February 22, 2008

People's United Bank Offers Downtown Bridgeport Property Portfolio For Sale

BRIDGEPORT, CONN. - People's United Bank is offering for sale a portfolio of property covering approximately two blocks in downtown Bridgeport. The bank will retain its headquarters building at 850 Main Street.

"In light of the many development projects that are either beginning or planned for the City of Bridgeport, we believe that a real estate investor or developer may be able to make the most of the properties' potential," said Peter M. Brestovan, first vice president, Real Estate Services.

"People's United remains one of the primary taxpayers in the city and maintains its strong commitment to Bridgeport," Brestovan continued. "Because of that commitment, People's United would like to see the city continue to prosper. With the increased interest in Bridgeport, we believe that offering this property for sale now could extend the renaissance that the city is experiencing."

The bank has retained CB Richard Ellis, Inc., as the exclusive agent for the sale of the portfolio, which includes nine properties, covering roughly 4.81 acres and totaling 255,548 square feet. Buildings included in the offering are: 167, 177, 189, and 211 State Street;779, 815, 855 and 899 Main Street;and 830/880 Broad Street. There is no set asking price for the portfolio. Offers for any or all of these properties should be submitted to CB Richard Ellis on behalf of People's United Bank.

People's United Financial, a diversified financial services company with $21 billion in assets, provides consumer and commercial banking services through a network of more than 300 branches in Connecticut, Massachusetts, Vermont, New Hampshire, Maine and New York. Through its subsidiaries, People's United Financial provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.