May 28, 2002

Bundschuh Named First Vice President At People's

BRIDGEPORT, CONN.
John G. "Jack" Bundschuh has been named first vice president, Commercial Lending, at People's Bank. In his new position, Bundschuh is responsible for new business development and initiating new lending programs in the Western Market, which includes Bridgeport, Stamford and Waterbury, and loan syndications in those areas.

Bundschuh'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.

Bundschuh joined People's in 1986 as a collateral field examiner in Asset Based Lending. He was promoted to assistant vice president in 1988 and named vice president in the Bridgeport Region's Commercial Lending group in 1990.

Since 1992, he has been vice president and regional manager of commercial lending for People's Stamford Region. During this time, he directed lending operations and made credit decisions on a diversified commercial loan portfolio, which included government guaranteed loan programs, loan participations, export/import financing and lease financing.

Prior to joining People's, Bundschuh held positions in loan workout and commercial credit at the former Union Trust Company.

A graduate of the State University of New York with a bachelor's degree in economics, Bundschuh is a member of the Stamford Rotary and a member of the Norwalk Chamber of Commerce board of directors.

He and his wife reside in Trumbull with their three children.

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.