April 22, 2008

People's United Bank Signs Exclusive Agreement With Stop & Shop For Maine In-Store Locations

BRIDGEPORT, CONN. - People's United Bank has entered into an agreement with the Stop & Shop supermarket chain to occupy the bank branch locations in its Maine Super Stop & Shop stores. The first Maine Super Stop & Shop supermarket opened in Kennebunk in June 2007. The bank branch in that store will open in June of this year.

"Our relationship with Stop & Shop continues to grow," said Philip R. Sherringham, President and CEO of People's United Bank. "Our business model has proven that the convenience of a banking franchise within Stop & Shop supermarkets works well when it complements a strong regional franchise, as is the case for People's United Bank in Connecticut. In Maine, People's United has that same strong regional franchise, as a result of our acquisition of the Chittenden Corporation. We believe our business model in Connecticut will be easily replicated in Maine."

"Today, 75 of our 162 Connecticut branches are located in Super Stop & Shop stores, providing our customers with superior convenience and helping us deliver an unparalleled customer experience," said Robert R. D'Amore, Senior Executive Vice President, Retail and Small Business Banking, People's United Bank. "Our relationship with Stop & Shop also allows us to leverage our brand with the approximately 1.9 million shoppers who visit Connecticut Super Stop & Shop stores every week."

"Stop & Shop is pleased to have the opportunity to extend its relationship with People's United Bank beyond Connecticut's borders," said John Hernon, Vice President of Leasing and Asset Management for the Stop & Shop Supermarket Co. "Jointly, People's United, one of our first in-store partners, and Stop & Shop have identified the synergies of convenience and volume that exist for our customers who may shop and bank in the same trip."

People's United's acquisition of the Chittenden Corporation included three banks that operate in Maine: Maine Bank & Trust, Merrill Bank and Ocean Bank. Depending on the location in Maine, the branches in the Super Stop & Shop stores will carry one of these three People's United brands. Ocean Bank will occupy the bank branch in the new Kennebunk supermarket. Founded in Kennebunk, Maine in 1854, Ocean Bank has 43 branches in New Hampshire and southern Maine.

"Ocean Bank is returning to its hometown to start this new venture with Stop & Shop supermarkets," said Danny H. O'Brien, President and Chief Executive Officer, Ocean Bank, now headquartered in Portsmouth, New Hampshire. "We have always prided ourselves on customer service and customer convenience. It is only fitting that we are the bank chosen to extend to Maine residents the very positive supermarket banking experience that People's United has created in Connecticut."

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

The Stop & Shop Supermarket Company, based in Quincy, Massachusetts, employs more than 59,000 associates and operates 377 stores throughout Massachusetts, Connecticut, Rhode Island, Maine, New Hampshire, New York and New Jersey.