June 7, 2007

People's Bank Changes Name to People's United Bank to Accommodate Growth Plans

New Name Reinforces Commitment to Customers, Communities

BRIDGEPORT, CONN. - People's Bank (NASDAQ: PBCT) announced today that, effective the close of business June 6, it changed its name to People's United Bank to accommodate its plans for growth.

People's United Financial Inc., the bank's parent holding company, recently completed its second-step conversion to become a fully public company. It raised $3.44 billion in an equity offering and is looking to grow in both new and existing markets. 

Customers will be notified of the change in the coming days through a letter from People's United Chairman and Chief Executive Officer John A. Klein. Branch signage will change statewide throughout the summer.

With a new name, the bank is also adopting a new logo. Executed in two colors, the new logo is comprised of the People's United Bank name and an ellipse that unites all three words.

"In Connecticut, we remain the bank that families and businesses have turned to for generations," Klein said. "At the same time, we are looking to expand into other nearby states so we can provide current and new customers with opportunities to experience the superior levels of service that our customers have come to expect.

"As part of our growth, and to make our name more distinctive outside of Connecticut, we are proud to announce that we're changing our name to People's United Bank. Our new name emphasizes the absolute commitment all of us at People's United Bank have to our customers and communities," Klein added. "Our new name reflects what we have always been -- one team, united in its commitment to provide our customers with unparalleled ease, convenience and a consistently superior customer experience."
 
Since its founding as the Bridgeport Savings Bank in 1842, the bank has only changed its name three times. Each name change accommodated growth, as does the change announced today. The bank previously changed its name in 1927, 1955 and 1983. In 1927, the Bridgeport Savings Bank merged with the People's Savings Bank and the resultant bank was known as the Bridgeport-People's Savings Bank. In 1955, the Bridgeport-People's Savings Bank merged with the Southport Savings Bank and selected People's Savings Bank-Bridgeport as its new name. In 1983, after purchasing the People's Bank of Vernon, People's Savings Bank-Bridgeport changed its name to People's Bank.

Founded in 1842, People's United Bank (peoples.com) is one of Connecticut's largest banks with assets of $14 billion, more than 240 ATMs and 159 branches, 75 of which offer convenient seven-day banking in Super Stop & Shop locations across the state. A diversified financial services company, People's United Bank provides consumer, commercial, insurance, retail investment and wealth management and trust services to personal and business banking customers. People's United Bank is the official banking partner of the University of Connecticut's Division of Athletics. For more information about People's United, its products and services, please call 800-772-1090, visit peoples.com or any of People's United's branches.

Access peoples.com/logohistory for a table of the logo changes People's United has made since its inception.

 
PEOPLE'S UNITED BANK TIMELINE OF HISTORIC MILESTONES

1842 -  Bridgeport Savings Bank chartered

1900 -  Bank assets totaled nearly $4 million

1918 -  Completed headquarters building at State and Main Streets in Bridgeport

1927 -  Bridgeport Savings Bank and People's Savings Bank merge;resultant bank  named Bridgeport-People's Savings Bank

1953 -  First branch opens in Stratford

1955 -  People's Savings Bank merges with Southport Savings Bank;resultant
 bank named People's Savings Bank-Bridgeport

1965 -  People's Savings Bank-Bridgeport moves into new 11-story headquarters  building on Main Street in Bridgeport

1981 -  People's Savings Bank-Bridgeport acquires assets of First Stamford Bank and Trust Company

1982 -  People's Savings Bank-Bridgeport acquires Guardian Federal Savings and Loan  Association of Bridgeport

1983 -  People's Savings Bank-Bridgeport merges with New Haven-based National Savings Bank, Hartford-based State Bank for Savings, and Vernon-based People's Bank. People's Savings Bank-Bridgeport assumes People's Bank name

1985 -  People's Bank begins offering Visa and MasterCards

1986 -  People's Bank acquires Norwalk-based First Federal Savings Bank

1988 -  People's Bank establishes People's Mutual Holdings, a mutual holding company  owning approximately 78 percent of People's Bank shares;Remaining 22  percent of People's bank shares begin active trading on the NASDAQ exchange  under ticker symbol PBCT

1989 -  People's Bank opens new 16-story headquarters building designed by Richard Meier

1991 -  People's Bank acquires deposits of Hartford-based Landmark Bank

1995 - People's Bank enters into exclusive relationship with Stop &Shop  supermarket chain to operate branches in all Super Stop &Shop stores in  Connecticut

1998 -  People's Bank acquires Norwich Financial Corp., the parent company of the  Norwich Savings Society

2004 -  People's Bank sells its credit card division to the Royal Bank of Scotland.  All employees maintain jobs in Bridgeport.

2006 -  People's Bank changes its charter from a state-chartered bank to a  nationally-chartered savings bank and announces plans for a second-step  conversion to a company owned fully by shareholders

2007 -  People's Bank completes second-step conversion;changes name to People's  United Bank.