Oriental Financial Group and Primerica Financial Services Announce Mortgage Alliance...

Oriental Financial Group and Primerica Financial Services Announce Mortgage Alliance in Puerto Rico

SAN JUAN, Puerto Rico--(Business Wire)--Oriental Financial Group Inc. (NYSE: OFG) and Primerica Financial
Services, a wholly owned subsidiary of Citigroup, announced today that
they had entered into an exclusive alliance in which Oriental will be
the supplier of a mortgage platform and related services for Primerica
in its program to market home loans to its clients in Puerto Rico.

A primary focus of the effort will be Primerica's marketing
long-term, fixed-rate residential mortgages provided by Oriental as a
means to consolidate debt at attractive terms, aided by the recent
reductions in prevailing interest rates, to help individuals cope with
the local recession. Primerica has approximately 400 full-time and
2,000 part-time financial representatives on the Island.

"Primerica and Oriental share similar values, which manifests
itself in a desire to improve the economic condition of our clients
through sound loans and effective financial planning," said Jose
Rafael Fernandez, President and CEO of Oriental.

"Primerica has built a very professional and motivated group in
Puerto Rico through the years," said Jeff Read, Senior Vice President
of Primerica Financial Services Home Mortgages, Inc. "For that reason
we are very optimistic about this new alliance with Oriental since we
share the same commitment of excellence towards the client."

Lidio Soriano, Executive Vice President of Banking and Mortgage,
Oriental Financial Group, said Primerica will function as a new
distribution channel for Oriental mortgages. "A specialized group of
mortgage financial planning experts from Oriental will work with the
team of financial representatives from Primerica to offer solutions
that help clients consolidate their debts with attractive terms," he
said.

Oriental follows a highly conservative residential mortgage
lending policy, with more than 90% of its residential mortgage
portfolio consisting of fixed-rate, fully amortizing, full
documentation loans that do not have the level of risk associated with
subprime loans offered by certain major US mortgage loan originators.
The Group does not own or originate sub prime single-family home loans
and it does not own or originate construction/development loans. In
addition, Oriental has never been active in negative amortization
loans or adjustable rate mortgage (ARMs) loans, including those with
teaser rates.

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 24 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.

About Primerica Financial Services

Primerica Financial Services, a subsidiary of Citigroup, offers
insurance and asset management services. The company provides
term-only life insurance coverage, as well as debt-reduction advice
for its customers. Primerica Financial Services acts as a distributor
for several Citigroup products, including annuities from Travelers
Life and Annuity, loans from CitiFinancial, and mutual funds from
Citigroup Global Markets' Smith Barney. The company sells its products
through a network of more than 100,000 sales representatives
throughout North America.

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.

Puerto Rico:
Oriental Financial Group
Juan C. Cruz, 787-771-6820
or
U.S.:
Anreder & Company
Steven Anreder and Gary Fishman
212-532-3232

Copyright Business Wire 2008