APRIL 26, 2002

People's Partnership Helps St. Vincent's Cook Realize Dream

BRIDGEPORT, CONN.
For Fransisca Klanchich of Bridgeport, owning a home was something other people did. "I didn't think it was possible to buy my own home," said Klanchich, who works in Food Services at St. Vincent's Medical Center.

The monthly mortgage payment wasn't the issue. But - as is the case for many people - the struggle to save the down payment and closing costs made Klanchich feel helpless when she contemplated homeownership. Things have changed.

"With the help of the hospital's homeownership program and People's Bank, my daughter and I have our own house," Klanchich said. "As a single mom, the best part is knowing I have a place I can call my own."

The program at St. Vincent's Medical Center - Home Ownership Makes Sense - is one of the partnerships between Connecticut businesses and People's Bank. This program consists of required courses provided by People's Bank. Upon completion of the multi-session class, participants are eligible for an interest-free loan for the down payment and closing costs up to $5,000 from St. Vincent's, and benefits on mortgage and banking products through People's. The People's mortgage benefits include a waiver of documentation fees and a reduction in commitment fee costs.

"Our three-year partnership with People's has been very rewarding," said Ralph LoStocco, director of Community Development at St. Vincent's. "Our employees feel comfortable in the mortgage arena after attending the education program. In addition, the program helps ease the financial burden of purchasing a home."

People's provides its homebuyer education training, "Unlocking the Possibilities of Homeownership™." The program offers 12 to 15 hours of comprehensive instruction on homeownership planning, home financing, credit, maintenance and community responsibilities. Upon completion of the course, prospective homeowners can take advantage of a number of affordable financing benefits from People's, the Connecticut Housing Finance Authority and the Federal Housing Authority.

Klanchich also took advantage of the Urban Rehabilitation Homeownership (UR Home) Program, another interest-free loan from CHFA that provided money to replace windows and siding in her new home. Many cities in Connecticut participate in the UR Home program. Among them are: Danbury, Hartford, New Haven, New London, Stamford, Waterbury and Meriden.

"People's has made a commitment to Connecticut and all of its communities," said Marlon Shields, vice president, Affordable Lending, at People's. "It's partnerships like the one we have with St. Vincent's that makes homeownership possible for everyone."

To find out how to qualify for a mortgage, or to register for Unlocking the Possibilities of Homeownership™, contact People's at 1-800-772-1090.

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 $13 billion, 150 branches and 230 ATMs. People's is a leader in consumer and commercial banking, residential lending, insurance sales, supermarket banking and is the nation's 15th-largest issuer of MasterCard and Visa credit cards. People's subsidiaries offer brokerage services, asset management, equipment financing and leasing, and insurance services.

For an electronic version of this release, please contact Steve Wilson at sdwilso@peoples.com.