First International Bank Establishes Nationwide Affiliation Program With The National Tooling And Machining Association

All NTMA Members Gain Access To Production Equipment Loans

HARTFORD, Conn., and FORT WASHINGTON, Md., Feb. 14, 2001—First International Bank, a subsidiary of First International Bancorp Inc. (NASDAQ: FNCE), has formed an alliance with the National Tooling and Machining Association to make its specialized production equipment financing program available to the organization’s 2,000 members in the precision custom manufacturing industry. The new agreement is aimed at granting NTMA’s members throughout the nation easy access to the bank’s extended term financing, regardless of their geographic location. First International has committed to pay royalties to the association and its chapters based on the volume of production equipment loans transacted with U.S. manufacturers who are NTMA members.

The announcement is timely for the nation’s precision custom manufacturing industry, in the face of a general economic downturn. Most manufacturers agree that investing in new equipment is fundamental to staying competitive, yet in a slow economy it is often the first item cut from the budget. Paul Falvey, head of First International’s Commercial Banking – East Division, who will oversee the NTMA program, noted, "The production equipment program is unique to the industry because its flexible loan structure enables manufacturers to optimize their cash flow position and continue to invest." Under the program, manufacturers can take as long as 15 years to repay loans for new equipment and they can also refinance used equipment, both with minimal or no downpayment.

Brett N. Silvers, First International’s chairman and CEO, highlighted the program’s value. "First International Bank’s production equipment loans, like our other financing programs, have built-in flexibility for the precision custom manufacturing marketplace. We can create significant value for growing, technology-minded manufacturers," commented Silvers.

Matthew B. Coffey, the Association’s President and COO, agreed with Silvers’ assessment, adding, "The NTMA has enjoyed a very productive relationship with First International Bank in the past few years. We are eager to give our members access to the proven tools this alliance offers to help meet the demands of manufacturing in the 21^st century."

The relationship between First International and the NTMA began in 1998, when the bank formed its first alliance with the organization’s Connecticut chapter, the Connecticut Tooling & Machining Association. Since that time, First International has signed agreements with six additional NTMA regional chapters, generally in step with the company’s pattern of U.S. expansion. The bank currently has 15 domestic lending offices located coast-to-coast.

Falvey will officially launch the program at the NTMA’s 2001 Annual Convention, which begins February 24 in Kauai, Hawaii. Falvey is scheduled to appear at the "Financing Your Technology" seminar on Friday, March 2, 2001.

First International’s success in the use of government-guaranteed lending has helped the company earn worldwide recognition. 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 National Tooling and Machining Association (www.ntma.org) and its 49 regional chapters represent the precision custom manufacturing industry throughout the United States. NTMA strives to help its members achieve maximum business success by providing a center of knowledge emphasizing marketing, networking, finance, technology, education and government affairs.

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, including 95 experienced lenders, at 15 offices coast-to-coast in the U.S. and international representatives at 14 locations worldwide in the Americas, Asia, Africa, the Middle East and Central Europe. In 2000, the company originated more than $500 million in loans primarily within its industrial niche, and closed the year with a managed loan portfolio of $1.3 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:

National Tooling & Machining Association
Alice Barton
(301) 248-6200
abarton@ntma.org

First International Bank
Michele Zommer
(860) 241-4705
zommerm@firstinterbank.com