October 31, 2002
People's Announce CFO To Leave For Family Reasons

BRIDGEPORT, CONN.
People's Bank (Nasdaq: PBCT) today announced Donald T. Heroman, executive vice president and chief financial officer, will be resigning for personal family reasons, effective Friday November 8, 2002. Heroman who lived in Georgia for 13 years during his tenure with Sun Trust Banks, Inc. will be returning to Atlanta to rejoin his family.

John A. Klein, chief executive officer stated: "I greatly appreciate the enormous personal sacrifice that Don has made being away from his family during the past 14 months. In the time he has been with us Don has had a strong and positive impact on the organization in his approach to balance sheet management and to our overall financial management process. His introduction of new financial systems to the bank will serve us well for years to come."

Heroman stated: "As I look forward to returning to Atlanta, I am pleased with the progress the bank has made over the past year. I feel fortunate to have been a part of this fine organization."

People's will immediately begin the process of identifying a successor.

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, 153 branches and 230 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.