MEXICO CITY, Oct. 18, 2000—Mexico’s national development bank, Nacional Financiera (NAFIN), will bolster efforts to make commercial credit more readily available to small and medium size Mexican industrial companies when it signs an agreement in Mexico City today with U.S.-based First International Bank, a subsidiary of First International Bancorp Inc. (NASDAQ:FNCE).

First International becomes the first non-Mexican institution to receive delegated lending authority through NAFIN’s "Trust Fund #1148-0," which the government established in October 1997 to support Mexico’s small and medium size business sector with access to working capital loans. The 14 Mexican banks currently participating in the program have originated loans for more than 6,600 companies during the past three years.

According to First International’s Chairman and CEO, Brett N. Silvers, the company’s commitment to financing the Mexican business community and its excellent reputation in international capital markets helped it earn NAFIN’s endorsement. He also credited the North American Free Trade Agreement (NAFTA) with creating unprecedented growth opportunities for small and medium size industrial companies in both Mexico and the U.S.

"First International Bank is highly honored to be the first non-Mexican financial institution to receive delegated lender status through NAFIN for its small business loan programs," remarked Silvers. "Thanks to NAFIN’s support, First International will further its leadership position in delivering a broad range of services to our Mexican clients to help them compete in the global marketplace," he added.

Silvers and NAFIN’s General Director, Carlos Salez Gutierrez, will sign the agreement in a ceremony at NAFIN’s executive offices. Also participating will be Jorge Navarro Moreno, main representative for First International in Mexico and a principal of CIMA, First International’s Master Agent in Mexico, Argentina, Chile and Uruguay.

First International Bank has demonstrated its prowess in the use of government guaranteed loans. For three straight years, it has ranked first in underwriting Export-Import Bank of the U.S (Ex-Im Bank) loans based on number of transactions, and recently earned Ex-Im Bank’s "Super-Delegated Lending Authority" for pre-export working capital lines of credit. By dollar volume, the company ranked tenth in U.S. Small Business Administration (NAFIN’s U.S. counterpart) and first in U.S. Department of Agriculture business lending during 1999.

First International’s Mexico portfolio reached a record level during 2000 with approximately 140 loans outstanding, mostly to small and medium size Mexican companies. First International has provided commercial and international trade financing to industrial companies in 40 countries.

First International Bank (www.upscapital.com) – a world leader in the use of SBA, USDA and Export-Import Bank 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 29 locations worldwide. U.S. offices are in Boston, Cleveland, Detroit, Hartford, Los Angeles, Miami, Morristown, Philadelphia, Pittsburgh, Providence, Richmond, 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 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