March 16, 2005

Ben Hoffmann To Retire As Manager Of Litchfield Office Of Olson Mobeck Investment Advisors, Portfolio Manager Brian Elmer To Join Litchfield Office Team

BRIDGEPORT, CONN. - Bernhard (Ben) Hoffmann, CFA, will retire as manager of the Litchfield office of Olson Mobeck Investment Advisors, a subsidiary of People's Bank, effective March 7, 2005. Upon retirement, Hoffmann will continue in a consulting capacity, serving the firm and its clients. Hoffmann has been a well-respected senior banker and investment advisor in Greater Litchfield County for more than 40 years.

Hoffmann began his career at the Brooks Bank and Trust Company in Torrington in 1959 and ultimately was named vice president in charge of the bank's trust division. Brooks subsequently merged with Colonial Bank in 1969. Colonial Bank then merged with Bank of Boston to become BankBoston Connecticut, where Hoffmann served as senior vice president and chief investment officer for the trust department of that institution. Hoffmann left BankBoston Connecticut in 1991 to join Olson Mobeck Investment Advisors as chairman of investment policy. He planned and opened Olson Mobeck?s Litchfield office.

A Yale University graduate and resident of Kent, Hoffmann has been very active in Litchfield County, having served as a trustee of the American Archeological Institute in Washington, chairman of the board of finance for the town of Washington and treasurer of the Warren Connecticut Land Trust. He is a chartered financial analyst (CFA) and a member of the Hartford Society of Financial Analysts and the Financial Analysis Federation.

Hoffmann's Olson Mobeck clients will be served by Litchfield residents Eugene A. Daponte, Jr., CPA, and by Julie A. DeMaida. Prior to joining Olson Mobeck as a portfolio manager, Daponte was vice president and tax manager for Charles Pratt & Company, LLC, based in New York. Prior to joining Charles Pratt & Company, Daponte practiced public accounting and served individuals and small businesses. He is a graduate of the University of Connecticut, with a bachelor's degree in business administration, and the University of Hartford, where he earned a master's degree in taxation. He is a member of the American Institute of Certified Public Accountants, the CFA Institute and the Hartford Society of Financial Analysts.

DeMaida is a junior portfolio manager. Prior to joining Olson Mobeck, she was a branch manager with the Thomaston Savings Bank. A graduate of Qunnipiac University, with a bachelor's degree in finance, DeMaida is a registered investment advisor. She is also a graduate of the Connecticut School of Finance and Management through the Connecticut Bankers Association.

In addition to Daponte and DeMaida, Brian Elmer will be joining the Litchfield office as a portfolio manager. With over fifteen years of portfolio management experience, Elmer joined Olson Mobeck in 2003 from Evergreen Asset Management, the investment division of Wachovia. Prior to working for Evergreen Asset Management, Elmer was an investment officer for Fleet Investment Advisors. Elmer received a bachelor's degree in fine arts from North Carolina School of the Arts and an MBA in management from the University of Connecticut.

Olson Mobeck's investment advisors in Litchfield are also supported by two additional portfolio managers in the company's Rocky Hill headquarters: Peter Kirschenbaum and Robert J. Mobeck, CFA. Before joining Olson Mobeck, Kirschenbaum was a senior financial consultant with Citizens Investment Services. Prior to working for Citizens, Kirschenbaum was an investment officer with First Union Capital Management and Fleet Investment Management. He is a graduate of the University of Massachusetts with a bachelor's degree in management.

Mobeck has been vice president and a principal of Olson Mobeck Investment Advisors since its formation in 1976. Mobeck was formerly an investment officer with the New Britain Bank & Trust Company. A graduate of Quinnipiac College, Mobeck is a Chartered Financial Analyst, a Certified Financial Planner and has studied at the Yale School of Organization and Management. He is a member of the Hartford Society of Financial Analysts, the Association of Investment Management and Research and has served on the board of directors of the Ronald McDonald House of Southern New England and on the Branford board of education. He currently serves on the board of directors of Gaylord Hospital in Wallingford.

About Olson Mobeck Investment Advisors

Founded in 1976, Olson Mobeck Investment Advisors, Inc., a Connecticut-based subsidiary of People's Bank, is an independently operated investment advisory firm managing approximately $800 million in assets. Olson Mobeck has a wide variety of clients including individuals, corporations, churches, not-for-profit/charitable organizations, and 401(k), pension and profit sharing plans.

About People's Bank

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 154 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.