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<td width="100%"><! 11 11 11 11 11//><! date of release goes between h3 tags below><h3>August 17, 1999</h3>
<p><!title of release goes between h2 tags below><h2>People's Bank Announces Settlement Of Class Action Lawsuit<br>
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BRIDGEPORT, CONN. - People's Bank (NASDAQ: PBCT) today announced an agreement to settle a securities class action lawsuit originally filed against the bank in 1990. Subject to court approval, a payment of approximately $7.7 million will be made to settle the suit. After the application of insurance proceeds, the settlement is expected to result in a third quarter pre-tax expense to People's of approximately $250,000.
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"It is in the best interest of our business and our shareholders to put these issues behind us and focus the company's energies on our customers and strategic initiatives," said David E.A. Carson, People's chairman and chief executive officer. "We believe there is benefit to be gained for our shareholders in obtaining final resolution and putting this litigation to rest. The settlement achieves this result."
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"This suit arose out of the banking and real estate economic crisis of the late 1980s and early 1990s, when many banks were failing," said William T. Kosturko, People's executive vice president and general counsel. "We have believed since the time the suit was brought that the allegations contained in the lawsuit were wholly without merit, and our decision to settle is not an admission of wrongdoing."
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Founded in 1842, People's is a diversified financial services company, providing commercial, consumer, insurance and investment services, and is the largest independent bank in Connecticut.
<P>&nbsp;</P>
<p>Contacts: Vincent J Calabrese, first vice president,
comptroller, at 203-338-4114 or <A href="mailto:vjcalab@peoples.com">vjcalab@peoples.com</a><br>Roberta Burns-Howard, vice
president, Corporate Communications, at 203-338-2378 or <A href="mailto:rjburns@peoples.com">rjburns@peoples.com</a>
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