferred Securities Guarantee Trustee has been
appointed and has accepted such appointment by instrument in writing executed by
such Successor Trust Preferred Securities Guarantee Trustee and delivered to the
Guarantor and the resigning Trust Preferred Securities Guarantee Trustee.

      (d) If no Successor Trust Preferred Securities Guarantee Trustee shall
have been appointed and accepted appointment as provided in this Section 4.2
within 60 days after delivery of an instrument of removal or resignation, the
Trust Preferred Securities Guarantee Trustee resigning or being removed may
petition any court of competent jurisdiction for appointment of a Successor
Trust Preferred Securities Guarantee Trustee. Such court may thereupon, after
prescribing such notice, if any, as it may deem proper, appoint a Successor
Trust Preferred Securities Guarantee Trustee.

      (e) No Trust Preferred Securities Guarantee Trustee shall be liable for
the acts or omissions to act of any Successor Trust Preferred Securities
Guarantee Trustee.

      (f) Upon termination of this Trust Preferred Securities Guarantee or
removal or resignation of the Trust Preferred Securities Guarantee Trustee
pursuant to this Section 4.2, the Guarantor shall pay to the Trust Preferred
Securities Guarantee Trustee all amounts due to the Trust Preferred Securities
Guarantee Trustee for fees and reimbursement of expenses which have accrued to
the date of such termination, removal or resignation.

                                    ARTICLE V

                                    GUARANTEE

SECTION 5.1 GUARANTEE

      The Guarantor irrevocably and unconditionally agrees to pay in full to the
Holders the Guarantee Payments (without duplication of amounts theretofore paid
by the Issuer), as and when due, regardless of any defense, right of set- off or
counterclaim that the Issuer may have or assert. The Guarantor's obligation to
make a Guarantee Payment may be satisfied by direct payment of the required
amounts by the Guarantor to the Holders or by causing the Issuer to pay such
amounts to the Holders.

SECTION 5.2 WAIVER OF NOTICE AND DEMAND

      The Guarantor hereby waives notice of acceptance of this Trust Preferred
Securities Guarantee and of any liability to which it applies or may apply,
presentment, demand for payment, any right to require a proceeding first against
the Issuer or any other Person before proceeding against the Guarantor, protest,
notice of nonpayment, notice of dishonor, notice of redemption and all other
notices and demands.

SECTION 5.3 OBLIGATIONS NOT AFFECTED

      The obligations, covenants, agreements and duties of the Guarantor under
this Trust Preferred Securities Guarantee shall be absolute and unconditional
and shall remain in full force and effect until the entire liquidation amount of
all Trust Preferred Securities shall have been paid and such obligations,
covenants, agreements and duties shall in no way be affected or impaired by
reason

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<PAGE>

of the happening from time to time of any event, including without limitation
the following, whether or not with notice to, or the consent of, the Guarantor:

      (a) the release or waiver, by operation of law or otherwise, of the
performance or observance by the Issuer of any express or implied agreement,
covenant, term or condition relating to the Trust Preferred Securities to be
performed or observed by the Issuer;

      (b) the extension of time for the payment by the Issuer of all or any
portion of the Distributions, Redemption Price, Liquidation Distribution (as
defined in the Declaration) or any other sums payable under the terms of the
Trust Preferred Securities or the extension of time for the performance of any
other obligation under, arising out of, or in connection with, the Trust
Preferred Securities (other than an extension of time for payment of
Distributions, Redemption Price, Liquidation Distribution or other sum payable
that results from the extension of any interest payment period on the Debentures
permitted by the Indenture);

      (c) any failure, omission, delay or lack of diligence on the part of the
Property Trustee or the Holders to enforce, assert or exercise any right,
privilege, power or remedy conferred on the Property Trustee or the Holders
pursuant to the terms of the Trust Preferred Securities, or any action on the
part of the Issuer granting indulgence or extension of any kind;

      (d) the voluntary or involuntary liquidation, dissolution, sale of any
collateral, receivership, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment of debt of,
or other similar proceedings affecting, the Issuer or any of the assets of the
Issuer;

      (e) any invalidity of, or defect or deficiency in, the Trust Preferred
Securities;

      (f) the settlement or compromise of any obligation guaranteed hereby or
hereby incurred;

      (g) any other circumstance whatsoever that might otherwise constitute a
legal or equitable discharge or defense of a guarantor, it being the intent of
this Section 5.3 that the obligations of the Guarantor with respect to the
Guarantee Payments shall be absolute and unconditional under any and all
circumstances.

      There shall be no obligation of the Holders to give notice to, or obtain
consent of, the Guarantor with respect to the happening of any of the foregoing.
No set-off, counterclaim, reduction or diminution of any obligation, or any
defense of any kind or nature that the Guarantor has or may have against any
Holder shall be available hereunder to the Guarantor against such Holder to
reduce the payments to it under this Trust Preferred Securities Guarantee.

SECTION 5.4 RIGHTS OF HOLDERS

      (a) The Holders of a Majority in liquidation amount of the Trust Preferred
Securities have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trust Preferred Securities Guarantee
Trustee in respect of this Trust Preferred Securities Guarantee or exercising
any trust or power conferred upon the Trust Preferred Securities Guarantee
Trustee under this Trust Preferred Securities Guarantee.

                                       13
<PAGE>

      (b) If the Trust Preferred Securities Guarantee Trustee fails to enforce
such Trust Preferred Securities Guarantee, any Holder may institute a legal
proceeding directly against the Guarantor to enforce the Trust Preferred
Securities Guarantee Trustee's rights under this Trust Preferred Securities
Guarantee, without first instituting a legal proceeding against the Issuer, the
Trust Preferred Securities Guarantee Trustee or any other Person or entity.
Notwithstanding the foregoing, if the Guarantor has failed to make a Guarantee
Payment, a Holder may directly institute a proceeding against the Guarantor for
enforcement of the Trust Preferred Securities Guarantee for such payment to the
Holder of the principal of or interest on the Debentures on or after the
respective due dates specified in the Debentures, and the amount of the payment
will be based on the Holder's pro rata share of the amount due and owing on all
of the Trust Preferred Securities. The Guarantor waives any right or remedy to
require that any action be brought first against the Issuer or any other Person
or entity before proceeding directly against the Guarantor.

SECTION 5.5 GUARANTEE OF PAYMENT

      This Trust Preferred Securities Guarantee creates a guarantee of payment
and not of collection.

SECTION 5.6 SUBROGATION

      The Guarantor shall be subrogated to all (if any) rights of the Holders
against the Issuer in respect of any amounts paid to such Holders by the
Guarantor under this Trust Preferred Securities Guarantee; provided, however,
that the Guarantor shall not (except to the extent required by mandatory
provisions of law) be entitled to enforce or exercise any right that it may
acquire by way of subrogation or any indemnity, reimbursement or other
agreement, in all cases as a result of payment under this Trust Preferred
Securities Guarantee, if, at the time of any such payment, any amounts are due
and unpaid under this Trust Preferred Securities Guarantee. If any amount shall
be paid to the Guarantor in violation of the preceding sentence, the Guarantor
agrees to hold such amount in trust for the Holders and to pay over such amount
to the Holders.

SECTION 5.7 INDEPENDENT OBLIGATIONS

      The Guarantor acknowledges that its obligations hereunder are independent
of the obligations of the Issuer with respect to the Trust Preferred Securities,
and that the Guarantor shall be liable as principal and as debtor hereunder to
make Guarantee Payments pursuant to the terms of this Trust Preferred Securities
Guarantee notwithstanding the occurrence of any event referred to in subsections
(a) through (g), inclusive, of Section 5.3 hereof.

                                   ARTICLE VI

                    LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 6.1 LIMITATION OF TRANSACTIONS

      So long as any Trust Preferred Securities remain outstanding, if there
shall have occurred a Guarantee Event of Default or an Event of Default, or an
event that, with the giving of notice or the lapse of time, or both, would be a
Guarantee Event of Default or an Event of Default then, prior to the payment of
all accrued interest on outstanding Debentures , the Guarantor shall not (i)
declare or pay any dividends or distributions on, or redeem, purchase, acquire,
or make a liquidation

                                       14
<PAGE>

payment with respect to, any of the Guarantor's capital stock (which includes
common and preferred stock), (ii) make any payment of principal, interest or
premium, if any, on or repay or repurchase or redeem any debt securities of the
Guarantor (including any Other Debentures) that rank pari passu with or junior
in right of payment to the Debentures or (iii) make any guarantee payments with
respect to any guarantee by the Guarantor of the debt securities of any
Subsidiary (including under Other Guarantees) if such guarantee ranks equal or
junior in right of payment to the Debentures (other than (a) dividends or
distributions in shares of, or options, warrants, rights to subscribe for or
purchase shares of, common stock of the Guarantor, (b) any declaration of a
dividend in connection with the implementation of a stockholders' rights plan,
or the issuance of stock under any such plan in the future, or the redemption or
repurchase of any such rights pursuant thereto, (c) payments under the Trust
Preferred Securities Guarantee, (d) the purchase of fractional shares resulting
from a reclassification of the Guarantor's capital stock, (e) the purchase of
fractional interests in shares of the Guarantor's capital stock pursuant to the
conversion or exchange provisions of such capital stock or the security being
converted or exchanged and (f) purchases of common stock related to the issuance
of common stock or rights under any of the Guarantor's benefit plans for its
directors, officers or employees or any of the Guarantor's dividend reinvestment
plans).

SECTION 6.2 RANKING

      This Trust Preferred Securities Guarantee will constitute an unsecured
obligation of the Guarantor and will rank (i) subordinate and junior in right of
payment to Senior and Subordinated Indebtedness (as defined in the Indenture),
to the same extent and in the same manner that the Debentures are subordinated
to Senior and Subordinated Indebtedness pursuant to the Indenture, (ii) pari
passu with the Debentures, the Other Debentures, the Common Securities
Guarantee, any Other Guarantee and any Other Common Securities Guarantee, (iii)
senior to the Guarantor's capital stock and (iv) effectively subordinated to the
liabilities and obligations of the Guarantor's subsidiaries. If an Event of
Default has occurred and is continuing, the rights of the holders of the Common
Securities to receive any payments shall be subordinated to the rights of the
Holders to receive Guarantee Payments hereunder.

                                   ARTICLE VII

                                   TERMINATION

SECTION 7.1 TERMINATION

      This Trust Preferred Securities Guarantee shall terminate (i) upon full
payment of the Redemption Price (as defined in the Declaration) of all Trust
Preferred Securities or (ii) upon liquidation of the Issuer and the full payment
of the amounts payable in accordance with the Declaration or the distribution of
the Debentures to the Holders and the holders of Common Securities.
Notwithstanding the foregoing, this Trust Preferred Securities Guarantee will
continue to be effective or will be reinstated, as the case may be, if at any
time any Holder must restore payment of any sums paid under the Trust Preferred
Securities or under this Trust Preferred Securities Guarantee.

                                       15
<PAGE>

                                   ARTICLE VII

                                 INDEMNIFICATION

SECTION 8.1 EXCULPATION

      (a) No Indemnified Person shall be liable, responsible or accountable in
damages or otherwise to the Guarantor or any Covered Person for any loss, damage
or claim incurred by reason of any act or omission performed or omitted by such
Indemnified Person in good faith in accordance with this Trust Preferred
Securities Guarantee and in a manner that such Indemnified Person reasonably
believed to be within the scope of the authority conferred on such Indemnified
Person by this Trust Preferred Securities Guarantee or by law, except that an
Indemnified Person shall be liable for any such loss, damage or claim incurred
by reason of such Indemnified Person's negligence or willful misconduct with
respect to such acts or omissions.

      (b) An Indemnified Person shall be fully protected in relying in good
faith upon the records of the Guarantor and upon such information, opinions,
reports or statements presented to the Guarantor by any Person as to matters the
Indemnified Person reasonably believes are within such other Person's
professional or expert competence and who has been selected with reasonable care
by or on behalf of the Guarantor, including information, opinions, reports or
statements as to the value and amount of the assets, liabilities, profits,
losses, or any other facts pertinent to the existence and amount of assets from
which Distributions to Holders might properly be paid.

SECTION 8.2 INDEMNIFICATION

      The Guarantor agrees to indemnify each Indemnified Person for, and to hold
each Indemnified Person harmless against, any and all loss, liability, damage,
claim or expense incurred without negligence or bad faith on its part, arising
out of or in connection with the acceptance or administration of the trust or
trusts hereunder, including the costs and expenses (including reasonable legal
fees and expenses) of defending itself against, or investigating, any claim or
liability in connection with the exercise or performance of any of its powers or
duties hereunder. The obligation to indemnify as set forth in this Section 8.2
shall survive the termination of this Trust Preferred Securities Guarantee.

                                   ARTICLE IX

                                  MISCELLANEOUS

SECTION 9.1 SUCCESSORS AND ASSIGNS

      All guarantees and agreements contained in this Trust Preferred Securities
Guarantee shall bind the successors, assigns, receivers, trustees and
representatives of the Guarantor and shall inure to the benefit of the Holders
then outstanding.

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<PAGE>

SECTION 9.2 AMENDMENTS

      Except with respect to any changes that do not adversely affect the rights
of Holders (in which case no consent of Holders will be required), this Trust
Preferred Securities Guarantee may only be amended with the prior approval of
the Holders of a Majority in liquidation amount of the Trust Preferred
Securities (including the stated amount that would be paid on redemption,
liquidation or otherwise, plus accrued and unpaid Distributions to the date upon
which the voting percentages are determined). The provisions of the Declaration
with respect to consents to amendments thereof (whether at a meeting or
otherwise) shall apply to the giving of such approval.

      Prior to executing any amendment hereto, the Trust Preferred Securities
Guarantee Trustee shall be entitled to receive and rely upon an Opinion of
Counsel stating that the execution of such amendment is authorized or permitted
by this Trust Preferred Securities Guarantee Agreement.

SECTION 9.3 NOTICES

      All notices provided for in this Trust Preferred Securities Guarantee
shall be in writing, duly signed by the party giving such notice, and shall be
delivered, telecopied or mailed by first class mail, as follows:

      (a) If given to the Issuer, in care of the Trustee at the Issuer's mailing
address set forth below (or such other address as the Issuer may give notice of
to the Holders and the Trust Preferred Securities Guarantee Trustee):

              R&G Capital Trust VI
              c/o R&G Financial Corporation
              280 Jesus T. Pinero Avenue
              San Juan, Puerto Rico  00918
              Attention:   Joseph Sandoval

                     Administrative Trustee

      (b) If given to the Trust Preferred Securities Guarantee Trustee, at the
Trust Preferred Securities Guarantee Trustee's mailing address set forth below
(or such other address as the Trust Preferred Securities Guarantee Trustee may
give notice of to the Holders, the Guarantor and the Issuer):

                 Wilmington Trust Company
                 Rodney Square North
                 1100 North Market Street
                 Wilmington, Delaware 19890
                 Attn:  Corporate Trust Administration

                                       17
<PAGE>

      (c) If given to the Guarantor, at the Guarantor's mailing address set
forth below (or such other address as the Guarantor may give notice of to the
Holders and the Trust Preferred Securities Guarantee Trustee):

               R&G Financial Corporation
               280 Jesus T. Pinero Avenue
               San Juan, Puerto Rico  00918
               Attention:   Chief Financial Officer

      (d) If given to any Holder, at the address set forth on the books and
records of the Issuer.

      All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

SECTION 9.4 BENEFIT

      This Trust Preferred Securities Guarantee is solely for the benefit of the
Holders and, subject to Section 3.1(a), is not separately transferable from the
Trust Preferred Securities.

SECTION 9.5 GOVERNING LAW

      THIS TRUST PREFERRED SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

                    Signatures appear on the following page.

                                       18
<PAGE>

         THIS TRUST PREFERRED SECURITIES GUARANTEE is executed as of the day and
year first above written.

                        R&G FINANCIAL CORPORATION,
                              as Guarantor

                        By:      /s/ Joseph R. Sandoval
                                 --------------------------------------------
                                 Joseph R. Sandoval
                                 Executive Vice President and Chief
                                   Financial Officer

                        WILMINGTON TRUST COMPANY,
                              as Trust Preferred Securities Guarantee Trustee

                        By:      /s/ Kristin F. Long
                                 --------------------------------------------
                        Name:    Kristin F. Long
                        Title:     Financial Services Officer

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