Company To Utilize U.S. Ex-Im Bank’s Pilot Program For 
Express Delivery Of Medium Term Loan Guarantees

HARTFORD, Conn., September 28, 2000—As a record trade imbalance looms over the U.S. economy, lenders at First International Bank are primed to help manufacturers and distributors of U.S.-made equipment increase exports, with rapid turnaround on loan applications under a new pilot program established by the Export-Import Bank of the United States. Overseas purchasers of U.S.-made capital equipment who qualify for the new Medium Term EXpress Program can expect speedy approval on loans up to $1 million.

"Medium Term EXpress is an ideal vendor financing program for U.S. equipment exporters competing to win business overseas. The new program offers quick, reliable access to financing for their international customers making small ticket purchases. Medium Term EXpress is a tangible boost from Ex-Im Bank at a time when our economy most needs it," stated Brett N. Silvers, chairman and CEO of First International.

First International’s ability to positively impact export sales in the industrial arena is well known. In May 2000, the U.S. Department of Commerce honored First International for its accomplishments, awarding the company the President’s "E" Award for Export Service.

Ex-Im Bank’s goal for Medium Term EXpress is to issue final commitments within two business days after receiving complete applications. "Ex-Im Bank is always looking for new ways to reach out to small and medium size companies that otherwise would not be able to compete in the global marketplace," said Ex-Im Bank Chairman James A. Harmon.

Silvers noted how the program could positively impact the thousands of U.S. equipment manufacturers that often struggle to find lenders willing to finance "small-ticket" purchases by their international customers ranging from $50,000 to $250,000. "Ex-Im Bank’s Medium Term EXpress program makes financing small transactions more economically viable for lenders," said Silvers. "First International will receive a 95% Ex-Im Bank guarantee on Medium Term EXpress loans, as compared with 100% guarantees under the agency’s conventional medium term loan program. Our specific expertise in evaluating global industrial credits will be of great value to exporting customers who can benefit from the program."

First International Bank is currently the world’s largest underwriter of Ex-Im Bank supported loans to small and medium size industrial companies, based on the number of transactions. The company underwrote more than 100 Ex-Im Bank transactions in each of the past three years.

James G. Fortsch, executive vice president in charge of International Banking at First International, is optimistic about growth based on the new program. "Ex-Im Bank has given lenders and exporters a tremendous opportunity through Medium Term EXpress. There is real potential to finance a much higher volume of U.S. exports each year. First International is eager to capitalize on its expertise and reputation as a top Ex-Im Bank lender to deliver expedited service," said Fortsch.

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 coast-to-coast at 15 U.S. locations and in 14 emerging markets worldwide. 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