People's United Chief Credit Officer Transitions to New Role as a Result of Retirement Planning Process

BRIDGEPORT, Conn., July 11, 2011 /PRNewswire/ -- People's United Bank, the principal subsidiary of People's United Financial Inc. (Nasdaq: PBCT), announced today that, as part of his retirement planning process, Dave Bodor, Executive Vice President and Chief Credit Officer, has decided to transition to a new stage in his 37-year banking career. Bodor, a long-time champion of the bank's commitment to conservative underwriting and strong credit monitoring, has chosen to continue with the bank on a part-time basis and will lead Workout and Recovery.

Dave Berey, Executive Vice President of Commercial Banking, will become the bank's Chief Credit Officer, effective September 19.

"During his 13 years as Chair of the Credit Policy Committee, Dave Bodor has been the cornerstone of the bank's credit culture," said Jack Barnes, People's United President and Chief Executive Officer. "I am pleased that he will remain with the bank and we wish him well on the next stage of his career here at People's United.

"Dave Berey has led the bank's Corporate & Industrial lending business for the past 10 years and has built a strong reputation for his commitment to exceptional asset quality," Barnes continued. "His professional experience and expertise, built over a 28-year career in banking, as well as his long-term personal and business relationships with customers and lending officers, provide him unique insights into credit risk management. I am confident Dave's leadership will ensure that, as we grow, we continue to emphasize the importance of credit risk management and maintain the strong credit culture that is a hallmark of People's United," he said.

People's United Bank is a subsidiary of People's United Financial, Inc., a diversified financial services company with approximately $28 billion in assets. Peoples United Bank, founded in 1842, provides consumer, commercial and wealth management services through approximately 370 branches in Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine. Through additional subsidiaries, People's United provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.

SOURCE People's United Bank