<HTML>
<HEAD>
<TITLE>Oriental Financial Group, Inc.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2">As filed with the Securities and
Exchange Commission on January 24, 2003</FONT>

<div align="right"><FONT size="2">Registration No.&nbsp;333- ______</FONT></div>

<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">


<P align="center"><FONT size="2">SECURITIES AND EXCHANGE COMMISSION</FONT>

<P align="center"><FONT size="2">Washington, D.C. 20549</FONT>

<P>
<HR width="26%" align="center" size="1" noshade>
<P>


<P align="center"><FONT size="2">FORM S-8<BR>
REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</FONT>

<P>
<HR width="26%" align="center" size="1" noshade>
<P>


<P align="center"><FONT size="2"><B>ORIENTAL FINANCIAL GROUP INC.</B><BR>
(Exact Name of Registrant as Specified in its Charter)</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="65%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Commonwealth of Puerto Rico<BR>
(State or other Jurisdiction<BR>
of Incorporation)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
66-0538893<BR>
(I.R.S. Employer Identification No.)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Professional Office Park<BR>
1000 San Roberto Street<BR>
San Juan, Puerto Rico 00927<BR>
(Address of Principal Executive Offices)</FONT>

<P align="center"><FONT size="2">ORIENTAL GROUP<BR>
CODA PROFIT SHARING PLAN<BR>
(Full Title of the Plan)</FONT>

<P align="center"><FONT size="2">Jos&#233; Enrique Fern&#225;ndez<BR>
Chairman of the Board of Directors,<BR>
President and Chief Executive Officer<BR>
Oriental Financial Group Inc.<BR>
Professional Office Park<BR>
1000 San Roberto Street<BR>
San Juan, Puerto Rico 00927<BR>
(787)&nbsp;771-6767</FONT>

<P>
<HR width="26%" align="center" size="1" noshade>
<div align="center"><FONT size="2">(Name, Address and Telephone<BR>
Number, including Area Code,<BR>
of Agent for Service)</FONT></div>

<P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Title of Securities to be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Amount to be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

<TD nowrap align="center"><FONT size="1"><B>Registered<sup>1</sup></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price Per Share</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate Offering Price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration Fee</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Common Stock, par value
$1.00 per share</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
1,000,000 shares
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">21.15<sup>2</sup>
</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">21,150,000<sup>2</sup>
</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1,945.80</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">This registration statement also covers an indeterminate number of shares of
common stock that may be issued by the Company from time to time by virtue of
stock splits, stock dividends or similar transactions in accordance with Rule
416(a) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). In
addition, pursuant to Rule&nbsp;416(c) under the Securities Act, this registration
statement also covers an indeterminate amount of interests to be offered or sold
pursuant to the employee benefit plan described herein.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Estimated solely for the purpose of calculating the registration fee pursuant to
Rules&nbsp;457(c) and 457(h)(1) under the Securities Act. Based on the average of the
high and low prices of the Company&#146;s common stock reported on the New York Stock
Exchange on January&nbsp;21, 2003.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000"> PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003"> INDEX OF EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="g80287exv4w1.txt">Profit Sharing Plan</A></TD></TR>
<TR><TD colspan="9"><A HREF="g80287exv4w2.txt">Adoption Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="g80287exv23w1.txt">Opinion and Consent of McConnell Valdes</A></TD></TR>
<TR><TD colspan="9"><A HREF="g80287exv23w2.txt">Consent of Deloitte & Touche LLP</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 " PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>PART I</B></FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE PROSPECTUS</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Note to Part I of Form&nbsp;S-8, the documents containing the
information specified by Part I of Form&nbsp;S-8 will be sent or given to employees
as specified by Rule&nbsp;428(b)(1)(i) under the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;). Such documents are not required to be and are not filed
with the Securities and Exchange Commission (the &#147;Commission&#148;) either as part of
this registration statement or as prospectuses or prospectus supplements
pursuant to Rule&nbsp;424 under the Securities Act. These documents and the documents
incorporated by reference in this registration statement pursuant to Item&nbsp;3 of
Part II of Form&nbsp;S-8, taken together, constitute a prospectus that meets the
requirements of Section&nbsp;10(a) of the Securities Act.
</FONT>
<!-- link1 "PART II" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>PART II</B></FONT>

<P align="center"><FONT size="2"><B>INFORMATION NOT REQUIRED IN THE PROSPECTUS</B></FONT>

<P align="left"><FONT size="2">ITEM 3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE.</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby incorporates by reference the following documents
filed with the Commission:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;The Company&#146;s annual report on Form&nbsp;10-K for the fiscal year ended
June&nbsp;30, 2002 and the Plan&#146;s annual report on Form&nbsp;11-K for the fiscal year
ended December&nbsp;31, 2001.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;All other reports filed by the Company pursuant to Section&nbsp;13(a) or
15(d) of the Securities and Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;), since the end of the fiscal year covered by the annual report referred to
above.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;The description of the Company&#146;s common stock contained in its registration statement on
Form&nbsp;8-B filed on January&nbsp;10, 1997.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Company pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold shall be deemed
to be incorporated by reference into this registration statement and to be a
part hereof from the date of filing of such documents. Any statement contained
in a document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for purposes of this registration
statement to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by
reference herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this registration statement.
</FONT>
<P align="left"><FONT size="2">ITEM 4. DESCRIPTION OF SECURITIES.</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="center"><FONT size="2">-3-</FONT>

<P align="left"><FONT size="2">ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<P align="left"><FONT size="2">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.02(B)(6) of the Puerto Rico General Corporation Law of 1995, as
amended (the &#147;PR-GCL&#148;), provides that a corporation may include in its
certificate of incorporation a provision eliminating or limiting the personal
liability of members of its board of directors or governing body for breach of a
director&#146;s fiduciary duties. However, no such provision may eliminate or limit
the liability of a director for breaching his duty of loyalty, failing to act in
good faith, engaging in intentional misconduct or knowingly violating a law,
paying an unlawful dividend or approving an unlawful stock repurchase, or
obtaining an improper personal benefit.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;NINTH of the Company&#146;s certificate of incorporation, as amended,
provides that the personal liability of the directors and officers of the
Company for monetary damages shall be eliminated to the fullest extent permitted
by the PR-GCL.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.08 of the PR-GCL authorizes a Puerto Rico corporation to
indemnify its directors, officers, employees and agents (if they acted in good
faith and in a manner they reasonably believed to be in, or not opposed to, the
best interests of the corporation, and with respect to any criminal action or
proceeding, had no reasonable cause to believe their conduct was unlawful), and
to purchase and maintain insurance on behalf of such persons against liabilities
arising out of pending or threatened actions, suits or proceedings to which such
persons are or may be made parties by reason of being directors, officers,
employees or agents of the corporation. Such rights of indemnification are not
exclusive of any other rights to which such persons may be entitled under any
by-law, agreement, vote of shareholders or otherwise.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1 of Article&nbsp;VII of the Company&#146;s by-laws provides that any
director, officer, employee or agent of the Company shall be indemnified to the
fullest extent authorized by the PR-GCL against expenses and certain other
liabilities arising out of legal action brought or threatened against him or her
for his or her conduct on behalf of the Company, provided that such person acted
in good faith and in a manner that he or she reasonably believed was in, or not
opposed to, the Company&#146;s best interests. Indemnification by the Company is
available in a criminal action only if such person had no reasonable cause to
believe that his or her conduct was unlawful.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4 of Article&nbsp;VII of the Company&#146;s by-laws provides that the
Company may maintain insurance covering certain liabilities of directors,
officers, employees and agents of the Company, whether or not the Company would
have the power or would be required to indemnify them against such liabilities.
</FONT>
<P align="left"><FONT size="2">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="center"><FONT size="2">-4-</FONT>

<P align="left"><FONT size="2">ITEM 8. EXHIBITS.</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="2"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="2"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Oriental Group CODA Profit Sharing Plan: Deed No.&nbsp;2 entitled &#147;Deed of Trust,&#148;
dated May&nbsp;21, 1993, executed before Notary Public Carlos Rodriguez-Cintron.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Adoption Agreement</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">5 and 23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of McConnell Valdes regarding compliance with ERISA, such opinion
also containing the consent of McConnell Valdes.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Deloitte &#038; Touche LLP.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of attorney (included in page 5 hereof).</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">ITEM 9. UNDERTAKINGS.</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby undertakes:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in this registration
statement.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect to the
plan of distribution not previously disclosed in this registration statement or
any material change to such information in the registration statement.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided, however, that paragraphs (i)&nbsp;and (ii)&nbsp;above do not apply if
the information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the Company pursuant to
Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act that are incorporated by
reference in this registration statement.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities, at that time shall be deemed to be the initial bona
fide offering thereof.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby undertakes that for purposes of determining any
liability under the Securities Act, each filing of the Company&#146;s annual report
pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan&#146;s annual report
pursuant to Section&nbsp;15(d) of the</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="center"><FONT size="2">-5-</FONT>

<P><FONT size="2">Exchange Act) that is incorporated by reference
in this registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
Company pursuant to the foregoing provisions, or otherwise, the Company has been
advised that in the opinion of the Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Company of expenses incurred or paid
by a director, officer or controlling person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the
Company will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by the Company is against public policy as
expressed in the Securities Act and will be governed by the final adjudication
of such issue.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="center"><FONT size="2">-6-</FONT>

<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2"><B>SIGNATURES</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Registrant.</I> Pursuant to the requirements of the Securities Act, the
Company certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form&nbsp;S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the Municipality of San Juan, Commonwealth of Puerto Rico, on the
21st day of January, 2003.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" colspan="3" valign="top"><FONT size="2"><b>ORIENTAL FINANCIAL GROUP INC.</b></FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">/s/  Jos&#233; Enrique Fern&#225;ndez<BR>
</FONT><HR size="1" noshade><FONT size="2">
Jos&#233; Enrique Fern&#225;ndez<BR>
Chairman of the Board of Directors,<BR>
President and Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>POWER OF ATTORNEY</B></FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below hereby constitutes and appoints
Jos&#233; Enrique Fern&#225;ndez and Jos&#233; Rafael Fern&#225;ndez, each acting singly, his true
and lawful attorneys-in-fact and agents, each with full power of substitution
and re-substitution for him and in his name, place and stead in any and all
capacities, to sign any and all amendments (including post-effective amendments)
to this registration statement, and any registration statement relating to the
same offering as this registration statement that is to be effective upon filing
pursuant to Rule&nbsp;462(a) under the Securities Act, and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the
Commission, granting unto said attorneys-in-fact and agents full power and
authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or their substitute or substitutes, may lawfully
do or cause to be done by virtue thereof.
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="center"><FONT size="2">-7-</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this registration
statement has been signed by the following persons in the capacities and on the
dates indicated:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="2"><B>SIGNATURE</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="2"><B>TITLE</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="2"><B>DATE</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">/s/ Jos&#233;
Enrique Fern&#225;ndez<BR>
</FONT><HR size="1" noshade><FONT size="2">
Jos&#233; Enrique Fern&#225;ndez</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Chairman of the Board of Directors,<BR>
President and<BR>
Chief Executive Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January 21, 2003<BR>
</FONT><HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">/s/ Rafael Valladares<BR>
</FONT><HR size="1" noshade><FONT size="2">
Rafael Valladares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Senior Vice President<BR>
and<BR>
Principal Financial Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January 21, 2003<BR>
</FONT><HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">/s/ Pablo I. Altieri<BR>
</FONT><HR size="1" noshade><FONT size="2">
Pablo I. Altieri</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January 21, 2003<BR>
</FONT><HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">/s/ Efra&#237;n Archilla<BR>
</FONT><HR size="1" noshade><FONT size="2">
Efra&#237;n Archilla</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January 21, 2003<BR>
</FONT><HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">/s/ Julian S.
Incl&#225;n<BR>
</FONT><HR size="1" noshade><FONT size="2">
Julian S. Incl&#225;n</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January 21, 2003<BR>
</FONT><HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">/s/ Diego Perdomo-Alvarez<BR>
</FONT><HR size="1" noshade><FONT size="2">
Diego Perdomo-Alvarez</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January 21, 2003<BR>
</FONT><HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">/s/ Alberto Richa-Angelini<BR>
</FONT><HR size="1" noshade><FONT size="2">
Alberto Richa-Angelini</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January 21, 2003<BR>
</FONT><HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">/s/ Emilio
Rodr&#237;guez, Jr.<BR>
</FONT><HR size="1" noshade><FONT size="2">
Emilio Rodr&#237;guez, Jr.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January 21, 2003<BR>
</FONT><HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">/s/ Miguel V&#225;zquez-Deynes<BR>
</FONT><HR size="1" noshade><FONT size="2">
Miguel V&#225;zquez-Deynes</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January 21, 2003<BR>
</FONT><HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">/s/ Francisco
Arriv&#237;<BR>
</FONT><HR size="1" noshade><FONT size="2">
Francisco Arriv&#237;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">January 21, 2003<BR>
</FONT><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2">-8-</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Plan. </I>Pursuant to the requirements of the Securities Act, the Trustee
has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the Municipality of San Juan,
Commonwealth of Puerto Rico, on this 21st day of January, 2003.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2"><b>ORIENTAL GROUP CODA<BR>
PROFIT SHARING PLAN</b></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">/s/ Juan Jos&#233; Santiago</FONT></TD>
</TR>
<TR>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">Juan Jos&#233; Santiago<BR>
Senior Vice President<BR>
and Trust Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 " INDEX OF EXHIBITS" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="center"><FONT size="2"><B>INDEX OF EXHIBITS</B></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="2"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="2"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Oriental Group CODA Profit Sharing Plan: Deed No.&nbsp;2 entitled
&#147;Deed of Trust,&#148; dated May&nbsp;21,
1993, executed before Notary Public Carlos Rodr&#237;guez-Cintr&#243;n.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Adoption Agreement.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">5 and 23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of McConnell Vald&#233;s regarding compliance with ERISA, such opinion
also containing the consent of McConnell Vald&#233;s.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Deloitte &#038; Touche LLP.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of attorney (included in page 5 hereof).</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">&nbsp;</FONT>



</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "g80287sv8.htm", "description": "ORIENTAL FINANCIAL GROUP, INC.", "secsgml_size_bytes": 41200}]
{"company-data": {"conformed-name": "ORIENTAL FINANCIAL GROUP INC", "cik": "0001030469", "assigned-sic": "6022", "irs-number": "660538893", "state-of-incorporation": "PR", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-102696", "film-number": "03523780"}, "business-address": {"street1": "MONACILLOS 1000", "street2": "SAN ROBERTO ST", "city": "RIO PIEDRAS", "state": "PR", "zip": "00926", "phone": "7877661986"}, "mail-address": {"street1": "MONACILLOS 1000", "street2": "SAN ROBERTO ST", "city": "RIO PIEDRAS", "state": "PR", "zip": "00926"}}
Oriental Financial Group, Inc.
Table of Contents
As filed with the Securities and
Exchange Commission on January 24, 2003
Registration No. 333- ______
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ORIENTAL FINANCIAL GROUP INC.
(Exact Name of Registrant as Specified in its Charter)
Commonwealth of Puerto Rico
(State or other Jurisdiction
of Incorporation)
66-0538893
(I.R.S. Employer Identification No.)
Professional Office Park
1000 San Roberto Street
San Juan, Puerto Rico 00927
(Address of Principal Executive Offices)
ORIENTAL GROUP
CODA PROFIT SHARING PLAN
(Full Title of the Plan)
José Enrique Fernández
Chairman of the Board of Directors,
President and Chief Executive Officer
Oriental Financial Group Inc.
Professional Office Park
1000 San Roberto Street
San Juan, Puerto Rico 00927
(787) 771-6767
(Name, Address and Telephone
Number, including Area Code,
of Agent for Service)
CALCULATION OF REGISTRATION FEE
Title of Securities to be
Amount to be
Proposed Maximum
Proposed Maximum
Amount of
Registered
Registered
1
Offering Price Per Share
Aggregate Offering Price
Registration Fee
Common Stock, par value
$1.00 per share
1,000,000 shares
$
21.15
2
$
21,150,000
2
$
1,945.80
1.
This registration statement also covers an indeterminate number of shares of
common stock that may be issued by the Company from time to time by virtue of
stock splits, stock dividends or similar transactions in accordance with Rule
416(a) under the Securities Act of 1933, as amended (the "Securities Act"). In
addition, pursuant to Rule 416(c) under the Securities Act, this registration
statement also covers an indeterminate amount of interests to be offered or sold
pursuant to the employee benefit plan described herein.
2.
Estimated solely for the purpose of calculating the registration fee pursuant to
Rules 457(c) and 457(h)(1) under the Securities Act. Based on the average of the
high and low prices of the Company's common stock reported on the New York Stock
Exchange on January 21, 2003.
TABLE OF CONTENTS
PART I
PART II
SIGNATURES
INDEX OF EXHIBITS
Profit Sharing Plan
Adoption Agreement
Opinion and Consent of McConnell Valdes
Consent of Deloitte & Touche LLP
Table of Contents
PART I
INFORMATION REQUIRED IN THE PROSPECTUS
Pursuant to the Note to Part I of Form S-8, the documents containing the
information specified by Part I of Form S-8 will be sent or given to employees
as specified by Rule 428(b)(1)(i) under the Securities Act of 1933, as amended
(the "Securities Act"). Such documents are not required to be and are not filed
with the Securities and Exchange Commission (the "Commission") either as part of
this registration statement or as prospectuses or prospectus supplements
pursuant to Rule 424 under the Securities Act. These documents and the documents
incorporated by reference in this registration statement pursuant to Item 3 of
Part II of Form S-8, taken together, constitute a prospectus that meets the
requirements of Section 10(a) of the Securities Act.
PART II
INFORMATION NOT REQUIRED IN THE PROSPECTUS
ITEM 3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE.
The Company hereby incorporates by reference the following documents
filed with the Commission:
1.   The Company's annual report on Form 10-K for the fiscal year ended
June 30, 2002 and the Plan's annual report on Form 11-K for the fiscal year
ended December 31, 2001.
2.   All other reports filed by the Company pursuant to Section 13(a) or
15(d) of the Securities and Exchange Act of 1934, as amended (the "Exchange
Act"), since the end of the fiscal year covered by the annual report referred to
above.
3.   The description of the Company's common stock contained in its registration statement on
Form 8-B filed on January 10, 1997.
All documents subsequently filed by the Company pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold shall be deemed
to be incorporated by reference into this registration statement and to be a
part hereof from the date of filing of such documents. Any statement contained
in a document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for purposes of this registration
statement to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by
reference herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this registration statement.
ITEM 4. DESCRIPTION OF SECURITIES.
Not applicable.
Table of Contents
-3-
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
Not applicable.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Section 1.02(B)(6) of the Puerto Rico General Corporation Law of 1995, as
amended (the "PR-GCL"), provides that a corporation may include in its
certificate of incorporation a provision eliminating or limiting the personal
liability of members of its board of directors or governing body for breach of a
director's fiduciary duties. However, no such provision may eliminate or limit
the liability of a director for breaching his duty of loyalty, failing to act in
good faith, engaging in intentional misconduct or knowingly violating a law,
paying an unlawful dividend or approving an unlawful stock repurchase, or
obtaining an improper personal benefit.
Article NINTH of the Company's certificate of incorporation, as amended,
provides that the personal liability of the directors and officers of the
Company for monetary damages shall be eliminated to the fullest extent permitted
by the PR-GCL.
Section 4.08 of the PR-GCL authorizes a Puerto Rico corporation to
indemnify its directors, officers, employees and agents (if they acted in good
faith and in a manner they reasonably believed to be in, or not opposed to, the
best interests of the corporation, and with respect to any criminal action or
proceeding, had no reasonable cause to believe their conduct was unlawful), and
to purchase and maintain insurance on behalf of such persons against liabilities
arising out of pending or threatened actions, suits or proceedings to which such
persons are or may be made parties by reason of being directors, officers,
employees or agents of the corporation. Such rights of indemnification are not
exclusive of any other rights to which such persons may be entitled under any
by-law, agreement, vote of shareholders or otherwise.
Section 1 of Article VII of the Company's by-laws provides that any
director, officer, employee or agent of the Company shall be indemnified to the
fullest extent authorized by the PR-GCL against expenses and certain other
liabilities arising out of legal action brought or threatened against him or her
for his or her conduct on behalf of the Company, provided that such person acted
in good faith and in a manner that he or she reasonably believed was in, or not
opposed to, the Company's best interests. Indemnification by the Company is
available in a criminal action only if such person had no reasonable cause to
believe that his or her conduct was unlawful.
Section 4 of Article VII of the Company's by-laws provides that the
Company may maintain insurance covering certain liabilities of directors,
officers, employees and agents of the Company, whether or not the Company would
have the power or would be required to indemnify them against such liabilities.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
Table of Contents
-4-
ITEM 8. EXHIBITS.
Exhibit No.
Description
4.1
Oriental Group CODA Profit Sharing Plan: Deed No. 2 entitled "Deed of Trust,"
dated May 21, 1993, executed before Notary Public Carlos Rodriguez-Cintron.
4.2
Adoption Agreement
5 and 23.1
Opinion of McConnell Valdes regarding compliance with ERISA, such opinion
also containing the consent of McConnell Valdes.
23.2
Consent of Deloitte & Touche LLP.
24
Power of attorney (included in page 5 hereof).
ITEM 9. UNDERTAKINGS.
The Company hereby undertakes:
(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:
(i)     To include any prospectus required by Section 10(a)(3) of the Securities Act.
(ii)     To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in this registration
statement.
(iii)     To include any material information with respect to the
plan of distribution not previously disclosed in this registration statement or
any material change to such information in the registration statement.
Provided, however, that paragraphs (i) and (ii) above do not apply if
the information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the Company pursuant to
Section 13 or Section 15(d) of the Exchange Act that are incorporated by
reference in this registration statement.
(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities, at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.
The Company hereby undertakes that for purposes of determining any
liability under the Securities Act, each filing of the Company's annual report
pursuant to Section 13(a) or 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan's annual report
pursuant to Section 15(d) of the
Table of Contents
-5-
Exchange Act) that is incorporated by reference
in this registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
Company pursuant to the foregoing provisions, or otherwise, the Company has been
advised that in the opinion of the Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Company of expenses incurred or paid
by a director, officer or controlling person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the
Company will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by the Company is against public policy as
expressed in the Securities Act and will be governed by the final adjudication
of such issue.
Table of Contents
-6-
SIGNATURES
The Registrant.
Pursuant to the requirements of the Securities Act, the
Company certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the Municipality of San Juan, Commonwealth of Puerto Rico, on the
21st day of January, 2003.
ORIENTAL FINANCIAL GROUP INC.
By:
/s/  José Enrique Fernández
José Enrique Fernández
Chairman of the Board of Directors,
President and Chief Executive Officer
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints
José Enrique Fernández and José Rafael Fernández, each acting singly, his true
and lawful attorneys-in-fact and agents, each with full power of substitution
and re-substitution for him and in his name, place and stead in any and all
capacities, to sign any and all amendments (including post-effective amendments)
to this registration statement, and any registration statement relating to the
same offering as this registration statement that is to be effective upon filing
pursuant to Rule 462(a) under the Securities Act, and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the
Commission, granting unto said attorneys-in-fact and agents full power and
authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or their substitute or substitutes, may lawfully
do or cause to be done by virtue thereof.
Table of Contents
-7-
Pursuant to the requirements of the Securities Act, this registration
statement has been signed by the following persons in the capacities and on the
dates indicated:
SIGNATURE
TITLE
DATE
/s/ José
Enrique Fernández
José Enrique Fernández
Chairman of the Board of Directors,
President and
Chief Executive Officer
January 21, 2003
/s/ Rafael Valladares
Rafael Valladares
Senior Vice President
and
Principal Financial Officer
January 21, 2003
/s/ Pablo I. Altieri
Pablo I. Altieri
Director
January 21, 2003
/s/ Efraín Archilla
Efraín Archilla
Director
January 21, 2003
/s/ Julian S.
Inclán
Julian S. Inclán
Director
January 21, 2003
/s/ Diego Perdomo-Alvarez
Diego Perdomo-Alvarez
Director
January 21, 2003
/s/ Alberto Richa-Angelini
Alberto Richa-Angelini
Director
January 21, 2003
/s/ Emilio
Rodríguez, Jr.
Emilio Rodríguez, Jr.
Director
January 21, 2003
/s/ Miguel Vázquez-Deynes
Miguel Vázquez-Deynes
Director
January 21, 2003
/s/ Francisco
Arriví
Francisco Arriví
Director
January 21, 2003
Table of Contents
-8-
The Plan.
Pursuant to the requirements of the Securities Act, the Trustee
has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the Municipality of San Juan,
Commonwealth of Puerto Rico, on this 21st day of January, 2003.
ORIENTAL GROUP CODA
PROFIT SHARING PLAN
By:
/s/ Juan José Santiago
Juan José Santiago
Senior Vice President
and Trust Officer
Table of Contents
INDEX OF EXHIBITS
Exhibit No.
Description
4.1
Oriental Group CODA Profit Sharing Plan: Deed No. 2 entitled
"Deed of Trust," dated May 21,
1993, executed before Notary Public Carlos Rodríguez-Cintrón.
4.2
Adoption Agreement.
5 and 23.1
Opinion of McConnell Valdés regarding compliance with ERISA, such opinion
also containing the consent of McConnell Valdés.
23.2
Consent of Deloitte & Touche LLP.
24
Power of attorney (included in page 5 hereof).