July 17, 2001

People’s Names Donald T. Heroman Chief Financial Officer

BRIDGEPORT, CONN.
People’s Bank (NASDAQ:PBCT) today announced it has named Donald T. Heroman executive vice president and chief financial officer, effective August 6, 2001. Heroman is currently senior vice president and treasurer of SunTrust Banks, Inc., a $100 billion financial holding company in Atlanta, Ga.

“Don is a proven leader in banking and financial services with extensive experience in the broad financial marketplace,” said John A. Klein, People’s chairman, chief executive officer and president. “With his depth and breadth of knowledge, maturity and sense of personal commitment, he will be a critical member of our executive management team as People’s continues to build value for our shareholders and our customers.”

At SunTrust, Heroman’s broad involvement as treasurer included responsibility for funding, asset/liability management, capital management and rating agency relations. He has also worked closely with SunTrust’s executive management team on mergers and acquisitions, divestitures, budget and planning and venture capital investments. These efforts have made him a key contributor to SunTrust’s growth since he joined that organization in 1988.

In addition to his experience with this large, regional financial services company, Heroman also served as chief financial officer of Fidelity National Bank in Louisiana from 1981 to 1986. Prior to joining SunTrust in 1988, he educated financial institutions nationwide on state-of-the-art financial management of the balance sheet as a consultant for Sendero Corporation, a worldwide financial asset/liability management software company.

A native of Louisiana, Heroman has a bachelor’s degree in finance from the University of Notre Dame. He currently lives in Atlanta with his wife and three children and will be relocating to Connecticut.

People’s (peoples.com) is a diversified financial services company providing commercial, consumer, insurance and investment services. Founded in 1842, it is the largest state-chartered bank in Connecticut with managed assets of $14 billion, 143 branches and 220 ATMs. People’s is a leader in commercial banking, residential lending, life insurance sales, supermarket banking and ranks 16th nationally as an issuer of MasterCard and Visa credit cards. People’s subsidiaries offer brokerage services, asset management, equipment financing and leasing, and insurance services.

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Contacts:
Vincent J. Calabrese, First Vice President and Controller, 203-338-4114, vjcalab@peoples.com
Deborah P. MacDonnell, Manager, External Communications, 203-338-3255, dpmacdo@peoples.com