September 5, 2003

PEOPLE'S ANNOUNCES ROBERT D. ABRAHAM AS VICE PRESIDENT, WATERBURY COMMERCIAL LENDING

BRIDGEPORT, CONN. - Robert D. Abraham, a banking professional with more than 17 years experience, has been named vice president, Waterbury Commercial Lending, People's Bank officials announced today. His responsibilities will include new commercial loan development and loan portfolio management in the northwestern region of Connecticut.

Abraham previously served as vice president of New York City's Sterling National Bank. Prior to that, he was a vice president at American Equities Group from 2000 to 2002. During his banking career, where his responsibilities included credit risk management and lending, he substantially increased new business at several banking and financial organizations. From 1997 to 2000, he served as a vice president at LBS Bank in New York City. He also developed and managed credit and risk management departments at several New York- and Connecticut-based banks, including New England Bank and Trust from 1990 to 1993 and Citibank from 1993 to 1997.

He earned a bachelors of science degree in finance and economics from Ithaca College in 1986 and a masters degree in business administration with a concentration on marketing and finance from the University of Hartford in 1993.

"Robert brings a wealth and diversity of experience to People's Bank," said Paul M. Portnoy, vice president and Waterbury regional manager, Commercial Banking. "He will strengthen our commercial loan business development and related efforts in the Greater Waterbury area."

Abraham lives in the Sandy Hook section of Newtown with his wife, Helene;son, Jordan and daughter, Maya.

People's (peoples.com) is a diversified financial services company providing consumer, commercial, insurance and investment services. Founded in 1842, it is the largest state-chartered bank in Connecticut with assets of $12 billion;155 branches, including more than 60 convenient Super Stop & Shop locations;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.