March 20, 2003

People's Bank Garners
"Outstanding" CRA Rating from FDIC

BRIDGEPORT, CONN. - People's Bank has earned another "Outstanding" Community Reinvestment Act rating from the Federal Deposit Insurance Corporation, People's officials announced today. The top-most ranking reinforces the bank's enduring commitment to its communities.

The FDIC report specifically mentioned People's excellent responsiveness to the credit needs of individuals and businesses and its high level of community development loans. People's branch system and community involvement also drew note. "Retail banking and community development services are comprehensive, far reaching, innovative in their use of new technologies, and highly accessible," the report said.

The Community Reinvestment Act encourages depository institutions to help meet credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound banking operations. People's has received "Outstanding" ratings since the evaluation process was implemented in 1977.

"As Connecticut's bank, we take great pride in investing in the people we serve and the communities in which we do business," said John A. Klein, People's president and CEO. "Our communities see and feel our dedication through the results of our collaborations with private- and public-sector partners, and through our cadre of employee volunteers."

People's was commended for its involvement in programs such as:

• CRA Loan Pool: People's created a community lending fund to enhance its ability to serve the credit needs of borrowers who, although creditworthy, do not qualify for traditional mortgages.
• Individual Development Accounts: People's supports the IDA initiative, which includes matching funds in savings accounts for low-income individuals and families. The money in IDA accounts, saved over 12 to 18 months, can be used to purchase a home, capitalize a small business, or for education training. People's contributed matching funds to IDA programs sponsored by CTE, the federally designated community action agency for the greater Stamford area;Neighborhood Housing Services in New Haven;Hartford Areas Rally Together (HART) in Hartford;and Scared Heart University in partnership with Family Services Woodfield and Housatonic Community College.
• Small Business Administration Loans: These loan programs enable People's to provide financing for small businesses that might otherwise have been unable to obtain loans to start new businesses or fund existing ones. People's has historically been among the top 10 most active SBA lenders in Connecticut.
• Connecticut Child Care Facilities Loan Fund: This program seeks to relieve the severe shortage of qualified daycare providers throughout the state by providing financing for start-up daycare facilities and the expansion of existing daycare businesses, including nonprofit organizations.

  People's Bank (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 19th-largest issuer of MasterCard and Visa credit cards. People's subsidiaries offer brokerage services, asset management, equipment financing and leasing, and insurance services.

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  People's Bank. Opening Possibilities in Connecticut since 1842.