June 2, 2004

Paul D'Ostilio Promoted To Vice President At People's

BRIDGEPORT, CONN. - People's Bank today announced that Paul D'Ostilio has been named vice president of Financial Reporting and Budgeting in the bank's Finance division. In this role, D'Ostilio is responsible for managing the bank's regulatory and internal financial reporting functions, the annual budget and forecasts. D'Ostilio also supports People's Investor Relations area.

The regulatory and internal financial reporting area has responsibility for preparing the bank's annual report to shareholders, call reports, forms 10-K and 10-Q, in addition to monthly and quarterly analysis and reporting of the bank's financial results.

D'Ostilio received a bachelor's degree in finance from the University of Connecticut and a master's in business administration from the University of New Haven. He resides in Woodbridge.

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 assets of $11 billion, 154 branches and more than 240 ATMs. People's is a leader in consumer and commercial banking, residential lending, insurance sales, and supermarket banking. People's subsidiaries offer brokerage services, asset management, equipment financing and leasing, and insurance services.