Oriental Financial Group Announces Two New Financial Centers, Relocation of an Existing Branch.

SAN JUAN, Puerto Rico -- Oriental Financial Group Inc. (NYSE: OFG) announced today that it has signed leases to open new financial centers in Miramar and Canovanas and to relocate the Arecibo branch as part of the Group's strategic plan to add 10 new branches and upgrade its existing 23-unit network. Total cost of the three new offices will be approximately $2.3 million.

Nestor Vale, Oriental's Senior Executive Vice President - Banking, said the new branches will focus on servicing the commercial needs of professional and middle market businesses, in line with Oriental's marketing program. They also will provide Oriental's full range of retail services, including checking, consumer and mortgage lending, and financial planning.

The first new branch, scheduled to open this summer, will be in Miramar, one of San Juan's most fashionable neighborhoods, overlooking the Condado Lagoon, in the northern part of the city. The 2,000 square foot office will be staffed by eight people and will be located at 670 Ponce de Leon Avenue on the ground floor of the Caribbean Tower professional building.

The other new branch will be located in the fast growing town of Canovanas, in the new Belz Factory Outlet World Shopping Center, along the expanded State Road 66, which connects San Juan to the East Coast. The 3,500 square foot, free standing unit will have a staff of 10 and feature three drive through bays. The branch is expected to open in early calendar 2006.

Mr. Vale said Oriental's existing 3,000 square foot branch at Vista Azul Shopping Center in Arecibo, the largest city geographically in Puerto Rico, west of San Juan, will move to a larger, more convenient and more visible location. The new 3,200 square foot office at State Road 2, Km. 82, will be in the ground floor of a combination professional building and plaza to be named Oriental Group Plaza. The branch, which is expected to open November 2005, will have a drive-through bay and a staff of 11.

In February of this year, Oriental opened its first commercial loan office outside of corporate headquarters. The office is located in the Torre Chardon office building in the Hato Rey financial district of San Juan.

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 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.