May 4, 2000

People's Unveils New Internet-Based Cash Management Business System

New Product Makes It Easier For Businesses To Manage Their Money

BRIDGEPORT, CONN.
People's Bank today unveiled a comprehensive browser-based electronic banking application designed to facilitate cash management for business customers. People's business Online at peoples.com brings together a number of systems into one consolidated tool that can be tailored to meet business customer needs, from the small business banking customer through to the large corporate customer.

"With People's business Online, we can offer a full suite of cash management features on the forefront of today's technology," said Louis H. Ulizio Jr., executive vice president, Commercial Banking at People's. "This is an ideal tool for us that not only strengthens our ability to offer customers the best products and services, but also makes it easier for customers to manage their financial relationship."

Through People's business Online, business customers can manage their business banking relationship with People's, including information reporting, origination of vendor payments and consumer debits, transaction initiation of direct deposit of payroll, federal and state tax payments, as well as stop payments and e-mail. In addition, People's will soon facilitate the initiation of wire transfers and provide for data import and export functions.

People's business Online is being offered at peoples.com through Politzer & Haney, a leading supplier of electronic banking software solutions to the banking industry.

To learn more about the benefits of People's browser-based cash management features, call 1-800-772-1090, seven days a week, or log on to People's Web Site at www.peoples.com, or visit your local People's branch.

People's Bank is a diversified financial services company providing commercial, consumer, insurance and investment services. Founded in 1842, it is the largest independent bank in Connecticut with managed assets of more than $13 billion, 137 branches and more than 200 ATMs. People's is a leader in commercial banking, residential lending, Savings Bank Life Insurance sales and supermarket banking. An international credit card issuer, it ranks 17th nationally as a provider of MasterCard and Visa. People's subsidiaries offer brokerage services, asset management, equipment financing and leasing, and insurance services.

Investor Contact:
Vincent J. Calabrese, first vice president, controller, at 203-338-4114 or vjcalab@peoples.com

Media Contact:
Roberta Burns-Howard, vice president, Corporate Communications, at 203-338-2378 or rjburns@peoples.com.