February 13, 2003

SBA Grants People's Bank Preferred Lender Status

Government Agency Also Approves Bank For SBAExpress Loan Program

BRIDGEPORT, CONN.
People's Bank today announced it has been designated a Preferred Lender by the U.S. Small Business Administration. Preferred Lender status gives customers of People's Bank faster turnaround on loan applications because it allows People's to approve SBA guaranteed loans with only minimal review by the agency. To earn the designation, lenders must establish a successful track record and display a thorough understanding of SBA lending policies and procedures.

"Preferred Lender status is the SBA's premier accreditation," said William Murray, assistant district director, Connecticut District office, SBA. "This puts People's in the company of top lenders around the country."

The Bridgeport-based bank also announced it has been granted authorization to use SBAExpress, a federal loan guarantee program for small businesses. In addition to be being designed for flexibility and ease of application, SBAExpress allows guaranteed loans to be written as a term loan or line of credit.

"SBAExpress will help us provide an exceptional customer experience," said Andreas Kapetanopoulos, vice president, Community Lending at People's. "We can now offer our customers an expanded line of commercial loan products and cut approval time dramatically."

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, 155 branches and more than 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.