MAY 28, 2002

Massaro Named First Vice President At People's

BRIDGEPORT, CONN.
Robert L. Massaro has been named first vice president, Commercial Lending, at People's Bank. In his new position, Massaro is responsible for business development and loan portfolio administration in the region he manages, which includes the greater Hartford, New Haven and Norwich markets.

Massaro's promotion to first vice president is a key element in People's strategy to augment local decision-making authority by assigning high-level officers to positions that directly impact business in local marketplaces. As part of this strategy, People's promoted four of its most experienced commercial lenders;each of the officers oversees staff and is responsible for lending decisions and new business development in his market.

Massaro joined People's in 1996 as vice president, New Haven Region, in the bank's Commercial division. In 1998, he moved to Commercial's Bridgeport Region, where he served as senior loan officer with administrative responsibilities. Most recently, Massaro was senior portfolio administrator for Commercial Lending and People's Capital & Leasing, Corp., a subsidiary of People's Bank, and he managed the loan underwriting and approval processes.

A graduate of the University of Notre Dame with a bachelor's degree in accounting, Massaro also holds an MBA from Quinnipiac University.

He and his wife Karen live in Cheshire with their two children, Alyssa and Andrew.

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 more than 220 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.