Ramirez & Co. Changes Composition of Hispanic Index

Ramirez & Co. Changes Composition of Hispanic Index
Ramirez Hispanic Index rose 25% in 2004 


NEW YORK, March 21  /PRNewswire/ -- Investment bank Samuel A. Ramirez & Company
has modified the composition of the Ramirez & Co. Hispanic Index (RCHI), a
benchmark the firm developed that tracks the performance of the largest
publicly-traded Hispanic companies in the United States.

Two companies have been added and two removed from the ten stocks in the
Hispanic Index, in order to maintain the index calculation based on market
capitalization and volume, said Jay C. Garcia, Ramirez managing director of
global research.  The firm added Oriental Financial Group (NYSE:OFG) and
International Bancshares Corporation (NASDAQ:IBOC) to the Hispanic Index, and
removed Entravision (NYSE:EVC) and MasTec (NYSE:MTZ).  Ramirez & Co., which
views the U.S. Hispanic sector as a distinct asset class, defines Hispanic
companies as those that are 51 percent Hispanic-owned and/or derive 51 percent
of revenues from Hispanic consumers.

"We reconfigured the Ramirez Hispanic Index slightly to comply with our stated
methodology of having the ten largest and most liquid Hispanic companies,"
Garcia said.

The Ramirez Hispanic Index rose 25% in 2004, compared to 3% for the Dow Jones
Industrial Average, 9% for the S&P, 9% for Nasdaq and 17% for the Russell 2000.
 Since 2000, when the last of the companies in the Index went public, the
Hispanic Index has increased 155%, compared to 3% for the DJIA, - 15% for the
S&P, -43% for Nasdaq and 29% for the Russell 2000.

"Hispanic companies are outperforming the market due to a large, loyal and
growing Hispanic consumer base," Garcia said.  "The Hispanic community is a
growing demographic that tends to stick with a particular product and provides
a competitive edge for these companies, especially in banking, healthcare and
media."

New addition Oriental Financial Group (NYSE:OFG) provides a full range of
mortgage, commercial and consumer banking services through 23 financial centers
in Puerto Rico, as well as financial planning, trust, insurance, investment
brokerage and investment banking services.

International Bancshares Corporation (NASDAQ:IBOC) is the largest
minority-owned bank holding company in the U.S., with more than a majority of
its common stock held by Hispanic shareholders.  The company operates through
its four bank subsidiaries: International Bank of Commerce (IBC), Commerce
Bank, International Bank of Commerce, Brownsville and International Bank of
Commerce, Zapata.  IBC is the flagship bank of the holding company.

  The Ramirez Hispanic Index now is composed of the following companies:

   - Univision (UVN)
   - Doral Financial (DRL)
   - Banco Popular (BPOP)
   - W Holding (WHI)
   - Spanish Broadcasting (SBSA)
   - First Bancorp (FBP)
   - R&G Financial (RGF)
   - Molina Healthcare (MOH)
   - Oriental Financial Group (OFG)
   - International Bancshares (IBOC)

  About Samuel A. Ramirez & Company, Inc.


Samuel A. Ramirez & Company, Inc. ("Ramirez & Co.") is a full service
securities firm serving the investment needs of individuals, business owners,
institutional investors and government agencies.  Founded in 1971, Ramirez
offers professional services focusing on wealth management, underwriting,
investment banking, institutional brokerage, research and asset management.
Ramirez provides retail and institutional trading expertise in tax-free
municipal bonds, equities, government bonds, corporate bonds and alternative
investments.  Ramirez & Co. currently ranks as the tenth-largest managing
underwriter of municipal bonds in the U.S.  The firm's main office is located
in New York with branch offices in Chicago, Houston, Los Angeles, Miami,
Oakland, San Antonio, and San Juan, Puerto Rico. 

DATASOURCE: Samuel A. Ramirez & Company, Inc.



CONTACT:  Michelle Manoff of Rubenstein PR, [phone], or

 ; or Jay C. Garcia of Samuel A. Ramirez & Co., Inc.,

[phone], or  

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