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                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                 SCHEDULE 13G
                                (Rule 13d-102)


             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
           TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
                           PURSUANT TO RULE 13d-2(b)

                              (Amendment No. 3)*


                             R & G FINANCIAL CORP.
--------------------------------------------------------------------------------
                                (Name of Issuer)


                             CLASS B COMMON STOCK
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                   749136107
--------------------------------------------------------------------------------
                                 (CUSIP Number)


                               DECEMBER 31, 2001
--------------------------------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)


     Check the  appropriate  box to  designate  the rule  pursuant to which this
Schedule is filed:

          [_]  Rule 13d-1(b)

          [_]  Rule 13d-(c)

          [_]  Rule 13d-1(d)


----------
 *   The  remainder of this cover page shall be filled out for a reporting
     person's initial filing on this form with respect to the subject class of
     securities, and for any subsequent amendment containing information which
     would alter the disclosures provided in a prior cover page.

     The  information  required in the remainder of this cover page shall not
     be deemed to be "filed" for the purpose of Section 18 of the  Securities
     Exchange Act of 1934 or otherwise  subject to the  liabilities of that
     section of the Act but shall be  subject to all other provisions of the
     Act (however, see the Notes).





CUSIP No. 749136107                13G


________________________________________________________________________________
1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Garity & Co. Capital Management
     66-057-6226
________________________________________________________________________________
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [_]
                                                                 (b)  [_]

________________________________________________________________________________
3.   SEC USE ONLY



________________________________________________________________________________
4.   CITIZENSHIP OR PLACE OF ORGANIZATION


     USA
________________________________________________________________________________
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES           -0-
               _________________________________________________________________
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          1,951,126
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         -0-
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            1,951,126
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON


     1,951,126
________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)


     13.28%
________________________________________________________________________________
12.  TYPE OF REPORTING PERSON*


     IA
________________________________________________________________________________
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


CUSIP No. 749136107                13G


________________________________________________________________________________
Item 1(a).  Name of Issuer:


            R & G Financial Corp.
________________________________________________________________________________
Item 1(b).  Address of Issuer's Principal Executive Offices:

            280 Jesus T. Pinero Ave., Hato Rey,
            San Juan, PR 00918
________________________________________________________________________________
Item 2(a).  Name of Person Filing:


            Garity & Co. Capital Management
________________________________________________________________________________
Item 2(b).  Address of Principal Business Office, or if None, Residence:

            1410 Banco Popular Center
            San Juan, PR 00918
________________________________________________________________________________
Item 2(c).  Citizenship:

            USA

________________________________________________________________________________
Item 2(d).  Title of Class of Securities:

            Class B Common Stock

________________________________________________________________________________
Item 2(e).  CUSIP Number:

            749136107

________________________________________________________________________________
Item 3.     If This Statement  is Filed  Pursuant to  Rule 13d-1(b), or 13d-2(b)
            or (c), Check Whether the Person Filing is a:

     (a)  [_]  Broker or dealer registered under Section 15 of the Exchange Act.

     (b)  [_]  Bank as defined in Section 3(a)(6) of the Exchange Act.

     (c)  [_]  Insurance  company as defined in Section 3(a)(19) of the Exchange
               Act.

     (d)  [_]  Investment  company  registered under Section 8 of the Investment
               Company Act.

     (e)  [X]  An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

     (f)  [_]  An employee  benefit plan or endowment  fund in  accordance  with
               Rule 13d-1(b)(1)(ii)(F);

     (g)  [_]  A parent  holding  company or control  person in accordance  with
               Rule 13d-1(b)(1)(ii)(G);

     (h)  [_]  A savings  association  as defined in Section 3(b) of the Federal
               Deposit Insurance Act;

     (i)  [_]  A  church  plan  that  is  excluded  from  the  definition  of an
               investment  company  under  Section  3(c)(14)  of the  Investment
               Company Act;

     (j)  [_]  Group, in accordance with Rule 13d-1(b)(1)(ii)(J).


     If this statement is filed pursuant to Rule 13d-1(c), check this box.   [_]



CUSIP No. 749136107                13G


Item 4.  Ownership.

     Provide  the  following  information  regarding  the  aggregate  number and
percentage of the class of securities of the issuer identified in Item 1.

     (a)  Amount beneficially owned:

          1,951,126

     (b)  Percent of class:

          13.28%

     (c)  Number of shares as to which such person has:

          (i)   Sole power to vote or to direct the vote                       ,

                0

          (ii)  Shared power to vote or to direct the vote                     ,

                1,951,126

          (iii) Sole power to dispose or to direct the disposition of          ,

                0

          (iv)  Shared power to dispose or to direct the disposition of

                1,951,126

________________________________________________________________________________
Item 5.  Ownership of Five Percent or Less of a Class.

         N/A
________________________________________________________________________________
Item 6.  Ownership of More Than Five Percent on Behalf of Another Person.

         N/A
________________________________________________________________________________
Item 7.  Identification and Classification of the Subsidiary Which Acquired the
         Security Being Reported on by the Parent Holding Company.

         N/A
________________________________________________________________________________
Item 8.  Identification and Classification of Members of the Group.

         N/A
________________________________________________________________________________
Item 9.  Notice of Dissolution of Group.

         N/A
________________________________________________________________________________
Item 10.  Certifications.

     (a)  The  following  certification  shall be included if the  statement  is
          filed pursuant to Rule 13d-1(b):

          "By signing  below I certify  that,  to the best of my  knowledge  and
          belief, the securities referred to above were acquired and are held in
          the ordinary course of business and were not acquired and not held for
          the  purpose  of or with the effect of  changing  or  influencing  the
          control of the issuer of the  securities and were not acquired and are
          not held in  connection  with or as a participant  in any  transaction
          having such purpose or effect."


     (b)  The  following  certification  shall be included if the  statement  is
          filed pursuant to Rule 13d-1(c):

          "By signing  below I certify  that,  to the best of my  knowledge  and
          belief, the securities referred to above were not acquired and are not
          held for the purpose of or with the effect of changing or  influencing
          the control of the issuer of the  securities and were not acquired and
          are not held in connection with or as a participant in any transaction
          having such purpose or effect."



                                    SIGNATURE

     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.


                                                   February 14, 2002
                                        ---------------------------------------
                                                        (Date)


                                                  /s/ THOMAS GARITY
                                        ---------------------------------------
                                                      (Signature)


                                                Thomas Garity, Principal
                                        ---------------------------------------
                                                      (Name/Title)



Note. Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties for whom copies are to be sent.

Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).