Oriental Financial Group Opens New Branch in Bayamon

Business Wire,  June 25, 2008  

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Reflects Strategy to Increase Reach to Target Customers in Greater San Juan

SAN JUAN, Puerto Rico -- Oriental Financial Group Inc. (NYSE: OFG) announced the opening of a new Oriental Group financial center in the high traffic Plaza del Sol mall in the Bayamon suburb southeast of San Juan.

Lidio V. Soriano, Executive Vice President of Oriental's retail banking, lending and financial service operations, said the new Bayamon branch is part of the Group's strategy to increase its reach to mid and high net worth customers interested in Oriental's high touch delivery of banking and financial services on an integrated basis.

Oriental acquired the lease on the center for a non-material amount from Banco Popular, which had acquired the branch last year from Citibank and later closed it. No loans or deposits were involved in the transaction.

"Plaza del Sol is an ideal location," said Mr. Soriano, the former head of Citibank's consumer mortgage operations in Puerto Rico. "Within five miles of the shopping center nearly 471,000 people reside with an average household income in excess of $50,000."

Oriental has budgeted approximately $2 million to open, construct, remodel and consolidate branches in 2008 in order to expand its network to a net 25 centers from the current 24 with more of them in the populous and affluent San Juan metro area.

The Group is also in final negotiations to assume another former Citibank branch lease from Banco Popular.

In the city of San Juan, Oriental plans to open a branch in the northern beachfront Santurce-Condado area, in a new building on the corner of San Jorge Street and Baldorioty de Castro Avenue. In addition, the Group is remodeling and expanding two anchor branches on San Patricio and on Las Cumbres avenues, in the central and southern parts of the city, respectively.

On the east end of the Island, the Group is closing two small branches in Naguabo and Humacao (Pueblo) and consolidating their business into nearby branches in Ceiba and Humacao (Oriental Center).

About Oriental Financial Group

Oriental Financial Group Inc. is a diversified financial holding company operating under U.S. and Puerto Rico banking laws and regulations. Now in its 44th year in business, Oriental provides a full range of mortgage, commercial and consumer banking services through 25 Oriental Group financial centers in Puerto Rico, as well as financial planning, trust, insurance, investment brokerage and investment banking services. Investor information about Oriental can be found at www.orientalfg.com.

Forward-Looking Statements

This news release may contain forward-looking statements that reflect management's beliefs and expectations and are subject to risks and uncertainties inherent to the Group's business, including, without limitation, the effect of economic and market conditions, the level and volatility of interest rates, and other risks and considerations detailed in the Group's filings with the Securities and Exchange Commission. These or other factors could cause actual results to differ materially from forward-looking statements. The Group also disclaims any obligations to update information contained in this news release as a result of developments occurring after the date of issuance.

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