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People's Bank To Sell Three Norwich Area Branches To Putnam Savings Bank BRIDGEPORT, Conn., June 13 /PRNewswire-FirstCall/ -- People's Bank (NASDAQ:PBCT) announced today that it will sell three branches in its Greater Norwich market area. Putnam Savings Bank (NASDAQ:PSBH), an institution with $329 million in assets and headquartered in Putnam, Conn., will purchase People's branches in the towns of Griswold, Plainfield and Ledyard. Total deposits being sold at the three branches were approximately $63 million. People's expects to recognize a pre-tax gain of about $9 million as a result of this transaction. All employees will be offered employment with Putnam. The transaction is expected to close in the third quarter, subject to all necessary legal and regulatory approvals. "We are pleased to have found in Putnam a community bank with a corporate culture that is similar to People's and which shares our commitment to serving both our customers and our communities," said Robert R. D'Amore, executive vice president of Marketing and Regional Banking. "Our decision was based on the branches' geographic distance from the majority of our locations in the Greater Norwich market and branch transaction volumes," he said. "We remain very strongly committed to the Greater Norwich market and have plans to continue to increase the value that we bring to customers in this area," D'Amore said. "Just last summer, People's opened a new seven-day, in- person banking Stop & Shop branch in East Lyme, which is part of our Greater Norwich market, and we are planning to open other seven-day in-store branches in the market in the months to come. We continue to serve the Greater Norwich market with 17 branches throughout the area." People's commitment to communities in the region continues under the strong leadership of Mary Jo Wlodecki, first vice president in charge of the Greater Norwich market. Wlodecki received People's prestigious Hawley Award in April, recognizing the important contributions that she and her team make to the communities in their region. The Hawley Award is presented each year to the member of the People's family who has demonstrated the qualities of community service and citizenship that are fundamental to the bank's culture and values. Founded in 1842, People's Bank (peoples.com) is one of Connecticut's largest banks with assets of $11 billion, more than 240 ATMs and 154 branches, 67 of which offer convenient seven-day banking in Super Stop & Shop locations across the state. A diversified financial services company, People's Bank provides consumer, commercial, insurance, retail investment and trust services to personal and business banking customers. People's Bank is the official banking partner of the University of Connecticut's Division of Athletics. For more information about People's, its products and services, please call 800- 772-1090, visit peoples.com or any of People's branches. People's Bank. It's Possible @ People's. DATASOURCE: People's Bank CONTACT: Valerie C. Carlson, Corporate Communications of People's Bank, +1-203-338-2351, or fax, +1-203-338-3461, or Web site: http://www.peoples.com/ Company News On-Call: http://www.prnewswire.com/comp/113252.html

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