LOS ANGELES, Cal., and MIAMI, Fla., June 6, 2000 — First International Bank, a subsidiary of the publicly traded First International Bancorp Inc. (NASDAQ: FNCE), will bring its global trade finance connections into Miami, Florida, and Los Angeles, California to launch two new lending operations this month. First International will leverage its expertise in financing exports and imports and build on an already strong base of Korean, Brazilian, and South and Central American business in these two major port cities.

According to CEO Brett N. Silvers, "The profile of Los Angeles and Miami as industrial and international trade centers make each city an excellent base for our continuing expansion. First International already has a foothold in these markets, and we expect our following among industrial companies to increase."

In Los Angeles, the bank will do business under the trade name, First International Capital. Executive Vice President Richard W. Bradshaw noted that the large concentration of privately owned manufacturers in the greater Los Angeles area "creates ideal opportunities, such as cross-selling commercial and international loan products and facilitating trade with Asia, Mexico and South America."

First International is an "SBA Preferred Lender" in the majority of Southern California’s counties, including Los Angeles, Orange, San Bernardino, Riverside, Santa Barbara and Ventura. SBA Preferred Lender status allows the bank to underwrite commercial loan transactions and reduce the typical loan approval to a matter of days. "With our focus on small and medium size family owned industrial companies, we believe that our bank can contribute needed financial services to the greater LA market," said Bradshaw.

Rodolfo O. Villarica, Jr. will direct the bank’s southern California operations from the new Los Angeles office. The company will build on its existing business base in the area, comprised of 20 textile industry clients. It will also rely on alliances with LA-based Noxxon Capital and Global Management and Business Resources Inc. (GMBR), the bank’s agent for the Korean market. GMBR already facilitates a significant volume of trade financing between Asia and the West Coast.

In Miami, First International’s new office aims to expand services to the huge U.S. exporting community that operates sales and distribution offices for the Latin American market. Miami International Airport’s prominence in global trade was a major attraction for First International in its decision to open an office in the city, according to James G. Fortsch, executive vice president and head of International Banking. The airport ranks first in the U.S. for international freight volume, and number three in the world for total freight.

Fortsch noted that, "Our presence in Miami will allow First International to bring its strengths to the market, and capitalize on the region’s strategic location as a major hub for international trade." Part of that strength is Ex-Im Bank-backed lending; in 1999, First International led the nation in most transactions for the third straight year. "With more than 17,000 manufacturers in Florida, we will have a great opportunity to complement our domestic business with our international capabilities," Fortsch added.

Patrick W. Kenney, senior vice president, will manage the Miami operation. First International has contractual relationships with two companies that will support its business development efforts in this region. The bank’s Brazilian Master Agent, NetPlan Corporate Finance Ltda., represents the bank in six South American countries, and Panalpina World Transport Ltd. is one of the world’s leading forwarding and logistics groups with a state-of-the-art distribution facility in Miami.

First International Bank (www.upscapital.com) – a world leader in the use of SBA, USDA and Export-Import Bank-backed loans – provides innovative credit, trade and financial solutions for small and medium size industrial companies. The company has more than 200 employees and representatives at 28 locations worldwide. U.S. offices are in Boston, Cleveland, Detroit, Hartford, Los Angeles, Miami, Morristown, Philadelphia, Pittsburgh, Providence, Rochester, Springfield, St. Louis, and Washington, DC. International representatives are based in Argentina, Brazil, Central America, Egypt, India, Indonesia, Korea, Mexico, North Africa, the Philippines, Poland, South Africa, Turkey and West Africa. During 1999, the company originated $551 million in loans primarily within its industrial niche, bringing the managed portfolio to $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