February 20, 2003

People's Bank Tops Referral List For Community Development Fund

BRIDGEPORT, CONN.
The Community Economic Development Fund recognized People's Bank at its recent annual meeting as providing the most referrals of small business loans in 2002. CEDF offers loan products to small business owners who experience problems obtaining traditional financing.

"All of our investors care about this program and are working with us to help business owners succeed in Connecticut," said Donna Wertenbach, president and CEO of CEDF. "We recognized People's this year because of its vision and commitment to Connecticut's communities, as evidenced by the number of referrals the bank made to us last year."

CEDF loan products range from $5,000 to $250,000 and are available to qualified start-up or existing businesses in eligible communities throughout Connecticut. The organization also provides ongoing business support after the loan is closed through on-site consultations, assistance with marketing, finance and management issues, and referrals to seminars and workshops. Funding is provided in part by the state of Connecticut, the U.S. Small Business Administration, Connecticut Housing Finance Authority, other grant resources, and by capital investments from People's and 10 other banks operating in the state.

Jim Wood, vice president, Community Lending at the bank, said, "At People's, we believe our success is dependent upon our excellence here in Connecticut. If we can contribute to making our communities financially healthy and more desirable, then we have all been successful."

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.