Edgar Filing: ORIENTAL FINANCIAL GROUP INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

FERNANDEZ RICHARDS JOSE E

2. Issuer Name and Ticker or Trading Symbol
ORIENTAL FINANCIAL GROUP INC [ofg]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
EVP, Chief Marketing Officer

(Last)

(First)

(Middle)

P O BOX 195115

3. Date of Earliest Transaction (Month/Day/Year)
03/14/2005

(Street)

SAN JUAN, PR 00919-5115

4. If Amendment, Date Original Filed(Month/Day/Year)
03/16/2005

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stocks	03/14/2005		M		16,637	A	$ 11.168	52,565	D
Common Stocks	03/14/2005		M		7,562	A	$ 13.329	60,127	D
Common Stocks	03/14/2005		S		3,500	D	$ 26.15	56,627	D
Common Stocks	03/14/2005		S		200	D	$ 26.17	56,427	D
Common Stocks	03/14/2005		S		4,700	D	$ 26.2	51,727	D
Common Stocks	03/14/2005		S		300	D	$ 26.25	51,427	D
Common Stocks	03/14/2005		S		200	D	$ 26.3	51,227	D
Common Stocks	03/14/2005		S		1,100	D	$ 26.33	50,127	D
Common Stocks	03/15/2005		S		4,000	D	$ 26.15	46,127	D
Common Stocks	03/15/2005		S		4,600	D	$ 26.27	41,527	D
Common Stocks	03/15/2005		S		600	D	$ 26.34	40,927	D
Common Stocks	03/15/2005		S		400	D	$ 26.35	40,527	D
Common Stocks	03/15/2005		S		400	D	$ 26.39	40,127	D
Common Stocks	03/15/2005		S		9,300	D	$ 26.4	30,827	D
Common Stocks	03/15/2005		S		700	D	$ 26.44	30,127	D
Common Stocks	03/16/2005		S		5,928	D	$ 26	24,199	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Options ⁽¹⁾

$ 11.168

03/14/2005

16,637

12/04/2004

12/01/2011

Common Stocks

16,637

$ 11.168

65,038

Stock Options ⁽²⁾

$ 13.329

03/14/2005

7,562

04/03/2004

04/02/2012

Common Stocks

7,562

$ 13.329

57,476

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
FERNANDEZ RICHARDS JOSE E P O BOX 195115 SAN JUAN, PR 00919-5115			EVP, Chief Marketing Officer

Signatures

Jose Fernandez Richards		03/23/2005
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Stock Options Plan 1996
(2)	Stock Options Plan 1998

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