November 22, 2004

People's Bank Conn. Consumer Loan Portfolio Surpasses $1 Billion Milestone

Home Equity Loans and Lines of Credit Constitute Largest Portion of Portfolio

BRIDGEPORT, CONN. - People's Bank announced today that its Connecticut consumer loan portfolio has surpassed the $1 billion milestone for the first time in the bank's 162-year history. Home equity loans and lines of credit, totaling $974 million, constitute the largest portion of this over $1 billion loan portfolio. At year end 2003, the bank's Connecticut consumer loan portfolio totaled $839 million.

"With the low interest rate environment in 2004, People's had one of the most attractive home equity rates in the Connecticut market," said Wayne Walker, senior vice president of mortgage and consumer lending at People's Bank. "As a result, we were closing home equity loans and lines of credit at a rapid pace. With rates still at historically low levels, we believe that we will continue to see an active home equity lending market in 2005."

Walker added, "People's has already closed more loans this year than in all of 2003, and there is still more than a month left in 2004. We are well ahead of our planned activity for the year."

Founded in 1842, People's Bank (peoples.com) is one of Connecticut's largest banks with assets of $11 billion, more than 240 ATMs and 155 branches, 66 of which offer convenient seven-day banking in Super Stop & Shop locations across the state. A diversified financial services company, People's Bank provides consumer, commercial, insurance, retail investment and trust services to personal and business banking customers. People's Bank is the official banking partner of the University of Connecticut Division of Athletics. For more information about People's, its products and services, please call 800-772-1090, visit peoples.com or any of People's branches.