SAN JUAN, Tuesday, July 6, 2004 – Oriental Financial Group Inc. (NYSE: OFG) today
announced plans for its new headquarters, Oriental Group Tower, which will
consolidate all corporate offices and support facilities into a 15-story, $38
million building under construction at Professional Offices Park in San Juan,
Puerto Rico.  Oriental will be the anchor tenant.

“The move is a significant step forward in Oriental’s 40 year history,” said José
Rafael Fernández, Senior Executive Vice President and Chief Operating
Officer.  “It will heighten efficiency, reduce costs and advance our operational
and marketing strategies, as we continue to grow and build for the future.”

*  By housing all 300 non-branch staff under one roof and incorporating the
latest in technology, the building will facilitate Oriental’s delivery of
banking, investment and mortgage services.

*  The building, the tallest in the area, will feature two giant outdoor
electronic video billboard screens facing PR 52 and State Road #1, the most 
heavily traveled highways in Southern San Juan.

*  In addition, the move will enable Oriental to reduce its per square foot costs
for space, while providing room for growth.
 
Occupancy of the building is expected in March 2006.  The developer is
Professional Offices Park V, Inc., the architect is Underwood: Architects and the
contractor is RB Construction, all from San Juan Puerto Rico.

(Go to the “Presentations & Other Materials” page of Oriental’s IR Website
to see a photo, in PDF file format, of the architect’s model of Oriental Group Tower.)

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. It provides
comprehensive financial services to its clients throughout Puerto Rico and offers
third party pension plan administration in the continental U.S. and Puerto Rico
through a wholly owned subsidiary, Caribbean Pension Consultants, Inc., which is
headquartered in Boca Raton, Florida. The Group's core businesses include a full
range of mortgage, commercial and consumer banking services offered through 23
financial centers in Puerto Rico, as well as financial planning, trust, 
insurance, investment brokerage and investment banking services.  More 
information about the Group may be obtained at www.OrientalOnline.com.

Forward-Looking Statements

This 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 
considerations.

Contact:

In Puerto Rico:
Robert P. Schoene
Phone: (787) 720-2638

In New York City:
Steven Anreder and Gary Fishman
Phone: (800) 421-1003

SOURCE: Oriental Financial Group Inc.