United Parcel Service Inc. has been out shopping again.

Just one week after it announced a $6 billion order for Airbus Aircraft and the purchase of Fritz Cos. Inc. for $450 million, the giant express carrier disclosed Tuesday that it plans to acquire First International Bancorp Inc. of Hartford, Conn.

Compared with last week's deals, this one was petty cash - a mere $78 million in UPS Class B common stock, based on the stock's closing price last Friday.

The transaction is expected to close by June 30. The deal is subject to bank regulatory approvals, the approval of First International Bancorp, Inc.'s shareholders, review under the Hart-Scott-Rodino antitrust law and other customary closing conditions.

Key shareholders of First International Bancorp, controlling approximately 53% of the outstanding shares, have agreed to vote in favor of the transaction.

UPS said the acquisition will add First International's structured trade finance and commercial lending programs to the expanding capabilities of UPS Capital Corp., the financial services subsidiary of UPS.

UPS said it believes the acquisition will create a powerful combination of financial, shipping and logistics solutions for customers that will enable them to better manage their supply chains through the integration of funds, goods and information.

UPS described First International as a national leader in the use of U.S. government-guaranteed loan programs made available by the Small Business Administration, the Department of Agriculture and the Export-Import Bank of the United States. The bank primarily serves small and medium-sized manufacturers, distributors and wholesalers (with annual sales of $1 million to $50 million) in the United States and international emerging markets.

First International offers loans in amounts up to $10 million each. As of last Sept. 30, it had a managed loan portfolio of approximately $1.2 billion, approximately two-thirds of which is substantially guaranteed or insured by U.S. government agencies and other sources.

UPS Capital Corp. is a wholly owned subsidiary of UPS and is a key component of UPS's business strategy of enabling the flow of goods, information and funds. First International Bancorp is the parent company of First International Bank.