February 15, 2001

People’s Announces CFO To Leave To Pursue Other Interests

People’s Bank (PBCT: NASDAQ) today announced George W. Morriss, executive vice president and chief financial officer, will be resigning to pursue other interests, effective March 15, 2001.

John A. Klein, chief executive officer, states, “We appreciate all that George has undertaken in his 19 years at People’s. After successfully managing the bank’s bond and equity portfolio, George became the first head of our New Haven region. In 1991, he became our chief financial officer and was instrumental in guiding the bank’s financial course and recapitalization efforts in the difficult days of the New England banking crisis of the early 1990s. Since that time, George has developed a financial team that has grown in sophistication and excellence, in tandem with the bank’s own growth.”

In addition, Klein added, “I personally appreciate George’s willingness to work with us through the transition in leadership that has occurred at the bank in the last two years. I am proud to have served with him and wish him all the best in this new phase of his professional career.”

Morriss stated, “While I look forward to new leadership opportunities, I also reflect with satisfaction on the financial progress the bank has made in the past decade. I am proud to have been a part of this fine team of employees which transformed People’s into a major financial services organization for the benefit of its customers, communities and shareholders.”

People’s announced it would be undertaking a nationwide search for Morriss’ successor. In the interim, Executive Vice President William T. Kosturko will be responsible for the operations of the bank’s Finance division.

People’s (www.peoples.com) is a diversified financial services company providing commercial, consumer, insurance and investment services. Founded in 1842, it is the largest state-chartered bank in Connecticut with managed assets of more than $13 billion, 146 branches and 220 ATMs. People’s is a leader in commercial banking, residential lending, insurance sales and supermarket banking. An international credit card issuer, it ranks 16th nationally as an issuer of MasterCard and Visa credit cards. People’s subsidiaries offer brokerage services, asset management, equipment financing and leasing, and insurance services.

Contacts:
Vincent J. Calabrese, First Vice President and Controller, 203-338-4114, vjcalab@peoples.com
Roberta Burns-Howard, Vice President, Corporate Communications, 203-338-2378, rjburns@peoples.com