HARTFORD, Conn., Jan. 5, 2001—The Online Asset Exchange and First International Bank, a subsidiary of First International Bancorp Inc. (NASDAQ: FNCE), have formed an alliance to offer online financing to companies that buy and sell industrial assets via www.onlineassetexchange.com, the world’s largest marketplace for surplus and used industrial assets.

First International, reputed as the world’s first global small business lender, has agreed to make commercial and international credit products available via ThruCredit®, the bank’s technological solution for financing industrial transactions via the Internet. Exchange participants can settle online transactions – up to US $5 million – by choosing from a full range of equipment financing solutions on First International’s e-CreditMenu(sm). They can also meet other business borrowing needs with products such as basic payment guarantees, working capital lines, industrial mortgages, and sophisticated international trade, barter and energy financing.

The Online Asset Exchange’s president and CEO, Frank Berlage, stated, "We are excited about offering our clients financial benefits and hope this will enable them to conduct business more easily and efficiently on our Web site."

Brett N. Silvers, the bank’s chairman and CEO, noted, "Our presence in the world’s primary emerging markets is an advantage for small and midsize industrial companies who will find the Exchange a tremendous resource for identifying and accessing used corporate assets."

The two companies met in Tijuana, Mexico on December 13, 2000 to reach out to more than 30, medium-size Mexican manufacturers in the metal bending, cutting and forging industry. Company representatives attended a presentation that featured Ernesto Ruffo, ex-governor of Baha California, as keynote speaker. Tijuana is the site of the Exchange’s first office outside the U.S.

First International’s success in the use of government-guaranteed lending has helped the company earn its worldwide prominence. The company is the number one user of loans guaranteed by the U.S. Department of Agriculture and also – for the fourth year in a row – the Export-Import Bank of the United States. The company is also a prominent SBA lender.

The government of Mexico recently endorsed First International as the first U.S. bank authorized to make loans backed by Nacional Financiera to small industrial companies in Mexico.

The company gained the attention of the U.S. Department of Commerce in 2000, receiving the President’s "E" Award for Export Service for promoting U.S. exports and economic interests abroad.

First International’s e-business strategy has been spotlighted in publications such as Forbes, InfoWorld and InformationWeek. The company now has 19 agreements industrial e-marketplaces where participants have direct access to its online financing.

Founded in 1999 and headquartered in San Diego, The Online Asset Exchange is the leading global online marketplace for the sale of industrial assets. The exchange is the largest marketplace in the world with over 200,000 assets and $14 billion in value. The exchange includes metalworking and forming, processing, surface-mount technology, medical, construction, agriculture and transportation equipment. The Online Asset Exchange provides a full suite of services for buyers and sellers to assist in the purchase, from authentication to appraisal, shipping, rigging, financing, and escrow. More information about The Online Asset Exchange can be found at www.onlineassetexchange.com.

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, including offices coast-to-coast in the U.S. and international representatives located in the Americas, Asia, Africa, the Middle East and Central Europe. In 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