E Source Features First International Bank’s New Program For Bundling Financing With Energy Projects

Energy Service Providers Nationwide Take Interest
In Licensing PowerPak(sm)

HARTFORD, Conn., July 7, 2000— E Source, an online biweekly publication of the Financial Times Energy group, reviewed First International Bank’s new PowerPak(sm) energy financing program in its June 9, 2000 edition. Journalist Nathan Adams writes that energy loan programs such as PowerPak are an "attractive solution" for small and medium size industrial companies, "likely to serve (them) more appropriately on all levels."

PowerPak is a customized commercial loan program that provides an incentive for industrial companies to invest in energy-related projects. PowerPak was first announced by First International on May 18, 2000 and is one of only a handful of programs on the U.S. energy market today that bundles energy equipment and/or services together with financing and project advice.

According to E Source, this approach has several key advantages. For energy service providers, PowerPak allows them to negotiate sales with industrial customers armed with project costs and financing options up-front, during the initial project planning phases. According to E-Source, financial limitations "can be considered and dealt with more effectively." PowerPak also provides assistance from lenders at First International who are experts in the energy sector. This benefits industrial companies that "may lack the in-house knowledge to structure an energy project loan," according to E Source.

"With oil and gas prices trending up toward $2 per gallon, small U.S. industrial companies have compelling reasons to allocate capital toward energy improvements," says Matthew Ide, senior vice president in charge of the Energy Finance business unit at First International Bank. Since PowerPak debuted in May, energy service providers have lined up to consider how they can use the program to encourage customers to retrofit lighting, build on-site power generators, update their HVAC systems, and undertake other energy projects.

According to Ide, who is currently fielding inquiries from major energy concerns in Arizona, Connecticut, Texas, New Jersey and Virginia, PowerPak appeals to companies that are both sellers and buyers of energy products and services. "PowerPak gives energy service providers opportunities to grow and better serve their customers. They can sell products to customers with financing built-in, yet take on no risk in the process."

The E Source article is accessible online at www.esource.com on a subscription basis.

First International Bank is a recognized leader in financing small industrial companies worldwide. The company has ranked first for U.S. Export-Import Bank transactions in each of the last three years, booking more than 100 loans per year to companies on five continents. In May 2000, the company won the prestigious President’s "E" Award for Export Service from the U.S. Department of Commerce.

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 businesses. 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, and closed the year with a managed loan portfolio of $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