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FirstBank And Western Auto Announce Strategic Alliance

15 June 1999

FirstBank And Western Auto Announce Strategic Alliance 
    SAN JUAN, Puerto Rico, June 14 -- Aurelio Aleman, Executive
Vice President in Retail Banking of FirstBank and Bruce Waldo, Regional Vice
President of Western Auto Puerto Rico, Inc. ("Western Auto"), announced today
that FirstBank and Western Auto have formed a strategic alliance to service
Western Auto's over 100,000 private label credit card customers.  It is
expected that FirstBank will begin servicing the Western Auto portfolio in
August of this year.  This alliance will provide both companies with the
opportunity to increase credit services and improve customer service to an
expanding client base.
    "Western Auto is extremely excited about the future opportunities that
working with FirstBank will provide.  FirstBank and Western Auto are both
committed to providing excellent customer service and expanding in Puerto
Rico.  We look forward to working with FirstBank," Bruce Waldo, Regional Vice
President of Western Auto, commented.
    "We share a common objective of growing our presence and client base. We
look forward for a great partnership between two recognized consumer service
franchises offering high-quantity products, and services," said Aurelio
Aleman.  Once the transaction is completed, FirstBank will increase its
portfolio assets by approximately $40 million.
    Western Auto, with more than 30 years in the Puerto Rican market, is the
largest automotive retailer with 38 locations throughout the Island. Western
Auto offers a broad assortment of high-quality automotive products, general
merchandise, as well as service centers in all locations for customer's
convenience.
    FirstBank has total assets of over $4.0 billion and is the second largest
locally owned commercial bank in Puerto Rico.  The Bank, which is a
well-capitalized institution, operates a total of 52 financial service
facilities throughout Puerto Rico and the U.S. Virgin Islands.  FirstBank also
operates Money Express, a finance company, with 26 offices throughout the
Island, and First Leasing and Car Rental, a car and truck rental leasing
company, with offices in Bayamon, Rio Piedras, Guaynabo, Isabela and Caguas.