Oriental Financial Group Board of Directors Adjusts Dividends to Annualized Rate of $0.16 Per Share to Further Strengthen Capital Position

Business Wire, March 12, 2009

SAN JUAN, Puerto Rico -- The Board of Directors of Oriental Financial Group Inc. (NYSE: OFG) today adjusted dividends to an annualized rate of $0.16 per share to align it to current price levels of Oriental’s stock and to preserve approximately $9.7 million a year in capital. Based on this adjustment, the Board declared a regular quarterly cash dividend of $0.04 per common share for the first quarter ending March 31, 2009, payable on April 15, 2009, to holders of record on April 1, 2009 with an ex-dividend date of March 30, 2009.

“The Board believes that preserving capital is the right action for our stockholders at this time, given the current worldwide economic environment,” said José Rafael Fernández, President and Chief Executive Officer. “Oriental continues to execute well and generate solid earnings. This move will help to continue to strengthen the balance sheet and enhance our financial flexibility in order to build greater value for our shareholders long term.”

Earlier this week, Oriental reported that, reflecting the Group’s strong fourth quarter 2008 results, stockholders’ equity of $259.1 million and total common equity of $191.1 million at December 31, 2008 increased 7.0% and 9.8%, respectively, as compared to September 30, 2008. The Group continues to maintain capital ratios in excess of regulatory requirements. At December 31, 2008, Leverage Capital and Tier I Risk-Based Capital of $389.2 million increased 8.4% from September 30, 2008.

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 45th year in business, Oriental provides a full range of mortgage, commercial and consumer banking services through 23 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 because of developments occurring after the date of issuance.