January 9, 2006

PEOPLE'S BANK CEO HAS SUCCESSFUL SURGERY

BRIDGEPORT, CONN. - People's Bank (NASDAQ: PBCT) today announced that President and Chief Executive Officer John A. Klein has undergone successful surgery. He reported in an e-mail to all employees that he was doing well and expected to return to the bank in late January. He also indicated that he would be working from home and be in day-to-day contact with the bank's executive officers. Mr. Klein previously had undergone cancer surgery in September 2004 and the recent operation addressed a localized remnant of the prior procedure.

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 153 branches, 70 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.