Private Export Funding Corporation Appoints Brett N. Silvers to Board of Directors.

NEW YORK--(BUSINESS WIRE)--Jan. 13, 1999--Brett N. Silvers, Chairman and Chief Executive Officer of First National Bank of New England and Chairman, President and Chief Executive Officer of its parent company, First International Bancorp, Inc. (NASDAQ:FNCE), has been named to the Board of Directors of the Private Export Funding Corporation (PEFCO).

PEFCO's mission is to support U.S. exports through competitive financing in conjunction with programs of the Export-Import Bank of the United States (Ex-Im Bank). Silvers served as a PEFCO Advisory Board member from 1995 through 1998 and on the Advisory Committee of Ex-Im Bank in 1994 and 1995. He now joins PEFCO's 12-person Board of Directors, which is headed by Chairman, President and Chief Executive Officer, Delcour S. Potter, and includes senior executives from ABN AMRO North America, Inc., BankAmerica Corporation, Bankers Trust Company, The Chase Manhattan Bank, Citicorp/Citibank and PNC Bank Corp.

Since joining First National Bank of New England and First International Bancorp, Inc. in 1988, Silvers has been the catalyst for the Company's growth within the niche of providing credit, trade and financial services to small and medium size manufacturing companies located in the United States and international emerging markets. In 1997 and 1998, First National Bank of New England was the nation's largest Ex-Im Bank lender measured by number of transactions, and in 1997 the Company received Ex-Im Bank's "Small Business Bank of the Year" award for helping U.S. companies and their international customers obtain trade financing.

According to PEFCO Chairman, President and Chief Executive Officer, Delcour S. Potter, "Brett's keen expertise in the area of small business and international financing will be a valuable addition to our company, particularly as we grow our core business and establish our presence in the small business community."

PEFCO was established in 1970 with the support of Ex-Im Bank and the United States Department of the Treasury to assist in financing exports of U.S. goods and services through the mobilization of private capital as a supplement to the financing already available through Ex-Im Bank, commercial banks and other lending institutions. More information on PEFCO and its programs can be found at www.pefco.com.

On January 5, 1999, First National Bank of New England announced plans to change its name to First International Bank, N.A. and introduce a new logo. According to Chairman and Chief Executive Officer Silvers, "Our organization has grown geographically beyond its New England roots, but we remain committed to serving the financial needs of family-owned industrial companies in the region and throughout all of our markets in the U.S. and internationally. The new name and logo will identify the Bank more closely with our chosen niche." The name change, new logo and a fully revamped web site are planned for late January 1999. The Company's web site address has been changed to http://www.firstinterbank.com.

First National Bank of New England specializes in Financing Manufacturers Worldwide(R). Founded in 1955, the Bank is a national leader in the use of programs made available by the Export-Import Bank of the U.S., the U.S. Small Business Administration and the U.S. Department of Agriculture. Headquartered in Hartford, Conn., the Bank also has offices in 10 Northeast, Midatlantic and Midwest cities and representatives in 12 foreign countries. First International Bancorp, Inc. (NASDAQ:FNCE) is the parent company of First National Bank of New England.

Financing Manufacturers Worldwide(R) is a registered trademark of First National Bank of New England