March 25, 2003

People's Securities Inc, to Partner with
Connecticut Companies to Offer 529 Plan

Mohegan Sun Signed as First Customer

BRIDGEPORT, CONN. - People's Securities, Inc., the brokerage subsidiary of People's Bank, today announced it has partnered with Mohegan Sun to offer casino employees the popular 529 college savings plan. The partnership provides Mohegan Sun employees with the convenience of opening a plan at work or at any of the 20 People's branches in the area, as well as providing convenient access to the financial expertise of People's financial advisers.

The 529 plan offers a systematic way to save for the college education of a child, grandchild, or even one's self. Eligible expenses include those associated with a college education, such as tuition or books. Interest on the account accumulates - and is withdrawn - tax-free. For the employer, this plan is not just an employee benefit, but also a retention tool.

People's Bank has a branch at Mohegan Sun, which serves the casino's more than 10,000 employees. The 529 college savings plan is the first relationship, however, between the casino and the bank's brokerage subsidiary, People's Securities, Inc.

Michele Trinks, investment consultant at People's Securities, Inc., worked with Mohegan Sun to provide the casino's employees with the information they need as conveniently as possible. "We consider this to be a superb opportunity to assist Mohegan Sun's employees with their financial needs beginning with the 529 plan, but including all of their banking, mortgage, insurance or other financial products and services," Trinks said.

People's Bank and People's Securities, Inc. employees meet with Mohegan Sun's new employees all day in various locations at the casino from 9 a.m. to midnight on the last Friday of every month, the day when employee follow-up orientation takes place. The People's representatives explain the education savings plan to employees and discuss investment strategies and plan funding options with them. They also direct employees to local branches for additional information and consultation in the future, if desired.

"People's has proven an excellent partner for Mohegan Sun to offer our employees convenient access to, and financial expertise on, 529 plans," said Kevin Bogle, vice president, Human Resources at Mohegan Sun. "We look forward to People's continued presence at Mohegan Sun to provide our employees with an ongoing source of expert financial advice. It's a win-win situation."

People's Securities, Inc., an NASD member brokerage firm and wholly-owned subsidiary of People's Bank, celebrates its 20th anniversary in 2003. The firm offers a complete range of investment and insurance products, including stocks, bonds, options, money market funds and fixed- and variable-rate annuities, life insurance and asset management accounts. It also offers financial guidance including retirement, education and financial planning. Founded in 1983, People's Securities is based in Bridgeport and staffs People's statewide branch network with licensed financial advisers.

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