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FIRST FINANCIAL CARIBBEAN FILES WITH SEC FOR REGISTERED DIRECT PLACEMENT

 SAN JUAN, Puerto Rico, Aug. 31 /PRNewswire/ -- First Financial Caribbean Corporation (NASDAQ-NMS: FRCC) today announced that it has filed a registration statement on Form S-3 with the Securities and Exchange Commission for the issuance of 599,724 shares of common stock in a registered direct placement.
 The firm of Brean Murray, Foster Securities Inc. has been retained to act as the placement agent for the securities on a "best efforts" basis. All of the shares of common stock to be sold are being offered by certain selling shareholders of First Financial Caribbean.
 First Financial Caribbean Corporation, through its two operating units, HF Mortgage Bankers and Doral Mortgage Corporation, is the leading mortgage banker in Puerto Rico. The company, with 16 offices throughout Puerto Rico and one office in Orlando, Fla., engages in the origination, sale and servicing of mortgage loans.
 A registration statement relating to the securities has been filed with the Securities and Exchange Commission but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.
 -0- 8/31/93
 /CONTACT: Edward Nebb or Jeff Majtyka of Morgen-Walke Associates, Inc., 212-850-5600/
 (FRCC)


CO: First Financial Caribbean Corporation ST: IN: FIN SU: OFR

CK -- NY038 -- 7505 08/31/93 12:28 EDT
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Publication:PR Newswire
Date:Aug 31, 1993
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