SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Feb. 24, 2005--Oriental Financial Group Inc. (NYSE: OFG) today announced the appointment of two new members of the Board of Directors - Mari Carmen Aponte, Esq., the former Executive Director of the Puerto Rico Federal Affairs Administration (PRFAA) in Washington, D.C., and Jose Gil de Lamadrid Jimenez, CPA, former managing partner in Puerto Rico of the accounting firm KPMG LLP.

The appointments expand the board to 13 members, from 9. Ms. Aponte, 58, was appointed to the Compensation Committee. Mr. Gil de Lamadrid, 49, was appointed to the Audit Committee. Both are considered independent directors.

"Ms. Aponte and Mr. Gil de Lamadrid further strengthen our board and the expertise we can draw upon to continue to grow our banking and financial services franchise," said Jose Enrique Fernandez, Chairman, and Jose Rafael Fernandez, President and Chief Executive Officer, in a joint statement.

"Ms. Aponte provides broad governmental affairs and legal experience in both Washington and Puerto Rico, having served two U.S. Presidents and one Governor of Puerto Rico. Mr. Gil de Lamadrid adds accounting expertise, particularly embracing the areas of banking, financial services and insurance from his almost three decades with KPMG."

Ms. Aponte is considered an expert in legal and policy support in diverse matters involving federal government relations in the areas of banking, tax legislation and regulations, as well as negotiations with federal government agencies, such as the U.S. Department of Housing and Urban Development, and Fannie Mae. She began her career in Washington in 1979 after earning her J.D. from Temple University School of Law.

Her government positions have included serving in the Carter Administration as a Special Assistant to the U.S. Secretary of Housing and Urban Development and in the Clinton Administration as Special Assistant in the Office of Presidential Personnel. As PRFAA's Executive Director from 2001 to 2004, Ms. Aponte represented the Governor of Puerto Rico on all federal matters to U.S. state and federal agencies as well as to Congress and the Executive branch. Her private practice positions have included being an Associate of the law firm of Powell, Goldstein, Frazer & Murphy and a Partner of the law firm Alexander, Gebhardt, Aponte & Marks, both of Washington.

Mr. Gil de Lamadrid had a more than 26-year career with KPMG in San Juan and New York City. As Managing Partner from 1993 to 2003, he ran day-to-day operations of the San Juan office, which had more than 100 employees and 7 partners. He was a member of the southeast region management committee of KPMG US firm. He also served as the local office coordinator for the financial institutions practice, and was the audit and consulting partner in charge of several large engagements of local entities and local operations of international entities. Major clients included those in the banking and finance, insurance, retail, wholesale and manufacturing industries.

Mr. Gil de Lamadrid earned his Bachelor in Business Administration with a Major in Accounting from the University of Puerto Rico in 1976. He completed as instructor and/or participant innumerable seminars in accounting, finance, management and human resources including an executive development seminar at Stamford University in Palo Alto. He is a CPA licensed in Puerto Rico and the US Virgin Islands and a member of the AICPA. He currently is co-owner of Office Zone, Inc. of Guaynabo, Puerto Rico, a family business.

About Oriental Financial Group

Oriental Financial Group Inc. (www.OrientalOnline.com) is a diversified financial holding company operating under U.S. and Puerto Rico banking laws and regulations. Now in its 40th year in business, Oriental provides comprehensive financial services to its clients throughout Puerto Rico and offers third party pension plan administration through wholly owned subsidiary, Caribbean Pension Consultants, Inc. 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.

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: Puerto Rico:
             Oriental Financial Group
             Michelle Balaguer, 787-771-6898
             or
             U.S.:
             Anreder & Company
             Steven Anreder and Gary Fishman, 212-532-3232

    SOURCE: Oriental Financial Group Inc.