HARTFORD, Conn., May 18, 2000 — First International Bank’s new PowerPak® financing product comes with built-in marketing support – a feature found in few energy financing products on the U.S. market today. First International Bank, a subsidiary of publicly traded First International Bancorp Inc. (NASDAQ: FNCE), is one of the world’s leading SBA, USDA and Ex-Im Bank-backed lenders to small and medium size industrial companies.

Organizations engaged in selling energy systems and equipment can offer PowerPak loans to their commercial and industrial customers, along with their products, to help boost sales. While built-in financing is not a new concept, First International’s platoon of sales support is. Companies licensed to use PowerPak gain online access to information and applications, a toll-free help line, ready-to-use loan documents, training for sales personnel on how to sell the product, and strategic planning consultation for senior management. According to Senior Vice President Matthew J. Ide, who heads up the bank’s energy finance unit, "PowerPak is a "turnkey" approach that adds leverage and resources to help companies achieve growth in the deregulated energy market."

"PowerPak has solved every excuse a business might have for delaying energy improvements," said Ide. Companies often reject the idea of taking on expenses that tie up cash, or that create a financial obligation not directly related to their core business.

Ide hopes that the new product will encourage more companies to take on energy projects "because with PowerPak, energy project economics can make sense." PowerPak is entirely focused on customization, with terms from three to 10 years, competitive interest rates, and ample funds to cover 100 percent of the project’s cost. Examples of projects and equipment that are eligible for PowerPak financing include central air conditioning, lighting retrofits, and electrical distribution and generation equipment.

The product also comes with First International Bank’s experience behind it. The bank services Northeast Utilities’ subsidiary, Yankee Energy System, through its Energy Key program, and the National Rural Utilities Cooperative Finance Corporation, through its E-C Commercial program. Members of the American Public Gas Association have used both Energy Key and PowerPak programs to finance the installation of energy systems.

First International Bank (www.upscapital.com) provides innovative credit, trade and financial solutions to small and medium size industrial companies. The company has more than 200 employees at offices coast-to-coast in 14 U.S. cities, and has representatives in 14 international emerging markets. During 1999, the company originated $551 million in loans primarily within its industrial niche, bringing the managed portfolio including loans on-balance sheet and serviced for investors to nearly $1.1 billion. Established in 1955, the bank is a subsidiary of the publicly traded First International Bancorp, Inc., (NASDAQ: FNCE), with headquarters in Hartford, Connecticut.

MEDIA CONTACT:

First International Bank:
Michele Zommer
(860) 241-4705
zommerm@firstinterbank.com