-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 VgtNK8qvj2KwNvAJGH0CvcJ1CaqaFRqCtprW4Zk9UqZPTqiV7S4u6tBLBmGaUWVz
 4x8LzOG7vqqa2IgYgmyNSA==

<SEC-DOCUMENT>0001181431-03-034785.txt : 20031209
<SEC-HEADER>0001181431-03-034785.hdr.sgml : 20031209
<ACCEPTANCE-DATETIME>20031209170912
ACCESSION NUMBER:		0001181431-03-034785
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030326
FILED AS OF DATE:		20031209

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SANDOVAL JOSEPH R
		CENTRAL INDEX KEY:			0001232314

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31381
		FILM NUMBER:		031045360

	BUSINESS ADDRESS:	
		STREET 1:		R&G FINANCIAL CORP.
		STREET 2:		280 JESUS T. PINERO AVE.
		CITY:			SAN JUAN
		STATE:			A1
		ZIP:			00000

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			R&G FINANCIAL CORP
		CENTRAL INDEX KEY:			0001016933
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				660532217
		STATE OF INCORPORATION:			PR
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		280 JESUS T. PINERO AVE
		CITY:			HATO REY, SAN JUAN
		STATE:			PR
		ZIP:			00918

	MAIL ADDRESS:	
		STREET 1:		280 JESUS T PINERO AVE
		CITY:			HATO REY, SAN JUAN
		STATE:			PR
		ZIP:			00918
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd25046.xml
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-03-26</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001016933</issuerCik>
        <issuerName>R&amp;G FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>RGF</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001232314</rptOwnerCik>
            <rptOwnerName>SANDOVAL JOSEPH R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O R&amp;G FINANCIAL CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>280 JESUS T. PINERO AVENUE</rptOwnerStreet2>
            <rptOwnerCity>SAN JUAN</rptOwnerCity>
            <rptOwnerState>PR</rptOwnerState>
            <rptOwnerZipCode>00936</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Chief Financial Officer</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeHolding><securityTitle><value>Class B Common Stock</value><footnoteId id="F2"/></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>32936</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeHolding></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Stock Option</value></securityTitle><conversionOrExercisePrice><value>23.85</value></conversionOrExercisePrice><transactionDate><value>2003-03-26</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><trans
actionAmounts><transactionShares><value>12500</value></transactionShares><transactionPricePerShare><value>23.85</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2008-03-26</value><footnoteId id="F1"/></exerciseDate><expirationDate><value>2013-03-26</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>12500</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>12500</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction><derivativeHolding><securityTitle><value>Stock Option</value></securityTitle><conversionOrExercisePrice><value>16.125</value></conversionOrExercisePrice><exerciseDate><value>2004-06-
10</value><footnoteId id="F2"/></exerciseDate><expirationDate><value>2009-06-10</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>12000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>12000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeHolding><derivativeHolding><securityTitle><value>Stock Option</value></securityTitle><conversionOrExercisePrice><value>6.74</value></conversionOrExercisePrice><exerciseDate><value>2002-01-27</value><footnoteId id="F3"/></exerciseDate><expirationDate><value>2007-01-27</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>7200</value></underlyingSecurityShares></underlyin
gSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>7200</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeHolding></derivativeTable><footnotes><footnote id="F1">The option vests over a five year period at a rate of 20% per year and will be fully vested on March 26, 2008.</footnote><footnote id="F2">The option vests over a five year period at a rate of 20% per year and will be fully vested on June 10, 2004.</footnote><footnote id="F3">The option fully vested on January 27, 2002.</footnote></footnotes><ownerSignature><signatureName>/s/ Joseph R. Sandoval</signatureName><signatureDate>2003-12-09</signatureDate></ownerSignature></ownershipDocument>



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